No intention of govt to impose long-term capital gains tax - FM
PrintListen to this Article
The statement came a day after Prime Minister Narendra Modi reportedly dropped a hint on increasing taxes on capital markets and the need for all sections, including market players, to contribute to the national exchequer.
"The speech (of the Prime Minister) has been misinterpreted (by a section of the media) that this is an indirect reference to the fact that there could be a long-term capital gains (tax) on security transactions. This interpretation is absolutely erroneous," Jaitley said on the sidelines of Digi Dhan Mela here.
Currently, long-term capital gains on the sale of listed securities are exempt from taxes. These are profits on sale of shares on a stock exchange platform after a holding period of one year or more.
He further said the Prime Minister has made no such statement directly or indirectly.
"Therefore, I wish to absolutely clarify that there is no occasion or opportunity for anybody to reach such a conclusion because this is not what the Prime Minister said nor is the intention of the government as has been reported in a section of the media itself," he said.
On Saturday, Modi had said "those who profit from financial markets must make a fair contribution to nation-building through taxes... We should consider methods for increasing it in a fair, efficient and transparent way".
"... Now it is time to re-think and come up with a good design which is simple and transparent, but also fair and progressive," Modi had said, adding that for various reasons, contribution of tax from those who make money on the markets has been low due to illegal activities and frauds or due to the structure of our tax laws that offer low or zero tax rate on certain types of financial income.
Profit gained from share transaction in less than one year is called short-term capital gains, which are taxed at a flat rate of 15 per cent at present.
At the same time, all stock market transactions attract securities transaction tax (STT) in a range between 0.017 per cent and 0.125 per cent. .#casansaar (PTI )
Category : Income Tax | Comments : 0 | Hits : 458
If you earn income other than salary or have multiple income streams, the advance tax deadline falling today—Monday, December 15, 2025—should not be overlooked. Failure to pay advance tax on time, or paying less than the required amount, may attract interest charges that continue to accumulate. As the Income Tax Act operates on a “pay as you earn” basis, being aware of advance tax provisions and the financial impact of delays can help you avoid unnecessary costs and last-...
If you earn income other than salary or have multiple income streams, the advance tax deadline falling today—Monday, December 15, 2025—should not be overlooked. Failure to pay advance tax on time, or paying less than the required amount, may attract interest charges that continue to accumulate. As the Income Tax Act operates on a “pay as you earn” basis, being aware of advance tax provisions and the financial impact of delays can help you avoid unnecessary costs and last-...
As many as 5,44,205 appeals were pending resolution with the Income Tax (IT) Department at commissioner (appeals) level as of January 31 this year, and 63,246 at various Income Tax Appellate Tribunals (ITATs), High Courts, and the Supreme Court, FE has learnt. To be precise, the cases pending in ITATs were 20,266 High Courts, 37,436; and Supreme Court 5,544. The large pendency is even as the Central Board of Direct Taxes (CBDT) has laid emphasis on disposing of income tax appeals in its 10...
The Central Board of Direct Taxes (CBDT) has facilitated taxpayers to file their Income Tax Returns (ITRs) for the Assessment Year 2024-25 (relevant to Financial Year 2023-24) from 1st April, 2024 onwards. The ITR functionalities i.e. ITR-1, ITR-2 and ITR-4, commonly used by taxpayers are available on the e-filing portal from 1st April, 2024 onwards for taxpayers to file their Returns. Companies will also be able to file their ITRs through ITR-6 from April 1 onwards. As ...
It has come to notice that misleading information related to new tax regime is being spread on some social media platforms. It is therefore clarified that the new regime under section 115BAC(1A) was introduced in the Finance Act 2023 which was as under as compared to the existing old regime (without exemptions): New Regime 115BAC (1A) introduced for FY 2023-24 Existing old Regime 0-3 lacs 0% 0-2.5 lacs 0% ...
Comments