[whitewing]

Originally Posted by Oxy

...
On opening the AIS form, I see two entries of winnings of ₹25 and ₹5 respectively. I have never participated in any gambling.

How do I fix this? Whom do I reach out to?

You can submit your feedback on the values reported in the AIS.
Download the AIS as a json, edit it using the the utility in https://ais.insight.gov.in/complianc...ources/utility and upload the AIS json.

In my AIS there were lot of duplicates for outward remittances, the same has been corrected. I'm sure there are other deviations w.r.t interest payment & capital gains, need to see I can spend enough time to correct the same and upload it.

[rajesh1868]

Originally Posted by Oxy

I have never participated in any gambling.

Not an expert and just curious. Did you play and withdraw from any online fantasy game like DreamXI or Mycircle?

[Oxy]

Originally Posted by rajesh1868

Not an expert and just curious. Did you play and withdraw from any online fantasy game like DreamXI or Mycircle?

Thanks for this. Yes, I did close my Dream11 account as I figured it's a waste of time. And I transferred the money (hardly Rs.400) into my bank account. This explains it.

[SoumenD]

Damn!!! As feared tax on STCG & LTCG increased to 20% & 12.5% respectively. Exemption on LTCG increased from 1L->1.25L

Bad news for investors

And as expected markets react negatively. Time to invest?

[volkman10]

Some relief for salaried class/pensioners. But stock market tanks.





For Investors:

[PearlJam]

After budget 2024, with LTCG now at 12.5%, do the sales made before 23-July-2024 still attract the old 10% LTCG rate? Or is LTCG at 12.5% retrospectively for all sales after 1-April-2024? Thanks!

[whitewing]

Originally Posted by PearlJam

After budget 2024, with LTCG now at 12.5%, do the sales made before 23-July-2024 still attract the old 10% LTCG rate? Or is LTCG at 12.5% retrospectively for all sales after 1-April-2024? Thanks!

The new rules are effective on transactions made post 23 July.

[pramodkumar]

Originally Posted by volkman10

Some relief for salaried class/pensioners. But stock market tanks.

Attachment 2631059

Attachment 2631074

For Investors:

Attachment 2631062

There is no relief for tax payers in general, it's just for the New tax regime people who have less than 12 lacs salary. Rest (old scheme and higher than 12 lacs) there is absolutely zero benefit.

Has anyone received the tax refund for the previous FY?

Pramod

[rx100]

Originally Posted by pramodkumar

There is no relief for tax payers in general, it's just for the New tax regime people who have less than 12 lacs salary. Rest (old scheme and higher than 12 lacs) there is absolutely zero benefit.

Has anyone received the tax refund for the previous FY?

Pramod

There would be a savings of around 18K including ed cess for new tax regime.

And yes I received for ITR 2, but it was a very small amount.

[ottocycle]

Originally Posted by rx100

There would be a savings of around 18K including ed cess for new tax regime.

And yes I received for ITR 2, but it was a very small amount.

I believe, the new Tax Regime is better for people who are neither showing any HRA nor paying any home loan EMIs. As the rest of the possible deductions still fall short of the benefits from new tax regime. So I didn't get the 12L cutoff point here actually. In fact I had been using old tax regime till last AY. But this time, per my calculations, it seems like New Tax Regime will save me more.

[poloman]

With more and more taxes added every year with no tangible benefits or returns to tax payers, rebellion is building up in middle class. If you consider GST and other taxes, one may be paying as high as 60-70% in taxes.

What are you getting in return? No respect from authorities as a tax payer, potholed roads, tolled highways, no proper water supply, polluted air, crumbling infra, costly education of kids, costly health care and what not. No safety net if you are fired from job or have health issues. Even the compensation for job loss is taxed at max rates.

GST was supposed to bring down prices, has ended up as the biggest leach on tax payers. Has the price of anything decreased due to GST?

TCS is becoming another monster where for most of your expenses you have to pay TCS.

All policies are formulated by a bunch of babus with no empathy or vision. They are acting like lala company to maximise their income.

[kushagra452]

- Be prepared for the worst.

- The govt will keep milking the middle class. Taxes, surcharges, cess etc. will continue to increase. The inflation figures put out by the govt does not capture the true consumption basket.

- With rampant high under/unemployment, wealth redistribution by increasing taxes will the strategy adopted by the union govts. moving forward.

- Inflation and taxes are going to make it difficult to reach your financial goals.

- Corporations will make the existing workforce grind even harder. Every last ounce of effort will be demanded.

- Getting quality education for the next generation will become exponentially more challenging. Scams in entrance exams are rampant and will only increase as parents become desperate.

- With increasing AI deployment, many existing roles will cease to exist. White collar unemployment rate will sky rocket.

- With no social security combined with high inflation and collapsing savings rate,the great Indian consumption story will be severely dented. GDP growth will slowly taper off.

- Govt will try to spend it's way out of trouble and might resort to QE. This will only stoke the inflation fire further.

- High rural distress combined with high urban youth unemployment might lead to civil unrest in certain parts of the country.

- Those who are talented and get the right opportunities will migrate out of the country.

- The current govt will fall before completing it's full term and general elections will be announced. Indian politics will again go back to the 90s era of muti party coalitions.

- A weak centre will give the US deep state/China/Pak etc the perfect opportunity to spread their tentacles. Expect marked increase in terrorist activities, internal strife, strikes etc.

[vaibhav_a_a]

Very true.

The sole intent of multiple changes introduced yesterday - removal of indexation benefit from property, NPS Vatsalya, enhancement of employer NPS from 10% to 14%, removal of indexation from physical gold seems to be to urge people to invest in equities alone - and there the govt can boil the frog called tax-paying salaried worker slowly...a bit this year, a bit that year ....

[ValarMorghulis]

Well, to be candid this was on expected lines. Without getting into the political minefield, recently there were a number of articles in this aspect from the RBI governor.

Amid the worst deposit crunch in two decades, RBI urges banks to adjust to changes in how people save

According to the RBI governor, households and consumers who have typically been parking funds with banks are increasingly turning to capital markets and other financial intermediaries.

Das pointed out that even as bank deposits still dominate in terms of the share of financial assets owned by households, their share has been declining with customers increasingly allocating their savings to mutual funds, insurance funds, and pension funds.

Link

As for Income Tax, it would be delusional to think any government would reduce tax.

Let's do a simple number crunching (for FY 2021-22):
> ~7cr file for income tax. ~2cr actually pay income tax. ~5cr pay zero income tax.
> Out of these 2cr folks, people with income greater than 20lakhs is approximately 15lakh citizens.

No government is actually going to frame policy for the highest tax paying 15lakh citizens especially when they are distributed across the states and hardly bother to vote.

The only way is to increase tax net by adding:
1. Rich farmers
2. Rich traders
3. Other non-tax paying folks

[ex-innova-guy]

Loved the sarcasm!

https://youtu.be/9XMazyA1LzM?si=oxAROF75n99WbrkM