As Finance Minister Nirmala Sitharaman unveiled Budget 2024 in Parliament on July 23, reactions from netizens ranged from dismay to sarcastic commentary, particularly focusing on the impact on middle-class taxpayers.
Dramatic Tax Adjustments
In a pivotal move for salaried employees, Sitharaman raised the standard deduction under the New Tax Regime to ₹75,000 from ₹50,000. However, the mood turned sour with significant hikes in Long-term Capital Gains (LTCG) and Short-term Capital Gains (STCG) taxes to 12.5% and 20%, respectively.
Social Media Uproar
Social media platforms buzzed with discontent. One user branded the LTCG and STCG hikes as the “worst decision,” lamenting the perceived neglect of income tax payers under the old scheme. Another sarcastically suggested booking a 3BHK with the modest savings of ₹17,500 touted by Sitharaman.
Sarcastic Backlash
A sarcastic tone prevailed as users critiqued the tax adjustments, with one suggesting that higher LTCG taxes would miraculously advance the nation’s self-reliance agenda. Another scathingly remarked on the budget’s perceived indifference towards the middle class, accusing it of favoring the wealthy and neglecting ordinary taxpayers.
Financial Expert Opinions
Gurmeet Chadha, Managing Partner and Chief Investment Officer of Complete Circle Consultants, expressed disappointment over the broader implications on capital markets, questioning the sustainability of taxing strategies over the last decade.
Google Search Surge
Meanwhile, Google searches on Budget 2024 spiked across India, reflecting widespread public interest. Notably, Sitharaman’s proposal to abolish the Angel Tax garnered praise for its potential to alleviate burdens on unlisted companies raising capital from Indian investors.
Mixed Reactions
Budget 2024 sparked a maelstrom of emotions online, highlighting the delicate balance between fiscal responsibility and public expectation. As debates unfold on social media, the ramifications of these tax reforms continue to resonate among middle-class households and financial analysts alike.
