Bitcoin Forum

With the new budget announcement from the FM Nirmala Sitharaman, it's clear that middle class people are screwed over again.
Although they have increased standard deduction by 25000 INR for the new tax regime, the people opting for old tax regime have no taxation benefits.
On top of that, they have now increased LTCG and STCG as well. This is ridiculous to be honest.
Everywhere I read (Threads, Instagram, Fishbowl, Reddit etc...), I can only see hatred towards the FM.
They had already killed the middle class people and now they are just stabbing them over and over again.

How many middle-class employees earn more than or up to 15 lacs every year? The new tax regime was a disguise to squeeze more from the middle class and with the new tax, you as an employee will only save INR 17500 under the new tax regime. Already the actual tax player in India constitutes around 2 percent and from that small percentage, this government has been squeezing money for about 15 years now. The Modi government was never friendly but they disguised themselves as Hindu saviors to get into power.

After destroying the crypto industry they have now come to the stock market. After the budget, the stock market went down and it went further down, in the meantime their IT cell has started promoting that after every 10 or 15 years the Indian stock market tends to fall which is natural. This is not the first time that their IT cell has misguided everyone they have been doing it since 2014. I have not seen anything unrealistic happening in India apart from the geopolitical events. Being a salaried middle class in a country like India is a bad option. It is better either to become rich and loot the government or become poor and live on government development policies for poor.

Taxation is there to squeeze out money from the middle class, but there is no way out for those who are established already in a salaried position. You just have to deal with it for now.

Strangely government is paying no need to the situation surrounding cryptocurrency at present. Unless the impact becomes bigger they are likely not going to bother. For them we have to deal with taxes (again) with crypto while another exchange has been hacked and is offering bounty for catching the thief.

Funny thing is there are some people who are going to CAs and claiming deductions they are not supposed to.
Thus they are paying very less on taxes than what they are intended to.
I asked one of my CA friend though and he adviced me that such malpractices should be avoided.
Now that ITR process has been automated it has become even more easier to identify such fraud and so people are getting income tax notice frequently.