(Reuters) – India’s income tax department on Tuesday denied that there was a proposal to increase capital gains tax for top earners after Bloomberg News reported the country was reworking its direct tax laws.
The report said increase in capital gains tax was at the heart of the rework that was aimed at helping reduce widening income inequality.
The income tax department later tweeted that there was “no such proposal before the government on capital gains tax”.
(Reporting by Jahnavi Nidumolu in Bengaluru; Editing by Andrew Heavens and Arun Koyyur)
Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibilty for its content.