The Central Board of Direct Taxes (CBDT) has introduced the Capital Gains Accounts (Second Amendment) Scheme, 2025, modernising a 37-year-old scheme to improve taxpayer convenience.
The amendment to the Capital Gains Account Scheme of 1988, effective November 19, extends the scheme to cover gains arising from shifting of industrial undertakings from urban areas to special economic zones (SEZs) under Section 54GA. This provision seeks to promote investments in SEZs by allowing taxpayers to claim exemptions on capital gains. The amendment brings the scheme into the digital era by recognising electronic payment modes, including credit cards, debit cards, net banking, IMPS, UPI, RTGS, NEFT, and BHIM Pay. Electronic statements of account will now be treated similarly to traditional passbooks.
The scheme’s scope has been broadened to include any banking company defined under the Banking Regulation Act, 1949, authorising 19 more networks of banks to receive deposits and maintain accounts under the scheme.
“Overall, these changes will facilitate a shift from a paper-driven, cheque-based process to a streamlined, technology-enabled framework for availing of capital gains exemption,” an tax expert said.
Source #ET
