To: Nirmala Sitharaman, Finance Minister of India

 

Dear Finance Minister Nirmala Sitharaman,

We, the undersigned, are writing to express our concern regarding the recent 2024-25 budget announcement and to request urgent changes to the tax structure that significantly impacts salaried individuals and long-term investors.

Key Requests:

1. Increase Tax Exemption Limit to ₹7 Lakh for Salaried Individuals - The current tax exemption limit does not adequately reflect the rising cost of living. To provide much-needed relief to salaried individuals, we propose raising the tax exemption limit to ₹7 lakh per annum. This change will ensure that more of our hard-earned income remains in our pockets, helping us to better manage our expenses and improve our quality of life.

2. Adjust the 30% Tax Slab to Start from ₹30 Lakh Annual Income - Currently, the 30% tax slab threshold is too low, placing undue financial stress on middle-income earners. We propose that the 30% tax slab should begin at an annual income of ₹30 lakh. This adjustment will provide significant relief to many hardworking individuals and help stimulate economic growth by increasing disposable income.

3. Reduce Long-Term Capital Gains Tax Back to 10% - The recent increase in the long-term capital gains tax from 10% to 12.5% has been a setback for investors. We urge you to revert the long-term capital gains tax to 10%. This reduction will encourage more long-term investments, which are crucial for the stability and growth of our financial markets.

4. Revert Short-Term Capital Gains Tax to 15% from 20%: The increase in short-term capital gains tax to 20% has discouraged short-term investments. We propose reducing it back to 15% to incentivize investors and boost market activity, which in turn will aid economic growth.

 

Rationale: 

I am working as a Financial Consultant and seeing 1000s of middle class people financials. Majority of them unable to save/invest because of inflation; GST; Taxes. Below are few other

 

• Cost of Living:  The cost of living has increased substantially, and the current tax exemption limits do not reflect this reality. Raising the exemption limit will provide necessary relief.
• Investment Incentives: Lowering/setting back the long-term capital gains tax will encourage more people to invest in the stock market/mutual funds and other long-term assets, providing the economy with the capital needed for growth and stability.
• GST is too high for commoner: We are paying GST on every item we buy even on essential items we are paying hefty.. all these resulting in financial stress.
• Encouraging Investments: Reverting short-term capital gains tax to 15% will incentivize more investors to participate in short-term investments, boosting market liquidity and economic activity.
• Economic Growth: These tax adjustments will increase disposable income and investment, which are critical for driving economic growth and stability.

 

Conclusion: 

The proposed changes are aimed at providing fair and just relief to salaried individuals and investors. We believe that these adjustments will not only benefit individuals but also contribute to the overall economic health of our nation.

We respectfully urge you to consider our petition and implement these changes in the interest of fairness and economic progress.

Sign the Petition: 

If you support this petition and believe in fair taxation for salaried individuals and investors, please sign below and share this petition with others. Together, we can make a difference.

 

Thank you for your consideration.

Sincerely,

Vaasu Challa
Who working for Middle Class Wealth Creation since 2014.
Founder & CEO of Happycoin.in