Revenue Department in favor of further simplifying capital gains tax provisions: According to sources

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Categories: Important News

A recent tweet by CNBC-TV18 stated that, according to sources the Revenue Department is in favor of further simplifying capital gains tax provisions:

  • Revenue Department is studying capital gains tax provisions for further simplification
  • Once approved, new provisions could be part of the budget announcement

Revenue Dept’s View:

  • Simplification of capital gains tax possible
  • Simplification could provide ease of compliance & cleaning up of complex law
  • To remove disparity b/w fin instruments falling under similar categories

Proposals under Consideration:

  • Have 3 broad categories of assets: equity, non-equity fin & non-fin
  • Remove rates & hldg period disparity for both short & long-term for non-eq fin assets
  • Revise indexation base of non-fin assets, revise to recent yrs from current 2001 base year

Source from: https://twitter.com/CNBCTV18Live/status/1595339972592238593?t=bjQ8v7XxpOz4_cZR4n1lKw&s=19

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