Finance secretary Hasmukh Adhia says notices sent to persons who deposited large sums in banks following demonetization will be taken to their logical conclusion. Speaking at a post-budget interaction organized by industry lobby Confederation of Indian Industry, Adhia said that in many countries, personal income-tax receipts are way higher than corporate tax collections. “When it comes to the demand for reduction in overall corporate tax rate, we are not denying that claim. Once that happens, we will have some more scope (for corporate tax cut),” Adhia said. All gains made up to 31 January 2018 will be exempt from the LTCG tax at the time of sale.

Source: Mint February 05, 2018 18:56 UTC