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Lok Sabha has passed the Finance Bill 2023 that proposed a big change for debt mutual funds, whereby taxation benefits including long term capital gains and indexation benefit will no longer be available. 

Finance Bill 2023: Govt does away with taxation benefits for debt funds 

Lok Sabha has passed the Finance Bill 2023 that proposed a big change for debt mutual funds, whereby taxation benefits including long term capital gains and indexation benefit will no longer be available.&nbsp;

Lok Sabha on Friday passed the Finance Bill giving effect to tax proposals without debate. The proposal to remove the capital gains tax benefit given to debt mutual fund investors is also amended. According to the amendment, debt funds not having more than 35% invested in equity shares would be taxed at the income tax slab level. It will also be treated as a short term capital gain.&nbsp;
So far, debt mutual funds are treated as long-term investments if held for more than 3 years and taxed at the rate of 20% along with indexation benefits or 10% without indexation. (Indexation benefit is where the taxes are calculated accounting for inflation). For those with a holding period of less than 3 years, they are taxed according to their tax slab.
The changes, are also applicable for gold, international equity and even domestic equity fund of funds (FoFs). This will be applicable from April 1, 2023 and therefore, investors who want to take advantage before the proposed changes come into effect can do so before year-end.
Experts say that these proposals are a big negative for the mutual fund industry which will have to overhaul their debt portfolio. Meanwhile, banks are likely to see an increase in fixed deposit flows because there will be no added benefit of investing in debt funds versus FDs.&nbsp;&nbsp;

As we inch closer to this crucial budget, what are key expectations across sectors? 

The India Story | What to expect from Budget 2023

Next week the Union government will present its final full budget before the General Elections of 2024. Amid predictions of a global recession, many argue that India’s economy continues to be robust from all measures.

What reforms can we expect from the finance minister? Will they continue to aid India’s in its journey to become a global investment hub? Will goals of economic sustainability be met? These questions are on everyone’s mind as we wait for this very crucial budget.

On the show tonight, Vikram Chandra speaks with ex-Niti Aayog Vice Chairman Arvind Panagariya on balancing importance of controlling the fiscal deficit with the need to continue expenditure for growth. Also joining us is Rahul Bhasin, the managing partner of Baring Private Equity Partners India, on reforms needed in capital gains tax, as well as steps to make India’s economy more sustainable.

As we inch closer to this crucial budget, what are key expectations across sectors?&nbsp;

Next week the Union government will present its final full budget before the General Elections of 2024. Amid predictions of a global recession, many argue that India&rsquo;s economy continues to be robust from all measures.
What reforms can we expect from the finance minister? Will they continue to aid India&rsquo;s in its journey to become a global investment hub? Will goals of economic sustainability be met? These questions are on everyone&rsquo;s mind as we wait for this very crucial budget.
On the show tonight, Vikram Chandra speaks with ex-Niti Aayog Vice Chairman Arvind Panagariya on balancing importance of controlling the fiscal deficit with the need to continue expenditure for growth. Also joining us is Rahul Bhasin, the managing partner of Baring Private Equity Partners India, on reforms needed in capital gains tax, as well as steps to make India&rsquo;s economy more sustainable.

Do capital gains tax in India require major reforms? Rahul Bhasin weighs in.&nbsp;

The India Story | In conversation with leading investor, Rahul Bhasin 

On this week's episode of The India Story, Vikram Chandra speaks with leading investor Rahul Bhasin on budget expectations, and tax reforms. 

What does Rahul Bhasin have to say about capital gains tax? Watch this clip to find out. 

