What are taxpayers expectations of budget 2023 rah mgb CB News

CB News

The year is ending and the plans for the new year have begun. Many of our plans depend on how our economy fares, and our Union Budget is a reflection of that. Below, we list some of the taxpayers’ expectations for Budget 2023.

Capital Gains Tax: Currently, capital assets have different holding periods and tax rates. It has to be simplified. For example, debt funds and gold units should be classified as long-term capital assets for at least three years, equity fund units and listed equity shares for one year and equities real estate and unlisted must be maintained for two years. years. Equity is a long-term asset class. Investors are often seen reserving profits from their mutual fund shares and units beyond the holding period of one year as a rate of only 10% on long-term capital gains above the exemption limit of ₹1 lakh. It applies Long-term investment should be encouraged with appropriate tax provisions. If investments in listed shares, unlisted shares or equity investment funds are held for at least 10 years, there should be no capital gains tax.

Taxation on share buybacks: share buybacks are regulated in terms of capital. There are two types of buyback: public offer and open market offer. In a public offering, the company offers to buy back its shares at a specific price (the offer price) that shareholders can submit. In case of offer, company 20% more search

In addition to the application, a cess is paid, that is, a tax at the rate of 23.3%. Shareholders pay no tax on capital gains. Whereas in an open market offering, the company redeems its shares by actively buying them from sellers on the stock exchange. In this case too, the company pays a tax of 23.3%. However, the shareholder also pays taxes on capital gains. Therefore, the same transaction is recorded twice. It is suggested that in case of buyback, the tax treatment should be the same as dividend and the tax should be passed on to the investor and not to the company.

EPF Interest: Interest on EPF contribution above ₹2.5 lakh is taxable. However, it has not been clarified that it should be taxed based on the accrual on the return. It is advisable to tax the interest income at the time of withdrawal.

Home Loan Interest: Home loan interest incurred during the construction period is allowed as deduction in five equal installments starting from the year of completion of construction. Since, irrespective of the construction status, EMI is paid by the buyer, interest deduction should be allowed in the year of payment.

Posted by:Mohammad Rahman Pasha

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