The Finance Minister will present the budget for the year 2023 on 1 February 2023. From this time’s budget, there are great expectations from the job profession to the farmers.
It is being claimed in many media reports that this time the government is preparing to make big changes for the taxpayers. Sources claim that in the budget to be presented in February, there is a preparation to change the ‘capital gains tax’ on equity shares, bonds and real estate. This decision can be taken to remove the difference in different rates of tax and the period of holding the property.
Possibility of change in capital gains tax
There is also a possibility of change in capital gains tax in the new financial year. Let us tell you that under the Income Tax Act, the profit from the sale of capital assets (both movable and immovable) comes under the tax category. At present, 10 per cent tax is payable on gains arising from holding shares or property for one year or less. Similarly, the tax on profit on holding shares or property for two to three years increases from 10 to 20 percent.
More than 6.85 crore income tax returns filed
For the financial year 2021-22, more than 6.85 crore income tax returns have been filed so far. This figure can increase till 31 December. A senior officer gave this information. The last date for filing Income Tax Return (ITR) for FY 2021-22 in the individual category was July 31, while for corporate and others who need to get their accounts audited, the date was November 7, 2022.
What is capital gains tax?
The government collects ‘Capital Gains Tax’ on the profits made on any property. Generally, tax is payable on capital gains arising on the sale and purchase of property. For example, if you bought a house worth 10 lakhs and sold it after one year for 12 lakhs, then you will have to pay 10 percent tax on the profit of 2 lakhs.
