"No additional adjustments to capital gains tax expected in the near future."

Revenue Secretary Sanjay Malhotra emphasized the government's commitment to providing tax certainty and reducing the tax compliance burden by simplifying the Income Tax Act of 1961, rather than cutting taxes. He mentioned that about 70% of personal income tax payers have switched to the new tax regime without exemptions, thanks to reduced rates for those earning up to ₹15 lakh. Under the new regime, the 30% tax rate starts at incomes beyond ₹15 lakh, compared to ₹10 lakh in the old regime, making the new regime more attractive.

Regarding the review of the Income Tax Act, Malhotra said the goal is to make the law easier for tax practitioners, authorities, courts, and tribunals to understand and implement. The review aims to address issues such as multiple provisos and exemptions, redundant provisions, and the extensive 90-page TDS provisions, with the intention of simplifying the language and reducing the overall volume.