India Weighs Income Tax Law Revamp

The video discusses India's ongoing deliberations to potentially rewrite its direct tax code, focusing on the capital gains tax regime. Despite the Income Tax department's denial of any current plans, the government has previously considered such changes. The capital gains tax in India is complex, with varying rates and benefits, making it a key area for reform. The discussion highlights the potential impact on various investors and the need for a more consistent and efficient tax system.

What is the current status of the deliberations on India's tax code revisions?

• They have been completed.

• They have been abandoned.

• They are at an early stage.

• They are at an advanced stage.

What was the Modi government's action regarding the tax code after the 2019 elections?

• They completely overhauled the tax code.

• They increased the corporate tax rate.

• They cut the corporate tax rate.

• They introduced a new tax code.

Why is the capital gains tax regime in India considered complex?

• It has varying tax rates and holding periods.

• It offers consistent indexation benefits.

• It applies the same rates to residents and non-residents.

• It has uniform tax rates across all asset classes.

What was one of the changes made in the budget regarding the capital gains tax regime?

• Uniform tax rates for all asset classes.

• Introduction of a new tax for equity investors.

• Changes in how debt mutual funds are treated.

• Abolishment of capital gains tax.

Who mentioned the need to rework India's capital gains tax regime last year?

• The Chief Economic Advisor

• The Revenue Secretary

• The Prime Minister

• The Finance Minister