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Advice
Being well informed is not enough, seek opposing views
Girish, a seasoned CFO who closely tracks global markets, was convinced that “all pundits were bullish” on silver. He had read extensively before forming his view. Yet my own reading revealed a far more divided expert opinion — some optimistic, many cautious. The gap wasn’t about silver’s prospects. It was about perception. Girish had unknowingly fallen into confirmation bias — the tendency to seek information that supports existing beliefs while overlooking contradictory evidence. He wasn’t trying to be selective. Like most investors, he was looking for reassurance, not contradiction. This bias has deep evolutionary roots. Early humans benefited from acting ...
Advice
The SGB Issue: Why Tax Certainty Matters
Imagine a Test match where the host prepares two pitches — a green top for fast bowlers and a dry track for spinners. Before the match, it announces that the green top will be used, and the visiting team selects its players accordingly. After the toss, the host switches to the dry track — the one prepared for itself. In cricket, this would be called unfair play. In taxation, it is called a retrospective change. That is what the Budget 2026 proposal does by removing the capital gains exemption on Sovereign Gold Bonds (SGB) already bought.
Governments
Virtual retro tax overshadows many positives of this Budget
Budget 2026 offers several promising reforms, but one provision threatens to overshadow them all: taxing capital gains on Sovereign Gold Bonds bought from the secondary market. Previously, RBI redemption was tax-exempt regardless of how the bonds were acquired; restricting this benefit only to original subscribers is effectively retrospective, with an estimated impact of about ₹8,000 crore. Other measures are constructive—TRS-based sell-downs could deepen the corporate bond market; overseas individuals of non-Indian origin may soon invest in Indian equities; and proposals such as exempting global income of returning experts and enabling online low-TDS certificates could ease frictions for talent and startups. ...
Uncategorized
300 Crore Retrospective Tax Is It Worth It?
An analysis of the capital gains tax income accruing to the Government as a result of the retrospective amendment taxing Sovereign Gold Bonds (SGBs) purchased through the secondary market. Download the analysis file here