How mutual fund investments are taxed
Indexation refers to recalculating the purchase price, after adjusting for inflation index, as published by the Income Tax authorities. Since the purchase price is adjusted for inflation, the capital gain gets reduced.
ELSS and IDFC Tax Advantage (ELSS) fund
ELSS and IDFC Tax Advantage ELSS fund Equity Linked Saving Scheme ELSS is a category of mutual fund t...
Income tax dept conducts search operations on stock brokers, traders across country
The search or survey action has unravelled the entire mod...
Meet Vishal & Meghana Malkan, a couple who empowers homemakers to become professional traders
Here’s how traders Vishal and Meghana Malkan are helping people take up stock trading professionally.
Tax optimiser: NPS, perks can help Yadalam reduce tax outgo by Rs 87,000
Yadalam should opt for the NPS benefit offered by his company. Under Sec 80CCD(2), up to 10% of the basic salary put in the scheme is tax free.
Govt says no proposal to reduce taxes on petrol, diesel
Sitharaman has also clarified that currently no new tax on petrol and diesel is being considered.
Should you prepay your education loan before the repayment period of 8 years?
The deduction is allowed for eight years or until the interest is paid in full, whichever is earlier. Further, there is no upper limit on claiming this interest deduction.
Army ex-chief against tax on disability pension
Former army chief General VP Malik said he disagrees with the government’s move to impose income tax on disability pension.
ITR filing: All you need to know about treatment of income from self-occupied property
A house property is ‘self-occupied’ when the owner or family members use it for residential purpose. It could be termed ‘self-occupied’ even where the house was not occupied throughout the year due to owner’s employment at another place.
Tax queries: No GST on sale of unfinished flat to another home buyer
Dilip Lakhani, Senior Chartered Accountant, answers queries from our readers on income tax and other levies.
Budget-making team of Finance Ministry short of two key officials
The budget for 2020-21 to be presented on February 1 is keenly awaited for the expected second wave of structural reforms for pulling out the economy from its over six-year low growth. In addition to expenditure secretary, the position of joint secretary, one of the key officials in the entire Budget-making process, is also vacant for almost three months.
Tax rate cut aimed at attracting investments: Finance Minister
Nirmala Sitharaman said the move will help attract investment from multinationals looking to shift operations from China in view of its trade war with the US. The finance minister also ruled out lowering tax rate for limited liability partnerships or partnership firms, saying their structure was different from a corporate vehicle.
Will consider suggestions for personal I-T cut: Finance minister Nirmala Sitharaman
Her comments on personal income tax rates came in response to a question from TMC member Saugata Roy during a discussion in Lok Sabha where she was piloting the bill to amend corporate tax rates. She said she valued everybody who earned their living, paid their tax and took care of their family and business. “So, personal income tax will be considered for its merit.
Giving Aadhaar number in lieu of PAN? Make sure you have linked both. Here's why
CBDT issued a notification in August where it stated that if someone without a PAN card quotes their Aadhaar number, then the income tax department will consider this an auto-application for PAN and it will be issued to the individual.
Parliament okays corporate tax cut; FM says software developers, miners not eligible for lower rates
Replying to a debate on the legislation, Sitharaman said a negative list of activities that do not constitute manufacturing has been created and will not be eligible for the lower 15 per cent tax rate for manufacturing firms that are set up after October 1 and that begin operations by 2023.
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