Short Term Capital Gain - Page 8

Download Direct Tax Code 2009 and main highlights of the same

Finance Minister Pranab Mukherjee on August 10 released the New Draft Direct Tax Code. The draft, which is expected to radically change the tax structure, will now be open for discussion after which it will take the form of law. The finance minister had in his budget promised to deliver a new code within 45 […]...

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Posted Under: Income Tax |

Mistakes people commit generally in filing income tax return

Wrong selection of ITR :- One may sorely miss the old ‘one size fits all’ SARAL forms for the sheer ease and convenience of filling up the one page return, but they were not e-friendly. It was also cumbersome to attach a whole lot of supporting documents and spend a day away from the office […]...

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Posted Under: Income Tax |

S.195 applicable even when deductee is foreign company & assessed in India due to its business presence

ITO (Int'l Taxation) Vs Intel Tech India Pvt. Ltd. (ITAT Bangalore 'A' Bench)

12. We have heard both the parties. The first contention of the learned AR is that section 195 is not applicable because the deductee is a tax resident of India and is being assessed in India. This ground of appeal has been decided by the learned CIT (A) against the deductor and the deductor has not filed any cross objection. Therefore, i...

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Year of taxability on transfer of lease hold rights of immovable property

Atlas Automotive Components Pvt. Ltd. Vs ITO (ITAT Mumbai)

21. In view of the above submissions of the assessee and in view of the fact that M/s.Sky Blue Trading & Investment Pvt. Ltd. is sister concern of the assessee, we find no merit in the contentions of the assessee that the transaction between the assessee and M/s.Sky Blue Trading & Investment Pvt. Ltd. fell through because of the non-compl...

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Rates for deduction of income-tax at source from certain incomes during the financial year 2008-2009.

In every case in which tax is to be deducted at the rates in force under the provisions of sections 193, 194, 194A, 194B, 194BB, 194D and 195 of the Income tax Act, the rates for deduction of income-tax at source during the financial year 2008-09 have been specified in Part II of the First […]...

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Posted Under: Income Tax |

Taxman gears up to move apex court on its tax claims of around Rs 2,000 crore

The Income Tax department is all set to move the Supreme Court for a final judgement on its tax claims of around Rs 2,000 crore (Rs 20 billion) in cases involving dividend stripping prior to 2002-03. The taxman had lost the case in the Bombay high court last year. Though the government in 2005 put […]...

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Posted Under: Income Tax |

Half-Yearly Audit Rule Puts Small Broking Companies in a Spot

The decision to make half-yearly internal audits obligatory for stock broking houses spells doom for smaller firms that are already burdened with low-trading turnover, dipping revenues and increased policy levies. According to a section of brokers, half-yearly internal audits will not only be difficult to implement, but also make a dent i...

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Posted Under: Income Tax |

Amendments in STT that don’t measure up

The Securities Transaction Tax (STT) was introduced into the income-tax code by the Finance (No. 2) Act, 2004, taking effect from April 1, 2005. It was expected to give a major boost to both the income-tax department in terms of revenue and the equity market. When STT was paid on share transactions, no liability for long-term capital gain...

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Capital gains and tax

With the boom in the economy witnessed over the past five years, many salaried individuals and businessmen are left with surplus cash. It is not uncommon for people to invest in properties and to dispose them off when the value appreciates significantly. One has to pay short-term or long-term capital gains tax on the profits made on the s...

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Posted Under: Income Tax |

Residential property and capital gains

When investors make profits on sale of assets like land, shares and mutual fund units, it is termed as capital gains. The investor has to pay tax on the resulting gains that is commonly referred to as capital gains tax. The amount of money outflow from your pocket depends on how long you held the property. If a residential property is hel...

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Posted Under: Income Tax |

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April 2020