This is with reference to Sec111A. An unintended hardship and anomaly has crept in with the proposed change. This is because the aim of providing a lower rate of income tax on short-term capital gain in respect of equity shares, etc., under Section 111 A of the Income-Tax Act was to provide relief to the taxpayers from higher rate of tax which might otherwise become leviable if such short-term capital gains were to be taxed like any other income as a part of the total income.
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sec 111A
Replies (2)
Govt does not want to encourage STCG on equities. Thats y. The assesse has the option to escape tax entirely by holding on for 365 days.
But certainly something has to be done about intra day trading if 111A imposes 15% tax!
govt. is encouraging long term investors because long term capital gain is exempt u/s 10(38), if STT is paid ....and time period is also less.
yes i do agree that something has to be done for the persons who are engaged in intra day trading ...............
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