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of <h1>Assessing Officers Urged to Scrutinize Capital Gains Claims u/s 115AC; Caution Advised on No Objection Certificates.</h1> Section 115AC of the Income Tax Act, 1961, offers a concessional tax rate of 10% on long-term capital gains from shares purchased in foreign currency, with no such concession for short-term gains. Reports indicate that some assessing officers have permitted remittance of sale consideration for these shares without deducting income tax on the capital gains, based on claims of capital losses. It is advised that these cases require more thorough examination. Assessing officers are instructed to exercise caution when issuing No Objection Certificates for the remittance of sale consideration of such shares.
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