'Budget is by and large negative for the common investor'
K V S Manian
If the salary is above Rs 500,000, Section 88 benefit is withdrawn, so contribution to PF is no more tax beneficial. The attraction of dividends from mutual funds has substantially diminished. Foreign direct investment in banks seem to have been further relaxed by the Budget.
Since the FM spoke about susidiaries of foreign banks, which means atleast 51 per cent, the Budget hasn't really made any difference to our current plans in any way.
Unfortunately, as an individual investor, there is nothing great to look forward in this Budget. It is by and large negative for the common investor.
K V S Manian is COO, Kotak Mahindra Finance.
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