LOK SABHA PASSES FINANCE BILL WITH 64 AMENDMENTS: THE STING IN THE TAIL
Financial Express Mumbai|March 25, 2023
Debt mutual funds lose long-term tax advantage. STT on F&O hiked by 25%; tax on royalty fee doubled. Finance secretary-led panel to address threat to pension reforms
KG NARENDRANATH
LOK SABHA PASSES FINANCE BILL WITH 64 AMENDMENTS: THE STING IN THE TAIL

FINANCE BILL, 2023 proved to have an unexpected sting in the tail, with the government moving as many as 64 amendments before it was passed by the Lok Sabha on Friday.

The amendments included an unsettling tax blow to debt mutual funds, and a hike in the transaction tax on futures and options by 25% each.

At a broader level, these and the several other changes in the Bill, which was tabled in Parliament on February 1 along with a generally acclaimed and pain-free Union Budget 2023-24, displayed the government's intent to ensure a level playing field among different asset classes and minimise arbitrage opportunities for investors, irrespective of their profiles and even domiciliary status.

Finance secretary T V Somanathan made the government's stand clear when he said, "income earning instruments should be treated as income earning instruments, that is the direction in which it is going." The changes also reflect a policy thrust to spur flow of funds into the real economy and the financial sector, as the many tax sops with regard to the country's lone international financial services centre (Gujarat International Finance Tech-city or GIFT City) would testify.

A few tax loopholes have been plugged diligently, as deft tax planners, including high net worth individuals, large fund houses and firms have been found to take unfair advantage of them.

All capital gains of debt mutual funds those with 35% or less of assets under management in domestic equities - acquired on or after April 1, 2023 will now be taxed at the slab rate of the investor. As the concept of long-term capital gains has been done away with for this asset category, its competitive edge with term deposits in banks will be blunted.

この記事は Financial Express Mumbai の March 25, 2023 版に掲載されています。

7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。

この記事は Financial Express Mumbai の March 25, 2023 版に掲載されています。

7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。

FINANCIAL EXPRESS MUMBAIのその他の記事すべて表示
Financial Express Mumbai

Murdoch ally helps Ambani build media empire in India

SOHEE KIM PR SANJAI

time-read
3 分  |
April 18, 2024
Financial Express Mumbai

Pandya, Dube & Rinku: Can they finish for India at T20 World Cup?

GOING INTO THE 2022 T20 World Cup in Australia Dinesh Karthik was assigned the finisher role and the batting lineup was built accordingly.

time-read
2 分  |
April 18, 2024
Financial Express Mumbai

Nestle adds sugar to infant milk and cereal, finds report

A NEW REPORT has revealed that Nestle, the world's largest consumer goods and manufacturer of baby formula, is adding sugar to infant milk and cereal products sold in India, and other Asian, and African countries.

time-read
1 min  |
April 18, 2024
Financial Express Mumbai

India-made Daimler's electric mini truck to hit the road soon

INDIA WILL BE host to German trucking giant Daimler's only electric vehicle plant outside of Europe and Japan when it launches a locally-made electric light cargo truck in FY25.

time-read
2 分  |
April 18, 2024
Samsung eyes ₹10,000 cr from India TV biz this year
Financial Express Mumbai

Samsung eyes ₹10,000 cr from India TV biz this year

SOUTH KOREAN GIANT Samsung is targeting a turnover of ₹10,000 crores for its television business in India this year, driven by growth in sales of its mid to-premium segment models, said Mohandeep Singh, senior VP, consumer electronics business in India.

time-read
1 min  |
April 18, 2024
Financial Express Mumbai

Microsoft AI Copilot speed boost for coding

WHEN SOFTWARE DEVELOPER Nikolai Avteniev got his hands on a preview version of Microsoft's Copilot coding assistant in 2021, he quickly saw the potential.

time-read
1 min  |
April 18, 2024
Financial Express Mumbai

US, China debt pose risks for global public finances: IMF

THE WORLD's TWO great economic rivals, China and the US, will drive much of the increase in global public debt over the next five years, with US spending creating trouble for many other countries by keeping interest rates high, officials at the International Monetary Fund said in a report.

time-read
1 min  |
April 18, 2024
Financial Express Mumbai

Language models in consumer tech

This move is designed to ensure better user experience & privacy

time-read
2 分  |
April 18, 2024
Financial Express Mumbai

'Data centres' energy use doubles every four years'

Data centres are significant energy consumers, using about 2% of the world's power and emitting carbon dioxide equivalent to the airline industry.

time-read
2 分  |
April 18, 2024
Financial Express Mumbai

Vi FPO: Foreign players invest big; about ₹5,400 crore raised

GQG, Fidelity buy almost 40% of the anchor investor portion

time-read
1 min  |
April 18, 2024