Onus On Taxpayers

If there’s one thing that Union Budget 2023 has achieved, it’s simplifying the personal tax structure, or at least taking a definitive step in that direction. At the heart of the personal tax announcements was the government’s intent to encourage more and more people to eventually move to the new tax regime. There’s more on that in our Budget Special pages inside, but the takeaway that stands out for me is the need for people to take onus for their own investments and make healthier financial decisions. Once the transition to the new tax regime is complete—which could well happen in a couple of years—there will be no tax-saving nudge for people to make their once-a-year investments that may or may not be aligned with their overall portfolios. Experts have been crying hoarse over the years that investments should be aligned with an individual’s...