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Below the Perspective on Union Budget 2024 by Mr Aashish Somaiyaa, CEO, WhiteOak Capital Management

The budget leaves a mixed sentiment. Sticking to fiscal consolidation and discipline is a positive. Efforts to incentivize new employment generation and staying the course with investing in infrastructure is also welcome. What was unexpected was that while rationalizing capital gains structure we would see a slew of measures that basically increases tax outgo for investors that too long term investors across the asset classes; that’s a negative surprise. Further we persist with charging tax on onward distribution of tax paid corporate income to its owners by way of taxing dividends and buybacks which can be interpreted as a double tax.

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