Income Tax : Commodities Transaction Tax (C.T.T.), is a tax payable to the central government on trades made on commodities. CTT was first prop...
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 : 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 : Buying and selling mutual funds units on the recently opened trading facility on stock exchanges will not be tax-free. While equit...
Income Tax : For individuals, the proposed rate is likely to be 10% for income upto 10 lakhs, 20% upto 25 lakhs and 30% above that. Incentive t...
Income Tax : Income tax refunds may get delayed for a fortnight, following a complete revamp of security buffers in the computer software syste...
Income Tax : Net direct tax collections during first eight months of the present fiscal (up to November 2009) stood at Rs.1,83,822 crore, up fr...
Fema / RBI : To encourage foreign portfolio investment, the Finance Ministry has set up a working group for suggesting changes in the existing ...
Income Tax : From April 1, 2011, finance minister Pranab Mukherjee has proposed to simplify the income-tax regime by reducing the tax rates on ...
Income Tax : Foreign companies cannot be discriminated vis-a-vis Indian firms so far as capital gains tax on securities transaction is concerne...
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 : CIRCULAR NO-2/2008-Income Tax Securities and Exchange Board of India (SEBI) vide circular No.-MRD/DoP/SE/Dep/ Cir14/2007 dated 20/...
From April 1, 2011, finance minister Pranab Mukherjee has proposed to simplify the income-tax regime by reducing the tax rates on incomes above Rs1.6 lakh per annum (Rs1.9 lakh for women, and Rs2.4 lakh for senior citizens), but the reduced rates will come with few of the current exemptions.
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 […]
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 […]
EXPLANATORY NOTES TO THE PROVISIONS OF THE FINANCE ACT, 2008 CIRCULAR NO. 1/ 2009, DATED 27th MAR, 2009 46. Discontinuation of Banking Cash Transaction Tax 46.1 The Banking Cash Transaction Tax (BCTT) was introduced by the Finance Act, 2005. It provides for a levy at the rate of 0.1 per cent (10 basis points) on […]
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 […]
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 in their earnings kitty.
Due Date of Tax Audit Preponed to 30th September. No change in ceiling of Rs. 40 Lacs under section 44AB. DIRECT TAXES -No change in corporate income tax rate. Income Tax exemption rates raised from 1.1 lakhs to 1.5 lakhs across the board. Exemption limit for women raised to 1.8 lakhs and for senior citizen raised to 2.25 Lakh. Fresh Facilities, Encouragement To Sports And Guest Houses Exempted From Fringe Benefit Tax.
CIRCULAR NO-2/2008-Income Tax Securities and Exchange Board of India (SEBI) vide circular No.-MRD/DoP/SE/Dep/ Cir14/2007 dated 20/12/2007, has decided to permit all classes of investors (individuals, institutional, etc.) to short sell. Further, with a view to provide a mechanism for borrowing of securities to enable settlement of securities sold short, SEBI has also decided to put in place a full-fledged Securities Lending and Borrowing (SLB) Scheme for all market participants in the Indian securities market under the overall framework of “Securities Lending Scheme”, 1997″ of SEBI (Circular No.SMD/Policy/ SL/CIR-09/ 97 dated May 07, 1997).
Now it’s the government’s turn to cash in on the stock market boom. The finance ministry is considering raising the rate at which securities transaction tax (STT) is levied. One of the options is to increase the ceiling rate to 0.5% of the value of the taxable securities transactions. At present, it is levied at rates of 0.017- 0.25% on every transaction on domestic bourses.
