Hello and Namaste Everyone
In India budget is presented in the Feb month but this year because elections were scheduled to happen in May, the interim budget was presented. It is a common practice that is being followed by the government when they are going to enter the election then before the election they present an interim budget. It's a temporary budget presented as the government can work on it for a couple of months. If the same government is repeated, they can extend it, but if a new government is formed, they can plan their budget accordingly per their agenda.
Now the same government is repeated in India as the election result was out on 4th June. It's been more than a month and now there is an update that the Union budget will be presented by the Finance Ministry on 23rd July. In this budget session, they are going to share all the remaining parts of the budget which they might have planned in the beginning but they could not do due to the upcoming elections. Many things are expected in this budget but not sure if the new government is going to follow the expectation of Indian citizens.
Although it is a new government the same government has been repeated and this is the third term for the prime minister Narendra Modi. This is also the second term for Finance Minister Nirmala Sitharaman. The budget session will be starting from 22nd July and it will run until 12th of August 2024. Since this is the third term for the Modi government in India it is expected that they will come up with new policies as well as they will expand some existing policies that are doing good in the country. Taxation is one of the areas where people are expecting some reasons this time and hopefully, this should be happening because people have been demanding since last many years.
This taxation is a problem for almost everyone including the employees in the organization as well as traders in the crypto market and also some other industries. Some tax policies are not people-friendly specifically if I talk about the session on the crypto and gaming industry. It's fine to keep the tax percentage a bit on the higher side if it makes sense but this should be reasonable and there have to be all possible options to make it fair for the industry.
The current taxation we have on the Crypto segment is very high and that too they are not providing the option to set off the loss. It's like one has to pay the tax even if the person has not earned anything and it is not fair because why should someone pay taxes if the person has not made any money overall? What if someone doesn't have any money to pay and in that case, it will be a legal liability for that individual from the government side? It's completely unfair and the government needs to understand that they have to be reasonable for the people who live in the country and taxation should not be a burden on them instead it should be fair. Income tax means that they should be paid in case of income and it should not be applicable in case of loss or no income.
Thank you so much
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