The Central Board of Direct Taxes (CBDT) issued a draft notification specifying transactions that would not be subject to a securities transaction tax (STT) during acquisition to obtain a beneficial tax rate.
The Finance Act, 2018, withdrew an exemption under section 10(38) of the Income Tax Act, 1961 (ITA), on long-term capital gains (LTCG) arising from the transfer of listed equity shares or units of an equity oriented fund. The Finance Act, 2018, also introduced section 112A to impose LTCG tax on capital gains exceeding ₹100,000 (US$1,500) at the rate of 10%, effective from the 2018-19 financial year.
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The business law digest is compiled by Nishith Desai Associates (NDA). NDA is a research-based international law firm with offices in Mumbai, New Delhi, Bengaluru, Singapore, Silicon Valley, Munich and New York. It specializes in strategic legal, regulatory and tax advice coupled with industry expertise in an integrated manner.