Individuals with income above Rs 2 crore get some relief in the form of capping of surcharge at 15 per cent on long term capital gains (on specified assets) from existing graduated rates, stated Parizad Sirwalla, Partner and Head, Global Mobility Services, Tax, KPMG.
"Further, the long-term capital gains on listed equity shares, units etc, are liable to maximum surcharge of 15 per cent, while the other long term capital gains are subjected to a graded surcharge which goes up to 37 per cent. I propose to cap the surcharge on long term capital gains arising on transfer of any type of assets at 15 per cent, the Finance Minister said in her Budget speech for 2022-23.
Sirwalla added that the ongoing pandemic, coupled with the rising inflation, has adversely effected the household expenses of the common man for an elongated period now.
To provide impetus to trust based governance as a concept, an updated tax return system has been introduced wherein a taxpayer can file a return upon payment of specified taxes within 2 years from the end of the relevant assessment year.
(With inputs from IANS)
