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Changes in capital gains tax to promote ease of compliance: I-T dept

YourStory

YourStory · 1y ago

Changes in capital gains tax to promote ease of compliance: I-T dept

The income tax department has released FAQs regarding recent changes in the capital gains tax, with the aim of simplifying the tax structure and promoting ease of compliance. The holding periods for various assets have been rationalised, with a reduction from 36 months to 12 months for listed units of business trusts. The holding period for gold and unlisted securities (excluding unlisted shares) is reduced to 24 months for long-term capital gains tax. Short-term capital gains tax rates for listed equity, equity-oriented mutual funds, and business trust units have increased to 20%, while long-term capital gains tax rates have increased to 12.5%.

Related News

I-T dept flags financial reporting error after sending advance tax notices; asks tax-payers to wait for updates

Money Control

Money Control · 1y ago

I-T dept flags financial reporting error after sending advance tax notices; asks tax-payers to wait for updates

Taxpayers who received advance tax payment notices from the income tax (I-T) department can breathe a sigh of relief for now, according to tax experts. The I-T department recently identified errors in the financial transaction data reported by taxpayers for the 2023-24 financial year. As a result, some taxpayers received notices for higher advance tax payments than expected. The department has advised these taxpayers to await further updates on their annual information statements and take no immediate action. The errors were attributed to inconsistencies in securities market data reported by an unnamed entity.

Budget 2024 personal taxation and capital gains proposals decoded

Money Control

Money Control · 1y ago

Budget 2024 personal taxation and capital gains proposals decoded

Finance Minister Nirmala Sitharaman presented the Union Budget 2024, introducing changes to personal taxation. Under the new tax regime, tax rates have been revised and the standard deduction for salaried employees has increased. The Budget also provides a boost to the National Pension System (NPS), allowing all employees a deduction for NPS expenditure. Changes have been proposed in capital gains taxation and an ease in claiming credit for tax collected or deducted by salaried employees. Additionally, the Budget lowers penalties under the Black Money Act for failure to disclose foreign assets worth up to Rs 20 lakh in the income tax return.

Prioritising a stable and simple tax regime in Budget 2024 to enhance ease of doing business

Money Control

Money Control · 1y ago

Prioritising a stable and simple tax regime in Budget 2024 to enhance ease of doing business

Businesses in India are urging for stable and simplified tax laws to facilitate ease of doing business and support the country's growth trajectory. The recent tax policies, including corporate tax rationalization and Goods and Services Tax (GST), have led to significant tax buoyancy and increased revenues. A Deloitte survey shows that around 67% of industry leaders expect a focus on stable and simplified tax laws in the upcoming budget. Businesses are seeking a shift in the tax paradigm towards moderate tax rates and expanded tax bases, as well as the simplification of capital gains tax rules and the withholding tax regime. Simplifying the tax structure, reducing unwarranted litigation, transitioning to digital processes, and advancing research and development initiatives are crucial steps towards fostering transparency, promoting ease of doing business, and attracting foreign investments.

How gains from NPS Tier-II investments may be taxed

Money Control

Money Control · 1y ago

How gains from NPS Tier-II investments may be taxed

The National Pension System (NPS) Tier-II account is open to central government employees, offering them an additional tax-saving investment option. This scheme allows for tax deductions of up to ₹1.5 lakh under Section 80C, with a lock-in period of three years. While withdrawals from the Tier-I retirement account are subject to clear tax rules, the treatment of gains made in the Tier-II account remains unclear. Experts suggest that the gains should be treated as capital gains and taxed accordingly. However, until clear guidelines are provided, the tax treatment remains open to interpretation.

FM Nirmala Sitharaman calls for friendly tax compliance processes

Economic Times

Economic Times · 1m ago

FM Nirmala Sitharaman calls for friendly tax compliance processes

Finance Minister Nirmala Sitharaman urged tax officials to simplify tax compliance, focusing on transparency and taxpayer-friendliness. She emphasized quick resolution of pending tax disputes, targeting over 225,000 appeals this fiscal year. Sitharaman highlighted recent reforms like faceless assessments, and announced a forthcoming Income Tax Bill to ease tax laws. She stressed the importance of structured compliance processes for better voluntary compliance and noted increased tax refunds of Rs 86,000 crore this year.

GST: Infosys, foreign airlines, shipping lines may see relief as concerns rise for ‘ease of doing business’, says report | Mint

Livemint

Livemint · 11m ago

GST: Infosys, foreign airlines, shipping lines may see relief as concerns rise for ‘ease of doing business’, says report | Mint

The Indian government is considering providing relief on Goods and Services Tax (GST) to companies such as Infosys, foreign airlines, and foreign shipping lines, in an effort to ease concerns over the ease of doing business. The finance ministry's Department of Revenue is working on changes to improve clarity and reduce compliance burdens, especially in the service sector. A Group of Ministers (GoM) on GST rate rationalisation will meet ahead of the GST Council meeting on September 9 to discuss the progress and future course of action in this regard.

A Guide To Tax Laws For Angel Investors, Startup Founders And VCs

Inc42 · 10m ago

A Guide To Tax Laws For Angel Investors, Startup Founders And VCs

SUMMARY The Budget 2024 has made changes to the tax rates on long-term capital gains, reducing it to 12.5% from 20%, making slump sale transactions more attractive for companies. In a positive move for startups, the angel tax has been abolished in the latest budget. Additionally, the tax burden for buyback transactions has shifted from companies to investors, effective from October 1. These changes aim to support the startup ecosystem and simplify tax processes for businesses.

How gains from NPS Tier-II investments may be taxed

Money Control

Money Control · 1y ago

How gains from NPS Tier-II investments may be taxed

Government employees investing in NPS Tier-II accounts can claim deductions under section 80C, but this will come with a lock-in period of three years, like ELSS. NPS Tier-II account holders have flexible withdrawal options, unlike Tier-I accounts. However, the tax treatment of gains on NPS Tier-II investments is unclear. Some experts suggest treating the gains as 'income from other sources' while others propose treating them as capital gains similar to mutual funds. The absence of government notification leaves room for interpretation, which can impact the tax liability for investors.

Govt revises biomass guidelines to boost bio energy and ease of doing business

Economic Times

Economic Times · 1m ago

Govt revises biomass guidelines to boost bio energy and ease of doing business

The Indian government has revised the guidelines for the Biomass Programme under Phase-I of the National Bioenergy Programme to promote cleaner energy, ease of doing business, and accelerate biomass technology adoption. Key changes include simplified processes, reduced documentation, and performance-based subsidies. The revisions aim to enhance stubble management, address air pollution, and support the establishment of biomass-based plants, particularly benefiting MSMEs and supporting India's net-zero emissions target by 2070.

I-T breather to help loss-making firms conserve working capital

Economic Times

Economic Times · 1y ago

I-T breather to help loss-making firms conserve working capital

The proposed amendment to the Income Tax Act in the budget could benefit loss-making companies, particularly startups, by helping them conserve working capital. Under the amendment, startups and other loss-making companies can apply for a certificate to avoid withholding tax when purchasing goods valued over INR 50 lakh. This would free up working capital and reduce the compliance burden on these companies. The amendment is seen as a positive step towards supporting startups and improving ease of doing business in India.

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