Capital gains tax regime altered: differential rates and holding period rules change tax treatment for recent transfers. The Bill amends income tax, indirect tax and related statutes to revise capital gains taxation (including redefinition of short term capital asset and differential rates for transfers before and after a mid 2024 threshold), expand the dividend definition to include specified share purchase payments, adjust withholding and collection provisions across multiple heads, reform registration and approval procedures for charitable entities, and create a new Chapter for block assessments in search cases establishing a defined block period, specialised procedures, limitation periods and modified interest and penalty rules; it also introduces consequential GST, customs and miscellaneous amendments.
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Capital gains tax regime altered: differential rates and holding period rules change tax treatment for recent transfers.
The Bill amends income tax, indirect tax and related statutes to revise capital gains taxation (including redefinition of short term capital asset and differential rates for transfers before and after a mid 2024 threshold), expand the dividend definition to include specified share purchase payments, adjust withholding and collection provisions across multiple heads, reform registration and approval procedures for charitable entities, and create a new Chapter for block assessments in search cases establishing a defined block period, specialised procedures, limitation periods and modified interest and penalty rules; it also introduces consequential GST, customs and miscellaneous amendments.
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