Industry and tax experts have pitched for a single levy on capital gains of listed securities, besides a reduction in the equalisation levy and abolition of minimum alternate tax (MAT), to a high-level panel looking into the overhaul of the 60-year-old income tax law. The government had set up a committee under Central Board of Direct Taxes (CBDT) member Arbind Modi to look into the income tax systems in various countries and global best practices, among others.
The panel is drafting the New Direct Tax Legislation and is likely to submit its report by May 31. It is also expected to revisit ...
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