Quick Summary
Ahead of Union Budget for FY24, Revenue Secretary Tarun Bajaj said that the capital gains tax regime needs to be simplified. Need to understand that not too many people pay their taxes. On the capital gains tax front, we have various asset classes and indexations are also subjective. Need to simplify the capital gains tax regime. The product should sell based on its strength and not on tax arbitrage. These corrections if made will make things more stable and streamlined, said Bajaj on a possi
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FAQ :
Tarun Bajaj stated that the capital gains tax regime needs simplification, as it is currently complex due to various asset classes and subjective indexations. He believes products should be chosen for their inherent strengths rather than tax advantages.
Bajaj noted that some taxpayers are opting for the new tax regime. He suggested that with certain adjustments, many of the 80% of taxpayers earning less than Rs 7 lakh per annum might move to the new regime. He also proposed that the government might eventually consolidate to a single tax regime.
Bajaj agreed that reforms might be needed for personal income tax, including simplifying the income tax filing process. He also mentioned the need to expand the tax base rather than increase it.
The Revenue Department has taken some small steps, such as looking at a single income tax form, to simplify the process.
The main goal is to make things more stable and streamlined, encouraging people to invest in stock markets based on product quality rather than tax arbitrage.
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