Income Tax : Discover the impact of the recent Security Transaction Tax (STT) hike on Foreign Portfolio Investors (FPIs). Explore the backgroun...
Income Tax : Earlier to Finance Act 2017, section 10(38) of Income Tax Act provided opportunity to tax-evaders. It provided the exemption of ta...
Income Tax : As per the existing provisions section 99 of the Finance (No.2) Act, 2004, the value of taxable securities transaction in respect ...
Income Tax : Securities Transaction Tax (STT), is the tax deduction that is applied to all your equity transactions. Introduced in the 2004 Uni...
Income Tax : This article summarises the amendment brought in Section 10(38) of the Income Tax Act, 1961, the exemptions provided under the se...
Income Tax : The Finance Bill 2013-14 proposes reduction in the rates of Securities Transaction Tax (STT) in respect of certain transactions. S...
Income Tax : To promote further depth of the capital markets through listing of companies, I propose to extend the benefit of tax exemption on ...
Income Tax : The Finance Ministry is likely to reduce Securities Transaction Tax (STT) on equity trade in the forthcoming Budget in a bid to bo...
Income Tax : The government has no proposal to lower the securities transaction tax (STT) for capital market transactions, SS Palanimanickam, M...
Income Tax : The revenue department is opposed to abolition of Securities Transaction Tax (STT) as the levy helps keep a tab on investments in ...
Income Tax : Explore the ITAT Delhi order on Oriental Insurance Co. Ltd. vs DCIT, addressing additions, exemptions, and disallowances. Get insi...
Income Tax : Duxton Hills Builders vs ACIT - ITAT Delhi rules on short-term capital loss. Transaction on Bombay Stock Exchange with STT deemed ...
Income Tax : S. 10 (38) inserted w.e.f. 1.10.2004 provides that long-term capital gains (LTCG) on which security transaction tax (STT) is paid ...
Income Tax : The Finance Act, 2004 introduced section 111A in the Income-tax Act, 1961 (the Act) prescribing a tax rate of 10 percent on Short ...
Income Tax : Form No. 1, Form No. 2 and Form No. 2A is required to be signed, verified and furnished by the class of person responsible as defi...
Income Tax : Net direct tax collections during first quarters of the present fiscal (up to June 2010) stood at Rs.68,675 crore, up from Rs.59,4...
Income Tax : CIRCULAR NO-2/2008-Income Tax Securities and Exchange Board of India (SEBI) vide circular No.-MRD/DoP/SE/Dep/ Cir14/2007 dated 20/...
The government is likely to maintain the distinction between short term and long-term capital gains to encourage long-term savings, as it deliberates the draft direct taxes code. The finance minister said in his Budget speech that the new direct taxes law could be rolled out from April 1, 2011. The government is veering around to the view that the existing regime with regard to taxation of capital gains should be continued, a finance ministry official privy to discussions told.
Net direct tax collections during first eleven months of the present fiscal (up to February 2010) stood at Rs.2,78,373 crore, up from Rs.2,58,902 crore in the same period last fiscal, registering a growth of 7.52 percent. Growth in Corporate Taxes was 10.89 percent (Rs.1,80,318 crore as against Rs.1,62,617 crore), while Personal Income Tax (including STT, and residual FBT and BCTT) grew at 1.84 percent (Rs.97,692 crore as against Rs.95,930 crore).
S. 10 (38) inserted w.e.f. 1.10.2004 provides that long-term capital gains (LTCG) on which security transaction tax (STT) is paid shall not be included in total income. The assessee earned long term capital gain (LTCG) of Rs. 33,01,57,200 on sale of shares after 1.10.2004 in respect of which STT was paid. The LTCG was exempt u/s 10 (38).
The Finance Act, 2004 introduced section 111A in the Income-tax Act, 1961 (the Act) prescribing a tax rate of 10 percent on Short Term Capital Gains (STCG) arising from sale of shares on or after 1 October 2004 on a stock exchange which are subject to Securities Transaction Tax (STT).
Net direct tax collections during first eight months of the present fiscal (up to November 2009) stood at Rs.1,83,822 crore, up from Rs.1,77,251 crore in the same period last fiscal, registering a growth of 3.71 percent. Growth in Corporate Taxes was 3.17 percent (Rs.1,13,210 crore as against Rs.1,09,735 crore), while Personal Income Tax (including STT, and residual FBT and BCTT) grew at 4.53 percent (Rs.70,262 crore as against Rs.67,215 crore).
The Income-tax Appellate Tribunal (“the Tribunal”) , in the case of First State Investments (Hongkong) Ltd. A/c First State Asia Innovation and Technology Fund1 (“the assessee”), examined the manner of set-off of short- term capital loss suffered from sale transactions subject to Securities Transaction Tax (”STT”) against short- term capital gains arising prior to introduction of STT, during the financial year.
Foreign companies cannot be discriminated vis-a-vis Indian firms so far as capital gains tax on securities transaction is concerned, according to an order by the Authority for Advance Rulings (AAR). Giving its ruling in a case related to UK-based Fujitsu Services, AAR said the company should also be given an option of paying tax at […]
Section 98 of Chapter VII of Finance (No.2) Act, 2004, provides for charge of securities transaction tax (STT). It was provided that in the case of sale of a derivative, where the transaction of such sale is entered into in a recognized stock exchange, the securities transaction tax will be at the rate of 0.017 […]
Income tax is a tax on income earned by a taxpayer in a given year. However, activity of a taxpayer may not always result in income. Certain activities may cause losses too. It would be unfair to tax a person on his income, while ignoring the loss. In recognition of this principle, there are elaborate […]
In the wake of the Satyam fiasco, the Income-Tax department now wants more manpower and technical assistance for its investigation wing and closer scrutiny for TDS returns. The department, in its recent report being prepared for cadre review and restructuring, being done after eight years, will submit these suggestions to the government. “With the recent […]
