« Top Headlines » Open DEMAT Account in 24 hrs  BackBack Income Tax Act amendment on cards on tax treatment of MSME dues  ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing. Check details here  Income tax slabs FY 2024-25: Experts share these 8 benefits for taxpayers in new income tax regime  How To File ITR Online - Step by Step Guide to Efile Income Tax Return, FY 2023-24 (AY 2024-25)  Old or new tax regime for TDS on salary? This post-election 2024 event will impact your tax planning  What Are 5 Heads Of Income Tax?  Income Tax Dept releases interim action plan for FY25 on tax collection, refund approvals   Income Tax Return: 5 lesser-known tax-saving tips from Section 80  Income Tax Return: 5 lesser-known tax-saving tips from Section 80  Why you need not rush to file your ITR immediately  Income tax returns: ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing «  Institute of Chartered Accountants pushes global norm... Service tax hits excise mop-up... » CBDT may limit exemption on capital gains August, 07th 2007 The Central Board of Direct Taxes (CBDT) is considering a proposal to restrict the exemption on long-term capital gains only to companies constituting the BSE-500 index.   At present, the exemption under Section 10 (38) is allowed on transactions of shares of any companies. However, the department observed in its surveys that the provision was misused to introduce unaccounted income into the system.   This is one of the several measures mulled by the department at its strategy meeting held with the government last month to boost collections for fiscal 2007-08 by widening and deepening the tax base.   Under Section 10 (38), income earned from sale of equity shares of any companies/units of an equity-oriented fund is exempt from tax if the transaction has taken after October 2004, and the securities transaction tax has been paid.   In this context, an asset is defined as long term if it is held for more than a year.   Another measure under consideration is taxing the income offered under income from other sources at the maximum marginal rate of tax if the source is not disclosed or the source does not sound convincing to the tax authorities.