The OECD is a global standard setter and consensus facilitator to tackle tax evasion and avoidance. Working to enhance tax transparency and exchange of information between tax administrations, it has contributed to ending bank secrecy for tax purposes. In 2022, information was exchanged on 123 million bank accounts worth EUR 12 trillion. The international standards
The Union Budget 2024-25 has completely overhauled the capital gains tax framework. Some measures may hurt badly. Homeowners will no longer get the indexation benefit on sale of property, while gains on sale of stocks and equity funds will now attract a higher tax. However, the Budget offers some sops as well. The exemption limit
Budget 2024 proposes a higher tax on certain capital gains for non-residents. However, it has also proposed to reduce on certain assets. The new tax rate will apply only on transfers made on or after July 23, 2024. The revision is aimed at bringing parity between resident and non resident taxation structure.NRI tax hiked on