Long Term Capital Gains on non equity mutual funds raised to 20%

The General Budget 2014-15 presented by the Union Finance Minister Shri Arun Jaitley has proposed introduction of a "Roll Back" provision in the Advanced Pricing Agreement (APA) scheme so that an APA entered into for future transactions is also applicable to international transactions undertaken in previous four years in specified circumstances. To remove tax arbitrage, rate of tax on long term capital gains has been increased from 10 percent to 20 percent on transfer of units of Mutual funds, other than equity oriented funds.

60 more Ayakar Seva Kendras will be opened during the current financial year to promote excellence in service delivery. Net effect of the direct tax proposals will result in revenue loss of Rs.22,200 crore.

Source : Press Information Bureau

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