« 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 «  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.