Brokers’ body calls for hike in LTCG limit, tax rebates
, ET Bureau|
Feb 16, 2018, 08.49 AM IST
Mumbai: The Association of National Stock Exchange Members of India (ANMI) demanded that the exemption limit of ?1 lakh granted under the long term capital gain tax (LTCG) be increased, and tax rebates be allowed for those who paid securities transaction tax (STT) with business income.
The brokers’ association met revenue secretary Hashmukh Adhia early this week and made a representation on the concerns surrounding LTCG and STT.
“It’s our fair right that for assesses with business income, STT should be treated as tax paid and not expense, i.e., tax rebate to be allowed under Section 88E be restored. This is not a concession we are asking for, rather, a correction of an unfair double taxation analogy which you should consider favourably,” said an AMNI presentation to the revenue secretary.
Withdrawal of Section 88E from April 2008 led to huge fall in market volumes and government collection of STT, according to ANMI.
The brokers’ association met revenue secretary Hashmukh Adhia early this week and made a representation on the concerns surrounding LTCG and STT.
“It’s our fair right that for assesses with business income, STT should be treated as tax paid and not expense, i.e., tax rebate to be allowed under Section 88E be restored. This is not a concession we are asking for, rather, a correction of an unfair double taxation analogy which you should consider favourably,” said an AMNI presentation to the revenue secretary.
Withdrawal of Section 88E from April 2008 led to huge fall in market volumes and government collection of STT, according to ANMI.
