LIC reports 3.51% growth in profit after tax for H1 FY 2024
The Board of Directors of Life Insurance Corporation of India (LIC) has approved and adopted the standalone and consolidated financial results for the six months ending 30 September.
The Centre on Tuesday informed that it collected nearly Rs 98,681 crore from long-term capital gains (LTCG) tax in FY23, a nearly 15 per cent growth from Rs 86,075 crore in FY22.
Minister of State for Finance, Pankaj Chaudhary, gave the details of LTCG collections between fiscal 2018-19 and 2022-23 in reply to a question in the Rajya Sabha.
The minister also informed that there is no proposal to abolish the LTCG tax on equities or mutual funds during FY2024-25.
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The Union Budget 2024-2025 offers big-ticket bang tax reforms to simplify and streamline the entire tax regime.
The Budget proposes an increase in short-term capital gains (STCG) tax from 15 per cent to 20 per cent and long-term capital gains (LTCG) tax from 10 per cent to 12.5 per cent.
It may affect sentimentally for the short term but the way the long-term outlook of the equity market remains positive, it will not change inflow to the equity market, according to analysts.
Some mutual funds were taxed with marginal rates of taxation and some mutual funds had this concept of indexation. With this Budget, all of this gets simplified and the concept of indexation has gone away.
For listed securities, the LTCG tax rate has increased from 10 per cent to 12.5 per cent which is a marginal hike.
For assets which are not listed in the markets, which include immovable property, the tax rate has been reduced from 20 per cent with indexation to 12.5 per cent without indexation.
When it comes to real estate, the LTCG tax rate is now lower and around 95 per cent of sellers will not be affected.
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