Congress MP Shashi Tharoor on Tuesday (July 23) described the Union Budget 2024 as "underwhelming" and said that there is no mention of the "key issues" being faced by the citizens. He welcomed the abolition of tax on angel investors and said that he had recommended it to Arun Jaitley years ago.
"It is an underwhelming budget. I didn't hear anything about the key issues facing the common man. There is no mention of MNREGA, and insufficient mention of steps taken to improve the income of a common person. We have seen far too little from govt on addressing income disparity. On job creation, a token gesture was made. I welcome only one provision which is abolishing of tax on angel investors. I had recommended it to Arun Jaitley more than 5 years ago," he said.
In a bid to boost startups, Finance Minister Nirmala Sitharaman on Tuesday announced that angel tax will be abolished for all classes of investors in Budget 2024. The removal of the angel tax is anticipated to significantly benefit startups by fostering a more supportive and conducive environment for their growth and development.
In her Budget speech, she also announced various changes with respect to tax rates for e-commerce players and certain financial instruments in the context of long-term capital gains. "First of all, to bolster the Indian startup eco-system, boost the entrepreneurial spirit and support innovation, I propose to abolish the so-called angel tax for all classes of investors," she said.
Sitharaman also proposed to thoroughly simplify the I-T provisions for reopening and reassessment to reduce uncertainty and disputes.
"An assessment hereinafter can be reopened beyond three years from the end of the assessment year only if the escaped income is Rs 50 lakh or more, up to a maximum period of five years from the end of the assessment year. Even in search cases, a time limit of six years before the year of search, as against the existing time limit of ten years, is proposed. This will reduce tax-uncertainty and disputes," she said.
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