Quick Summary
The Income Tax Department of India stated on Tuesday that there is currently no proposal before the government regarding the capital gains tax. It is clarified that there is no such proposal before the Government on capital gains tax, Income Tax Department said via a tweet. This clarification was issued earlier in the day that India is considering an overhaul of its direct tax laws in order to simplify a complex set of regulations and enable Prime Minister Narendra Modi to address inco
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FAQ :
No, the Income Tax Department has clarified that there is no proposal before the government regarding capital gains tax.
A news report had suggested that the centre was working to increase capital gains taxes for top income earners.
The article mentions that India is considering an overhaul of its direct tax laws to simplify regulations.
The report cited a desire to make the tax system more progressive and equitable, as current rates on certain assets are lower than income tax rates.
Officials from the finance ministry have refused any discussion on the matter at present.
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