Government withdraws enhanced surcharge on tax payable on transfer of certain assets.
In order to encourage investment in capital market, it has been decided to withdraw enhanced surcharge levied by Finance (No. 2) Act 2019 on tax payable at a special rate on income arising from transfer of equity shares / units referred to in s. 111A and s. 112A of the Income Tax Act 1961 from FY 2019 – 2020. The following capital assets are mentioned in s. 111A and s. 112A of the Act :
- Equity shares in a company
- Unit of equity oriented MF
- Unit of Business Trust.