India’s Budget 2024 tax proposals, particularly the increased Securities Transaction Tax (STT) and capital gains taxes, have sparked a wave of reactions on social media. While some discuss the implications, others turn to humor, with one Reddit post offering ironic financial advice on avoiding capital gains taxes by deliberately losing money. The post highlights the public’s frustration with the tax changes and the overall impact on the stock market.
The past week saw a flurry of political and financial developments, from the announcement of the Indian Union Budget 2024-25 to the Supreme Court’s verdict on the NEET-UG 2024 exam. Major companies released their Q1 results, and President Joe Biden made the surprise announcement of his withdrawal from the 2024 presidential race. This summary highlights key events from July 21 to July 27.
Comedian Rohan Joshi sparked a hilarious online discussion after asking for a simple explanation of India’s Budget 2024. Twitter users responded with witty and sarcastic explanations, highlighting the budget’s impact on different segments of society, while others took a dig at Joshi for even attempting to understand the complexities of the budget.
Prime Minister Narendra Modi has praised the Union Budget 2024, calling it a tool to empower all sections of society, particularly the newly emerged ‘Neo Middle Class.’ The budget, presented by Finance Minister Nirmala Sitharaman, aims to strengthen the middle class, empower tribal communities, Dalits, and backward classes, and continue the path towards prosperity for villages, the poor, and farmers. While some lauded the budget, others questioned its benefits for the middle class and criticized its focus on freebies.
The Indian government’s decision to tax interest earned on EPF contributions exceeding ₹2.5 lakh per year has sparked outrage on Reddit, with users jokingly suggesting taxes on everything from breathing air to bridge collapses. The change, announced in Budget 2024, has raised concerns about the increasing tax burden on individuals.
BharatPe founder Ashneer Grover criticized the Union Budget 2024, calling it ‘boring, lifeless, and meaningless’. He expressed disappointment with the budget’s content, stating that it lacked substance and offered little for the people. He also compared watching the budget presentation to watching an Ambani wedding function, suggesting both were a waste of time.
India’s Finance Minister Nirmala Sitharaman announced a significant allocation of ₹26,000 crore for infrastructure projects in Bihar, sparking a flurry of memes on social media. While the projects promise development, some online users criticized the government for prioritizing Bihar over other states and neglecting the middle class.
The Indian Budget 2024 sparked mixed reactions on social media, with some applauding the abolition of Angel Tax while others criticized the increased taxes on Long-term Capital Gains (LTCG) and Short-term Capital Gains (STCG). The changes have ignited a debate about the impact on the middle class and the overall economy.
India’s Finance Minister Nirmala Sitharaman announced a reduction in the tax rate on lithium-ion batteries, a crucial component for electric vehicles, as part of the Budget 2024 presented on Tuesday. This move is expected to boost domestic production of these batteries and accelerate the adoption of electric vehicles in the country.
India’s Finance Minister Nirmala Sitharaman announced a new initiative in the Budget 2024, offering internship opportunities to one crore youth in 500 companies over the next five years. The program aims to provide practical experience and a monthly allowance of Rs 5000 to interns. Companies will contribute to the training costs through their CSR funds.
