Government to revisit 10% tax on mutual fund.
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India has a long long way to go before it can implement programs which will provide benefits to it's citizen once they're old and retired and do not have a monthly income. Mutual funds and Long term holding of equity shares was one avenue where middle class people could invest their money with hope of profitable returns (bearing the risk that comes with investing anything that's linked with markets) so that they have a comfortable retirement or plan for child's marriage and/or higher education.
With this one move government seems to have raided that one small box of saving that middle class people use to look up to. Whilst one can agree to the logic of taxing, the amount of 1 lac is too low and disallowing indexation is adding salt to injury.
I request all those who are affected and those who understand economics and tax better than me to contribute.
Save the only option you have to dignified old age.
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