Ex-CFO of Infosys, Mohandas Pai, took to X to urge PM Modi to cancel the raised tax on long-term capital gains, which was announced by Finance Minister Nirmala Sitharaman in the 2024 Budget. He highlighted that the middle class is upset by this decision.
Sitharaman raised the capital gains tax from 10% to 12.5% and extended the exemption limit by Rs 25,000 to Rs 1.25 lakh.
Pai wrote on X, "PM @narendramodi pl help, the middle class is very angry and upset at this,"
Pai slammed FM Nirmala Sitharaman and expressed gratitude to the former Finance Minister’s management.
“Some feed back for @nsitharaman @FinMinIndia You folks have broken the trust of the middle class by this thoughtless action. When tax changes pl grandfather all previous matters except litigation.for angel tax withdraw prior litigation,”
Pai added, “When CG was introduced by FM Jaitely, past equity value was grandfathered and protected.”
He was responding to a viral post by the username, We, the people of India, that slammed FM Sitharaman for tax amendments.
Social Media Reaction:
Internet users are resonating with Pai's post and are slamming FM Sitharaman for the tax increment.
One user wrote, "Sir , the way Revenue Secretary and FM are speaking with divergent views; find no hope with BJP. Definitely, they are going to lose A big vote bank"
Another user commented, "If they can repeal the Farmers law after the protest, cant they repeal the Income Tax changes for the middle class after such huge outrage."
A third user replied, "They will realise when reality will strike in elections. Unfortunately, the alternative to bjp is worse for the country. So, i hope Mr. Modi steps down and let more capable people take the responsibility."
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