« Top Headlines » Open DEMAT Account in 24 hrs  ITR Filing 2025: These individuals are exempt from paying tax. Do they need to file returns?  Full List Of Trump's Reciprocal Tariffs Announced Wednesday  Top 5 tax-saving investment options for salaried individuals to consider before March 31, 2025  5 lesser lesser-known avenues of tax saving you can use to save income tax before March 31, 2025  March 15 is deadline for last advance tax installment: Know if you must pay «  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