In what respect the provisions under DTC and ITA are different?
The ITA has always treated income from CG under special category. Not only liberal deductions / exemptions were provided, even the rate of tax was low as compared to the rate of tax on income from salary, business etc. Since long, CG has always been classified into two broad categories viz. Long Term (LT) and Short Term (ST) although its definition from time to time has been changing. But the need for differentiating between the two was addressed. DTC propose to discard these concepts and related provisions. Under the ITA, CG was taxed differently for Residents and Non-Resident (NR). NR were treated softly while levying tax on CG derived. However, all these concepts and methods are proposed to be changed.
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