Income Tax Rules: The Finance Ministry has denied the ongoing news about the change in capital gains tax rules. The ministry has made it clear that there is no plan to change the capital gains tax rules. The news of change in tax rules is wrong.
Income Tax Rules: The Finance Ministry has denied the news of imposing higher tax on high earners. Issuing a clarification, the Finance Ministry said that no proposal is under consideration before the government regarding changes in capital gains tax under the Direct Tax Act. This statement has been issued by the Income Tax Department after a media report in which it was claimed that the government is going to make major changes regarding capital gains tax.
In a tweet made by the Income Tax Department on Tuesday, it was said that we make it clear that there is no proposal before the government to change the capital gains tax. After the arrival of this tweet, all those speculations came to an end, in which different claims were being made regarding capital gains tax.
It is clarified that there is no such proposal before the Government on capital gains tax.@nsitharamanoffc@officeofPCM@FinMinIndia@PIB_India https://t.co/jVP6Vs4bVT
— Income Tax India (@IncomeTaxIndia) April 18, 2023
Claimed in a Bloomberg news
Let me tell you, in a Bloomberg news, it was claimed that in 2024, a panel can be formed to implement the proposal. However, no final decision has been taken regarding this yet. According to the news of Bloomberg, this change can be done by the government so that it can help in reducing income inequality. Following the report, equity market benchmark Sensex fell 331 during intra-day trade. It later recovered some losses and closed 183.74 points lower at 59,727.
What is capital gains tax
The government imposes various types of taxes on investors so that income can be earned. One of these is capital gains tax. When an investor sells his property, house, car, bank FD etc., tax is charged on the profit earned from its sale, which is called capital gains tax. The government considers it as a part of the income. In 2018 it was linked to the stock market. In simple words, capital gains tax is the tax on profit made by selling any capital or property.
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