Get the app
News Discussion
News Discussion
on
CosmicTaco
CosmicTaco
Grapevine

Cannot become Viksit Bharat without taxing capital gains appropriately: Fin Secy Somanathan

  • India cannot achieve the status of Viksit Bharat without appropriately taxing capital gains, according to Finance Secretary TV Somanathan.
  • Somanathan emphasized that earners of capital gains are not poor and should be taxed at a decent rate.
  • The recent hike in long-term capital gains tax (LTCG) to 12.5% from 10% is part of a move to simplify and make the capital tax regime more uniform.
  • Somanathan defended the tax hike by stating that India's rate of capital tax on long-term listed equities is low by global standards.
  • The Union Budget for 2024-25 also increased the short-term capital gains tax to 20% on specified financial assets.

Source: Moneycontrol

11mo ago
Talking product sense with Ridhi
9 min AI interview5 questions
Round 1 by Grapevine
ZestyKoala
ZestyKoala
Tech Mahindra11mo

Please take a look at the 80c exemption since 2014. Inflation rose by 46% in past 10 years,but 80c slab increment - 0%... Viksit Bharat at its best! New slogan of government after abki baar - Your loss is your loss, your profit is our profit!!!

ZestyBurrito
ZestyBurrito
Fi Money11mo

BS!

Discover more
Curated from across
Personal Finance
Personal Finance11mo
by SquishyTacoProduct Owner

More taxes

All the UNBOOKED Gains in your Portfolio would now attract -

25% MORE LTCG (10% to 12.50% is NOT 2.5%, but 25% more), Surcharge extra as applicable.

33.33% MORE STCG (15% to 20% is NOT 5%, but 33.33% more), Surcharge extra as applicable.

News Discussion
News Discussion11mo
by BouncyWalrusExecutive Coach

India needs a 3rd Front

While the last 10+ years of Modi government has largely been to position India as a strategic uprising economy, there is no denying the fact that the Government to a large extent has failed in casting the tax net wide.

  1. Yes the year o...