Denial of the news of imposing more tax on the rich after the Lok Sabha elections

Denial of the news of imposing more tax on the rich after the Lok Sabha elections

Income Tax Laws: After the 2024 Lok Sabha elections, the news of imposing higher tax on high earners has got clarification from the Ministry of Finance. Issuing a clarification, the Finance Ministry said that no proposal is under consideration before the government regarding changes in capital gains tax in the Direct Tax Act.

Bloomberg’s report had come, according to which the Government of India is preparing to make radical changes in its direct tax laws. So that the growing economic inequality in the country can be reduced. The most important thing in this will be how to recover more capital gains tax from the high earners. But on this news, the Income Tax Department tweeted that, it is clarified that there is no such proposal before the government regarding capital gains tax.

In fact, it was said in the report that in 2024 a panel can be constituted to implement the proposal. However, no final decision has been taken regarding this yet. After this news came to the fore, the benchmark index of the stock market had fallen by 0.6%.

It was said in the report that efforts are being made to remove economic inequality in countries around the world. President Xi Jinping has started the Common Prosperity Program in China, while US President Joe Biden has decided to impose more taxes on the rich. The Modi government, which came to power with the biggest majority in three decades with the promise of eradicating poverty, has been accused of giving maximum benefits to the rich, due to which the government wants to improve its image. Also, with the new Direct Tax Code, the government wants to simplify the complex tax system. So that foreign investors can be wooed.

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