FM announces withdrawal of enhanced surcharge on capital gains from equity for individuals, HUFs – The Economic Times
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- By Taxmann
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- Last Updated on 28 October, 2020
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20th September, 2019 Chartered Accountant Naveen Wadhwa, DGM, Taxmann.com says: The FM has announced withdrawal of enhanced surcharge on income from specified securities. Due to announcement of this announcement, the increased rate of surcharge, i.e., 25% or 37% shall not be levied only on income arising from sale of listed equity share or listed units of an equity oriented mutual fund or listed units of a business trust. Further, the enhanced surcharge shall also not apply to capital gains arising on sale of any security including derivatives, in the hands of Foreign Portfolio Investors (FPIs). The decision to withdraw the enhanced surcharge is a welcome step as it will definitely control the selling spree of FPIs and attract more investment into capital market.However, the Government has withdrawn levy of enhanced surcharge only from tax payable on capital gains arising from transfer of specified asset. Thus, enhanced surcharge will continue to be levied in respect of other income earned by a taxpayer such as dividend, interest, capital gain from non-specified assets etc.” Read the full article here: FM announces withdrawal of enhanced surcharge on capital gains from equity for individuals, HUFs, Taxmann
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