In the new system, if one's income increases by Re 1 from Rs 2 cr or Rs 5 cr, his tax liability will go up.
The yellow metal touched a record high of Rs 34,470 per 10 gram, a gain of over Rs 200.
The decision will lead to further uncertainty in the resolution process of Jaypee Infratech, the real estate company behind ambitious projects like Wish Town that has fallen into bankruptcy.
A new proposal on NBCC’s resolution plan is currently under voting, and with banks unlikely to back it in its present form, the move is expected to be defeated.
As a conditional bid cannot be accepted, homebuyers fear the committee of creditors (Coc) may reject the proposal in its meeting.
The company is considering the buyback of shares, subject to regulatory approval.
In the normal course, lending banks and institutions get repayment of their loans from the escrow accounts opened by developers where all the receivables get deposited.
ATS PMC aims to deliver over 4,500 apartments spread over the three projects in a phased manner. The first set of deliveries is slated for 2019-end.
The Supreme Court's decision has come in the wake of the special leave petition filed by the EPFO against Kerala High Court judgement.
Currently, the levy is 18% with a 33% abatement, resulting in an effective tax rate of 12%.
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