FPI surcharge, capital gains tax rolled back

August 23, 2019 17:47

Highlights:

-- CSR will only be treated as a civil matter, and all I-T notices will be sent through a centralized computer from October 1, 201

-- There will be faceless scrutiny from 'Vijay Dashmi' this year, which will mean that there shall not be even, that one odd over-enthusiastic officer who might go and sit & talk about things, which may be construed as harassment.

-- Enhanced surcharge on FPI is rolled back. In order to encourage investment in the capital market, it is decided to withdraw enhance surcharge levied by the Finance No. 2 Act 2019. In simple words, the enhance surcharge on FPI goes, surcharge on domestic investors in equity goes. Pre-budget position is restored. Finance Minister Nirmala Sitharaman had announced higher surcharge on FPIs, who have sold Indian stocks net worth over $3 billion over last two months.

-- Long-term and capital gains tax on equity transactions.

-- Domestic investor surcharge to go.

-- Banks to pass on all rate cuts to borrowers. The RBI has always maintained that the benefits of interest rate reduction is not passed on to customers.

-- CSR violations will not be treated as a criminal offence and instead be as civil liabilities. On or after 1st October 2019 all the Income-tax orders, notices, summons, letters, etc shall be issued through a centralised computer system.

-- No Angel Tax on start-ups.

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