The budget has come and gone and has left a lot of people disappointed – not even farmers are happy – they are disappointed as there is no loan waiver!
EPF taxation is sorely disappointing. After paying taxes for a lifetime with nothing received in return, this is below the belt stuff. You can save the tax only if you opt for annuities, which are anyway taxed. But understand this – Government wants to ensure your security, by setting up a pension –pretty white of them!
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A good article on EPF withdrawal & the taxation at superannuation…
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The budget looked like they are preparing for elections in the next three months!
Service tax has gone up by 0.5% - smile & pay it – it is for the benefit of our farmers. If you have unaccounted money by the sacksful, they have the right scheme for you. Described as fair & lovely scheme by “reluctant prince” ( congi acolytes call him that ) in a stinging rebuke, for going after black money. Can’t blame “Pappu” ( detractors call him thus ) for being sore as a gumboil – their coterie has “Made in India” & stashed abroad!
If you are earning a lot ( over Rs.1 Crore ) & the colour of your money is white, you would presumably be happy paying 15% surcharge instead of 12%, to keep the tricolor flying high – very high if Smriti’s plan materializes! Remember, we are socialists, where we would like to bring everyone down to a low common denominator ( as pushing up everyone higher up the ladder is difficult, almost impossible ). We may exactly shout "Bharat ki barbaadi" slogans - but we are all leftists at heart, to varying degrees.
Middle class has fallen through the cracks – none of us know the Zen & the art of organised, violent protests – as happened in Gujarat & Haryana recently… nor are we unionized ( we don’t even have a fleeting acquaintance with the staple - Inquilaab Zindabad, much less the fine science of hartaal ). We are not a section ( like farmers or somehow backward ) that can hope for munificence from a socialist government. Inshort, we don’t figure at all – except when there are tax proposals. We are well off people, you know!
Enough of this grumpiness - hold your head high – Acche din aa chuke hain. If you don’t believe, ask Mark Mobius! ( Read this -http://bit.ly/1QvDj1I )
Robinhood would have approved this budget and would have celebrated with his merry band!
Article by : Suresh Sadagopan, Founder, www.ladder7.co.in
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