Capital assets and inventory are treated differently for the purpose of taxation and are governed by distinct provisions. As a result, classification of assets has often been a subject matter of challenge by the tax authorities. So also, a change in this classification by the taxpayer.
While Finance Bill, 2018 introduced a new tax regime for taxation of on long term capital gain on specified class of asset, there has been a lot of confusion regarding applicability, tax ability and calculation of the same. Here in this article, I have tried to clarify the same along with the illustration.
In its Meeting held on 18th January, 2018, the GST Council had recommended reduction of GST rate on services by way of admission to Amusement Parks including theme parks, water parks, joy rides, merry-go-rounds, go-carting and ballet from 28% to 18%.
It has been represented to us that formalisation of business through registration under GST had adversely impacted the cash flows of the smaller entities during the transition phase with consequent difficulties in meeting their repayment obligations to banks and NBFCs.
Recommendations made by the GST Council for the Housing Sector to promote Affordable Housing for the masses come into force; Concessional Rate of GST of 12% extended to construction of houses constructed/ acquired under the Credit Linked Subsidy Scheme for EWS, LIG, MIG sections In its 25th Meeting held on 18th January, 2018, the GST […]
GST Council recommends relief in GST on Circus, Dance and Theatrical Performances. Threshold Exemption under GST for admission to such cultural and sports events in the country increased from Rs. 250 to Rs. 500 per person.
GST Council recommends granting relief from GST on services provided by the Resident Welfare Associations (RWAs) to their Members Threshold Exemption Limit under GST for monthly contributions made by members for services provided by RWAs raised from Rs. 5,000 to Rs. 7,500 per month per person In its 25th Meeting held on 18th January, 2018, […]
Income tax reimbursement on a Personal Loan? Under certain circumstances, you can actually get tax benefits on Personal Loans. Read on to find out how.
To ensure a smooth retirement, you must plan your finances in advance. Make it a priority to invest in the right avenues to multiply your wealth and also to reduce your tax liability. This will allow you to bolster your income post retirement and help you live a financially secure life after retirement. Take a […]
The Insolvency and Bankruptcy Board of India (IBBI) has amended the Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017 yesterday.
