Taxation of long-term capital gains: new concessional regime applies to specified equity transfers, replacing prior exemption. Finance Act, 2018 prescribes the income tax rate structure and surcharge/cess regime, withdraws the general exemption for specified long term capital gains and introduces a concessional tax regime with consequential valuation and computation rules, expands the domestic nexus for taxing non resident business profits by aligning 'business connection' with modified PE concepts and by creating a 'Significant Economic Presence' test for digital and other prescribed transactions, and makes multiple targeted amendments to dividend taxation, stock to capital conversion, insolvency linked loss carry forwards, deductions, reporting, withholding and assessment procedures.
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Taxation of long-term capital gains: new concessional regime applies to specified equity transfers, replacing prior exemption.
Finance Act, 2018 prescribes the income tax rate structure and surcharge/cess regime, withdraws the general exemption for specified long term capital gains and introduces a concessional tax regime with consequential valuation and computation rules, expands the domestic nexus for taxing non resident business profits by aligning "business connection" with modified PE concepts and by creating a "Significant Economic Presence" test for digital and other prescribed transactions, and makes multiple targeted amendments to dividend taxation, stock to capital conversion, insolvency linked loss carry forwards, deductions, reporting, withholding and assessment procedures.
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