Govt Withdraws I-T Bill in Lok Sabha

Referring to over 330 changes to the original Bill recommended by the panel, select committee chair Baijayant Panda had told FE that a few hundred more words could bring total clarity, further simplify tax compliance and help expand India's taxpayer base.

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With regard to long-term capital gains (LTCG), the revised Bill will likely address some confusion over the applicability of the 18.5% (instead of 12.5%) alternate minimum tax (AMT) provision on LLPs which are not claiming any deductions. In the existing I-T Act, it applied to LLPs claiming certain deductions only. Since the Bill is only for simplification and not for policy change, this would be suitably addressed, sources said.