Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Dwaipayan Bose highlights the similarities and contrasts between ETFs and Index Funds.
'Rather than abolishing stamp duty as STT is already levied on all transactions, the government has de-facto imposed a state STT in the guise of stamp duty'
The finance ministry on Friday said advance tax collection increased by 53.50 per cent to Rs 4.60 lakh crore so far this fiscal year, indicating recovery in the economy. Direct tax collections for 2021-22, as on December 16, show that net collections are at Rs 9.45 lakh crore compared to Rs 5.88 lakh crore over the year-ago period, representing an increase of 60.8 per cent, the ministry said in a statement. "The net collection (as on December 16) in FY22 has registered a growth of 40 per cent over the corresponding period of previous year when the net collection was Rs 6,75,409.5 crore, and a growth of 40.93 per cent over the corresponding period of 2018-19 when the net collection was Rs 6,70,739.1 crore," it said.
Chirag Gupta, who trades in futures & options, had made a profit of Rs 6 lakh, but...
Finance Minister Pranab Mukherjee on Monday said that he proposes to exempt the income of New Pension System Trust from the income tax and any dividend paid to this Trust from Dividend Distribution Tax.
India's collection from tax on personal and corporate income jumped over 48 per cent in the current fiscal after a 41 per cent surge in advance tax payments, mirroring sustained economic recovery in a year that witnessed two waves of coronavirus infections. Net collections of direct taxes until March 16, 2022, in the fiscal year that started on April 1, 2021, stood at Rs 13.63 lakh crore compared to Rs 9.18 lakh crore in the same period a year back, an official statement said. The net collections in direct taxes, which is made up of income tax on individual income, corporation tax on profits of companies, property tax, inheritance tax and gift tax, in the current fiscal is 35 per cent higher than the collection of Rs 9.56 lakh crore in the pre-pandemic year of 2019-20 (April 2019 to March 2020).
The net direct tax collection for the fiscal ended March 31 stood at Rs 9.45 lakh crore, an increase of 5 per cent over the revised estimates in the Union Budget. Central Board of Direct Taxes (CBDT) Chairman P C Mody on Friday said the income tax department has exceeded the revised estimates despite issuing substantial refunds in the 2020-21 fiscal. During the fiscal, the net corporate tax collection stood at Rs 4.57 lakh crore, while net personal income tax was Rs 4.71 lakh crore. Another Rs 16,927 crore came from securities transaction tax (STT).
Finance Minister Nirmala Sitharaman will present the Union Budget for 2023-24 in Parliament on February 1. The Budget is a statement of the government's estimated receipts and expenditures for a fiscal year (April 1 to March 31). It's divided into Revenue and Capital Budget. The Revenue Budget includes the government's revenue receipts and expenditures while the Capital Budget includes its capital receipts and payments.
'Extensive thought has been put in, and we have pondered over each and every suggestions and demands received from our members.'
A consortium led by Singapore Technologies Telemedia Pte and Telekom Malaysia Bhd has bid for the one-third stake of AT&T Wireless Services Inc in Indian telecom major Idea Cellular Ltd.
Brokers also want tax rebates, removal of additional tax on dividends, streamlining of GST...
'The introduction of a tax on LTCG will be a deterrent for foreign investors and could potentially result in a movement of trading activity away from India to other offshore jurisdictions such as Singapore, which offer better tax rates and sophisticated financial products.'
The proposed move to withdraw the DDT would help encourage investments by addressing multiple taxation of income and bringing down the effective tax rate on companies, which is among the highest in the world.
The government is open to 'some tinkering' in the varied rates and holding period for computation of capital gains tax on shares, debt and immovable property, in a bid to make it simple, revenue secretary Tarun Bajaj said on Wednesday. Under the Income Tax Act, gains from sale of capital assets, both movable and immovable, are subject to 'capital gains tax'. The Act, however, excludes movable personal assets such as cars, apparels, furniture from this tax.
Budget proposal has put an end to the flourishing trade in STT, as STT is likely to be treated as any other deductible expenditure against business income.
Finance Minister Arun Jaitley said Sebi would develop new products in the commodity derivatives space apart from taking steps to deepen the corporate bond market.
Government needs to rationalise taxation policies to promote investments through stock markets, says BSE chief.
A key demand is to reduce the dividend distribution tax on listed firms.
Tax department feels that the second quarter would be much better than the first quarter of the year as the economy has started improving.
The regulations will only apply to the share purchases that have been done after October 1, 2004
A strong start-up ecosystem can propel investment, jobs, and demand creation, and for that, substantial growth capital is required.
The government will reduce taxes levied on various transactions in the securities market, a move that will help in bringing down the overall cost for investors.
Allaying investor fears over the levy of long-term capital gains tax on share transfer in unlisted companies, the government on Friday said the move is only to target 'khoka' companies, and 'genuine investments' in start-ups and through FDI will be exempt.
A N Shanbhag, the highly respected investment guru, and his son Sandeep Shanbhag, answer your questions on NRI investment.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
'Genuine' share transfer gets relief; CBDT lists three scenarios where tax would be levied
Finance ministry takes up a review of the STT regime after a meeting with stock exchange officials.
Debashis Basu lists various reasons why laundering through the stock market thrives.
'The only good thing is people will not be required to maintain their medical bills and invest time in that.'
The Income Tax Department has decided to scrutinise all returns filed by brokers and market players who seek rebate after paying the securities transaction tax (STT).
Ministry considering tax sops for India's first global financial centre, steps to liberalise futures and options markets.
Members of the Securities and Exchange Board of India have suggested a phased reduction of the securities transaction tax, as part of a package of measures to develop the capital markets that was discussed with Finance Minister Pranab Mukherjee last week.
With all the guessing game and uncertainty now over after the allocation of six key portfolios, the market is expecting the new government to deliver strongly on issues that will help the domestic bourses continue on their uptrend.
The political-electoral calculus favours spending thousands of crores on vanity projects like Sardar Patel's statue and the Central Vista over building up our military to handle the confrontations and conflicts that loom large, points out Ajai Shukla.
There have been demands from a section of stakeholders that the long-term capital gains tax on equities be reimposed.
The regulator has sought an increase in the investment limit for tax-saving equity mutual fund schemes to Rs 200,000 from the current Rs 150,000.
Sources said much has been done to ease the tax burden of the middle classes in the last five years, and that such a measure affects only a limited segment of people when the focus should be to put money in rural areas. Archis Mohan reports.
