« Top Headlines » Open DEMAT Account in 24 hrs  Delhi HC Rules GST Registration Cannot Be Cancelled Retrospectively Without a Clear Show Cause Notice (SCN)  Belated income tax return AY 2026-27: How to file, late filing charges and what you may lose  Major Financial Changes from August 1, 2026: ITR Deadline, RBI MPC Meeting, Tatkal Ticket Rules & More  Government proposes to ease tax relief conditions for offshore funds  TallyPrime Connected Banking: Automating Banking and Accounting  ITR Filing Deadline 2026: Is July 31 the Last Date to File Your Income Tax Return? Latest Official Update  ITR filing deadline nears: How to file income tax return online on e-filing portal - quick 15-step guide  Will the ITR Filing Deadline Be Extended Beyond July 31 for FY 2025-26? Here's the Latest Update for Taxpayers  Income Tax Refund Delayed for AY 2026-27? 5 Common Reasons Your Refund May Be Stuck and How to Fix It  ITR Filing 2026: FM Nirmala Sitharaman Asks Tax Officials to Let Honest Taxpayers Correct Genuine Mistakes  Will Your FCNR Deposit Stay Tax-Free After Returning to India? Tax Rules Explained for NRIs «  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.