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Financial inclusion and equity markets are two sacred shibboleths that are hard to dislodge, and questioning them is blasphemy. The first is an indicator that someone cares while the other is held sacrosanct as it represents everything that success all about. It is against this background that one can review the issue of tax arbitrage which has been in the spotlight in the Budget.

 
Investors preferred to save in FMPs as the capital gains tax was applied at a lower rate of 10 per cent or 20 per cent compared with bank deposits, which were taxed at the income tax slab rate. This was a tax anomaly, which put bank deposits at a disadvantage and was corrected by putting debt funds gains on par with interest on deposits.

 
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