|
|
 |
|
|
 |
|
|
|
|
| |
|
|
|
|
|
|
|
| « 1 lakh cos lose registration for not filing annual returns... | A healthy prescription... » |
Anomaly in Sec 111 A |
|
|
| March, 15th 2008 |
This refers to the proposal contained in the Finance Bill, 2008 providing for 15% rate of income-tax on short-term capital gain as against 10% rate effective from the Assessment Year 2009-10.
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.
I, therefore, request the finance minister to remove this anomaly through suitable amendment of Section 111 A so that the tax payable on short-term capital gain on equity share in any case does not exceed the income tax otherwise payable by the taxpayer.
R N Lakhotia
|
|
|
|
|
|
|
|
|
|
Copyright 2026 CAinINDIA All Right Reserved. Designed and Developed by Ritz Consulting
|
|
|
|
|
|
