Industry bodies like CII, FICCI, and Assocham have advocated for simplifying and rationalising India’s capital gains tax regime in a pre-budget consultation with revenue secretary Sanjay Malhotra. Suggestions include broadening asset classes to two-three categories with adjusted holding periods, indexation benefits, and tax rates. CII proposed a 10% long-term capital gains tax for financial assets, 20% (with indexation) for others like immovable property, and 15% for short-term gains on financial assets. Simplification of TDS compliance was also urged, with proposals for consolidated TDS rates and an expanded Dispute Resolution Scheme.
Industry Urges Simplicity and Rationalisation in Capital Gains Tax Regime
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