What are the new tax rates for short-term capital gains?
Short-term capital gains will suffer a tax at only 10 per cent as against the normal rates of tax that are presently applicable. If their basic exemption is not exhausted against their other incomes, individuals and Hindu Undivided Families can set off the unexhausted portion against such short-term capital gains and pay tax at 10 per cent only on the balance. Deductions under Chapter VI-A can be claimed against such short-term capital gains. Rebates can also be claimed against the tax on such short-term capital gains. Transactions resulting in short term capital gains will also be liable for the turnover of 0.15 per cent. Personal income Has the basic exemption limit for personal income tax been increased to Rs 1,00,000? No. What is proposed is that individuals having a total income which does not exceed Rs 1,00,000 will be entitled to a rebate equal to the amount of the tax of the individual. Interestingly, this will mean that if an individual has a total income of Rs 1,00,000, he wi