Do capital gains tax in India require major reforms? Rahul Bhasin weighs in.&nbsp;

On this week's episode of The India Story, Vikram Chandra speaks with leading investor Rahul Bhasin on budget expectations, and tax reforms.&nbsp;
What does Rahul Bhasin have to say about capital gains tax? Watch this clip to find out.&nbsp;
&nbsp;

Cryptocurrency&nbsp;Bitcoin&nbsp;collapsed nearly 8% to fall below the $50,000 mark as fears of a spike in capital gains tax spooked Bitcoin&nbsp;holders.&nbsp;US President is likely to propose doubling capital gains tax to nearly 40% from the current rate of 20% reported Bloomberg.&nbsp;US investors in Bitcoin, which has advanced more than 70% this year already face a capital gains tax if they sell the cryptocurrency after holding it for more than a year.
The cryptocurrency&nbsp;is down over 20% this week marking it's biggest weekly fall since March 2020.&nbsp;

Bitcoin collapses on fears of capital gains tax doubling in US

Cryptocurrency&nbsp;Bitcoin&nbsp;collapsed nearly 8% to fall below the $50,000 mark as fears of a spike in capital gains tax spooked Bitcoin&nbsp;holders.&nbsp; US President is likely to propose doubling capital gains tax to nearly 40% from the current rate of 20% reported Bloomberg.&nbsp;US investors in Bitcoin, which has advanced more than 70% this year already face a capital gains tax if they sell the cryptocurrency after holding it for more than a year.
The cryptocurrency&nbsp;is down over 20% this week marking it's biggest weekly fall since March 2020.&nbsp;

<ul>
<li>Bitcoin&nbsp;falls below $50,000 on fears of hike in capital gains tax&nbsp;</li>
<li>Reports: US President Biden&nbsp;may hike capital gains tax&nbsp; to 40%vs 20% currently</li>
<li>Bitcoin&nbsp;down 20% in one week, up 70% this year</li>
</ul>

Cryptocurrency&nbsp;Bitcoin&nbsp;collapsed nearly 8% to fall below the $50,000 mark as fears of a spike in capital gains tax spooked Bitcoin&nbsp;holders.&nbsp; US President is likely to propose doubling capital gains tax to nearly 40% from the current rate of 20% reported Bloomberg.&nbsp;US investors in Bitcoin, which has advanced more than 70% this year already face a capital gains tax if they sell the cryptocurrency after holding it for more than a year.
The cryptocurrency&nbsp;is down over 20% this week marking it's biggest weekly fall since March 2020.&nbsp;

US Markets sank 300 points&nbsp;on reports that US President Biden&nbsp;is planning to hike capital gains tax to as high as 43% from the current 20%.The proposal as per Bloomberg&nbsp;reports would hike the capital gains rate to 39.6% for&nbsp;those earning $1 million or more, up from 20% currently.&nbsp;Reports said the US president is expected to release the proposal formally next week as a way to fund spending in the upcoming American Families Plan.The 30 stock Dow Jones 1%, The S&amp;P 500 erased earlier gains and closed 0.9% lower, while the tech index&nbsp;Nasdaq Composite slid 0.9%.

Biden looking to raise capital gains tax to 40%, US markets sink

US Markets sank 300 points&nbsp;on reports that US President Biden&nbsp;is planning to double capital gains tax to as high as 43%.

<ul>
<li>US markets fall over 300 points on Biden's&nbsp;proposed tax plan</li>
<li>US President likely to propose sharp hike in capital gains tax&nbsp;</li>
<li>Reports: Capitals gains tax likely to be doubled to over 40%&nbsp;</li>
<li>US President Biden&nbsp;likely to announce tax hike formally next week</li>
<li>US markets sink: Dow, S&amp;P500, Nasdaq&nbsp;down 1%</li>
</ul>

US Markets sank 300 points&nbsp;on reports that US President Biden&nbsp;is planning to hike capital gains tax to as high as 43% from the current 20%. The proposal as per Bloomberg&nbsp;reports would hike the capital gains rate to 39.6% for&nbsp;those earning $1 million or more, up from 20% currently.&nbsp;Reports said the US president is expected to release the proposal formally next week as a way to fund spending in the upcoming American Families Plan. The 30 stock Dow Jones 1%, The S&amp;P 500 erased earlier gains and closed 0.9% lower, while the tech index&nbsp;Nasdaq Composite slid 0.9%.

capital gains tax

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