Tips to save IPO listing gains tax!
In the years 2023 and 2024, many IPOs brought huge earnings for the investors. But tax also has to be paid on this! What is the tax rule on booking listing gains from IPO? How can tax liability on listing gains be reduced? How will the tax be calculated on selling IPO shares?
Honest and dutiful tax payers need to be duly recognised for paying their fair share of taxes, finance minister Nirmala Sitharaman said on Saturday and appreciated the Income Tax (I-T) department for successful implementation of various reforms.
Sitharaman lauds tax department
On the 161st anniversary of Income Tax day she complimented the I-T department for simplifying the procedures, processes and making it functioning hassle free, fair and transparent.
The minister observed that the honest taxpayer deserved to be duly recognised for the contribution they are making towards the progress of the nation by dutifully paying their due share of taxes. She also lauded taxpayers for discharging their compliance obligations despite the difficulties caused by the pandemic. An official statement said.
As most of the processes and compliance requirements have been shifted online, the tax payer need not have to wait in long ques outside tax offices and can file for Income tax in a hassle free manner. the Minister of state for Finance Pankaj Chaudhary observed in a statement published on Times of India. He also added that the interaction with taxpayers is characterized by a spirit of trust and respect, relying more on voluntary compliance.
Revenue secretary Tarun Bajaj also praised the department in adapting itself to the emerging changes in the economy and also achieve a healthy growth in tax collections. He had also appreciated the initiatives taken by the tax department to revamp its approach towards revenue collection, making it more trust-based and tax payer centric.
Lauding the tax officers for their collective efforts, Central Board of Direct Taxes (CBDT) chairman J B Mohapatra said that initiatives like honoring the honest, faceless regime and adoption of taxpayer’s charter have made the functioning of the department functioning more friendly, objective and transparent.