Enhanced surcharge on FPIs removed: Nirmala Sitharaman
New Delhi, Aug 23: Giving in to the demands of overseas investors, Finance Minister Nirmala Sitharaman on Friday announced rollback of enhanced surcharge on foreign portfolio investors levied in the Budget.
Surcharge on long and short term capital gains arising from transfer of equity shares has been withdrawn, she said.
"The pre-Budget position is restored," the minister said.
It is being done to encourage investment in the capital market, the finance minister said.
The decision taken in the Budget to levy enhanced surcharge had spooked the stock markets.
Following the increase in surcharge in the Budget, the effective income tax rate for individuals with taxable income of Rs 2-5 crore went up to 39 per cent from 35.88 per cent and for those above Rs 5 crore to 42.7 per cent.
Earlier this month, capital market participants and foreign institutional investors presented a charter of demands to Sitharaman, which included rollback of surcharge on FPIs and review of dividend distribution tax.
Sitharaman further said that to mitigate genuine difficulties of startups and their investors, it has been decided to withdraw angel tax provisions for them.
A dedicated cell under a member of CBDT too will be set up for addressing the problems of startups.
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4 workers die after being buried under coal slurry in Jharkhand's Dhanbad
Dhanbad (Jharkhand) (PTI): At least four workers died after being buried under coal slurry in Jharkhand's Dhanbad district on Saturday, a police official said.
The incident took place at Moonidih coal washery in the command area of Bharat Coking Coal Limited (BCCL).
"Bodies of all four workers were dug out of debris during a rescue operation," Putki police station in-charge Waqar Hussain told PTI.
The incident took place when coal slurry was being loaded into trucks by workers, during which a large chunk of slurry fell and trapped several workers underneath, officials said.
The deceased have been identified as Manik Bauri, Dinesh Bauri, Deepak Bauri, and Hemlal Gope.
Meanwhile, the family members of the deceased and local villagers placed the bodies in front of the washery gate and began a protest.
They demanded compensation, jobs for dependents and action against those responsible for the incident.
Police and administration officials are trying to pacify the protesters, an official said.
