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Mihir Tanna  |905 Answers  |Ask -

Tax Expert - Answered on Feb 15, 2023

Mihir Ashok Tanna, who works with a well-known chartered accountancy firm in Mumbai, has more than 15 years of experience in direct taxation.
He handles various kinds of matters related to direct tax such as PAN/ TAN application; compliance including ITR, TDS return filing; issuance/ filing of statutory forms like Form 15CB, Form 61A, etc; application u/s 10(46); application for condonation of delay; application for lower/ nil TDS certificate; transfer pricing and study report; advisory/ opinion on direct tax matters; handling various income-tax notices; compounding application on show cause for TDS default; verification of books for TDS/ TCS/ equalisation levy compliance; application for pending income-tax demand and refund; charitable trust taxation and compliance; income-tax scrutiny and CIT(A) for all types of taxpayers including individuals, firms, LLPs, corporates, trusts, non-resident individuals and companies.
He regularly represents clients before the income tax authorities including the commissioner of income tax (appeal).... more
Sekhar Question by Sekhar on Feb 02, 2023Hindi
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Will my ltcg from mutual funds be fully taxed under new tax regime?

Ans: LTCG and STCG on listed shares/equity mutual fund will be taxed on special rate. Thus, old and new tax regime slab rate will not be applicable.

Difference will be for rebate available u/s 87A. Tax Rebate of 25,000 or the amount of tax payable (whichever is lower) is available under new tax regime as per Budget proposal of FY 23 24 (if taxable income is less than 7 lacs).
For old tax regime it is same as earlier Rs 12,500/- (if taxable income is less than 5 lacs).

Long term capital gain on equity mutual fund will be taxed at 10% above 1 lakh and debt mutual fund will be taxed at 20% after indexation
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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