The Income Tax Department recently ruled out the possibility of tweaking capital gains tax regime.
“It is clarified that there is no such proposal before the Government on capital gains tax,” the income tax department said in a tweet which was retweeted by the ministry of finance.
This response was made to a report by news agency Bloomberg earlier in the day.
The agency said in a report, quoting persons in know that India is preparing an overhaul of its direct tax laws to replace a byzantine matrix of rules and help Prime Minister Narendra Modi reduce income inequality if he returns to power next year.
“At the heart of the rework is, potential increases in capital gains taxes for top income earners, the people said, asking not to be identified as the details are private. For instance, while India levies a tax of as much as 30 per cent on income, it taxes gains on certain asset classes such as equity funds and stocks at a lower rate,” the report said.
The Income Tax Department recently ruled out the possibility of tweaking capital gains tax regime.
“It is clarified that there is no such proposal before the Government on capital gains tax,” the income tax department said in a tweet which was retweeted by the ministry of finance. This response was made to a report by news agency Bloomberg earlier in the day.
The agency said in a report, quoting persons in know that India is preparing an overhaul of its direct tax laws to replace a byzantine matrix of rules and help Prime Minister Narendra Modi reduce income inequality if he returns to power next year.
