Live Market Updates: Sensex loses 83 points, investors dislike FM's tax blow

Moneycontrol Bureau

Investors have not liked the FM's way of dealing with taxation this time. Both the BSE Sensex and Nifty have lost majorly now. The Sensex was down 83.21 points or 0.43% at 19069.20, while the Nifty lost 26.25 points or 0.45% at 5770.65.

Here comes the tax blow. Only 42,000 people with incomes of over Rs 1 crore. Surcharge of 10 percent for them. Tax administratin reform commission to be set up. Will raise tax-GDP ratio 11.9 percent. Says time for prudence, restraint and patience. Rates of taxes 10-20-30 percent won’ be changed. Level of tax-free threshold to be raised: for 2-5 lakh bracket, tax credit of Rs 2,000 to be given. Rs 3,600 crore revenue loss.

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Maruti Suzuki, ICICI Bank, SBI, Jindal Steel and Tata Steel continue to be the major losers on the BSE Sensex.