The government has exempted units of investment trusts and ETFs issued by entities based in GIFT City or traded in exchanges there from capital gains tax. The Central Board of Direct Taxes (CBDT) notified the exemption from capital gains tax any unit of investment trust; a unit of a scheme; and a unit of an Exchange Traded Fund (ETF) launched under the International Financial Services Centres Authority (Fund Management) Regulations, 2022. Gujarat International Finance Tec-City (GIFT)-IFSC is being promoted as a tax-neutral enclave for the financial sector.
Besides higher tax outgo, P-note issuers are worried about operational difficulties
'The finance minister missed yet another opportunity to simplify the income tax structure in the Budget.' 'This was an opportune moment to get rid of the old tax system entirely and move fully to the new system,' asserts M Govinda Rao, member of the 14th Finance Commission.
DDT is levied on dividends that a company pays its shareholders out of its profits. It is currently charged at the rate of 20.55 per cent, including a surcharge and education cess. Government may instead tax the shareholders receiving dividends, in a bid to help improve investor sentiment by addressing the multiplicity of taxes and bring down the effective tax rates for companies.
Most of these alleged tax evaders hail from Kolkata, Mumbai, Ahmedabad, Surat, and Delhi.
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.
Food delivery aggregator Swiggy saw its loss widen for the fourth quarter (January-March) of financial year 2024-25 (Q4FY25). The firm reported a consolidated loss of Rs 1,081.1 crore for the quarter, compared to a loss of Rs 554.7 crore in the corresponding quarter of FY24.
Lending and borrowing of securities for short-selling at stock exchanges will not attract Securities Transaction Tax or capital gains tax.
While the declarations under the scheme have to be filed by December 31, 2020, the government had in October extended the deadline for making payment by three months till March 31, 2021, in view of the ongoing Covid-19 pandemic.
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).
Terming the Union Budget as an excellent document, Planning Commission Deputy Chairman Montek Singh Ahluwalia on Monday said efforts were on to break the impasse on turnover tax on securities transactions.
India's flexible (flex) office segment, having breached pre-pandemic levels, is thriving as corporates, startups, multinational corporations, and global capability centres (GCCs) expand in India, seeking low-capital yet Grade A plug-and-play facilities. In the first quarter (Q1) of 2025, the flex office segment continued to grow, with flex space leasing rising by 22 per cent to 2.2 million square feet (msf), according to Colliers.
First Rajya Sabha approved the Rs 45 lakh-crore spending proposed in the Budget, followed by the nod to the Finance Bill that contains tax proposals.
In a relief for foreign firms giving loans to Indian subsidiaries, tax authorities have said goods and services tax (GST) will not be imposed on them, subject to some caveats. Additional fees, commissions, or related payments - over and above the amount charged as interest - on these loans will attract GST at 18 per cent, the Central Board of Indirect Taxes and Customs (CBIC) has said.
The proposed tax exemptions and benefits notwithstanding, these new investment instruments would still be 'revenue accretive' for the government in the form of additional taxes.
Few finance ministers announce any taxation measure that could upset the stock market. Ms Sitharaman decided to take that risk, observes A K Bhattacharya.
Direct tax collections totalled Rs 4.29 lakh crore (Rs 4.29 trillion) during the April-December period in 2012-13.
'Arbitrage funds make the most sense for those in the 30 per cent tax bracket, are viable for those in the 20 per cent bracket, but less so for those in the 10 per cent bracket.'
India Inc on Monday welcomed the focus on reviving economic growth to nine per cent as also the indications for bold tax reforms, but expressed regret that the Minimum Alternate Tax was raised and Security Transaction Tax was let to continue.
The pre-Budget proposals sent to the finance ministry aim to bring uniformity in tax treatment for investments in different financial sectors, mitigate hardship to retail taxpayers, and encourage participation in mutual funds.
'For me, if I want to buy a house to stay, I don't care about indexation because I don't want to sell that house.' 'The only thing that matters to me as a buyer is that the home price should be within my reach.' 'Any market, when speculators and investors go out, it will benefit the middle class.'
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.
'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'
Markets regulator Sebi has notified a stricter regulatory framework for small and medium enterprise (SME) IPOs by introducing a profitability requirement and capping a 20 per cent limit on offer-for-sale (OFS). The reforms aim to provide SMEs with a sound track record an opportunity to raise funds from the public while protecting investor interests. This move follows a rise in SME issues, which has driven significant investor participation.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
The tax imposed on buyback of shares and employee stock options is different in case of listed and unlisted companies, says Sudipto Dey
The highest collection target has been given to Mumbai at Rs 4.39 trillion, followed by Delhi and Bengaluru.
The central government is likely to exceed the budgeted tax collection target of Rs 22.2 trillion for the current fiscal year, led by better indirect tax mop-up, compliance measures, and recovery in most sectors following the second wave of the Covid pandemic. Personal income and corporate tax collections (net of refunds) grew 74 per cent to Rs 5.70 trillion in the first half of the current financial year, driven mainly by advance tax and TDS payments. The target for the current fiscal year is Rs 11.08 trillion; higher taxes are paid usually towards the end of a fiscal year.
Finance ministry takes up a review of the STT regime after a meeting with stock exchange officials.
A special audit will look into any pricing anomalies in the transactions between the two, according to a source. FTIL had a contract for helping the exchange with its technology needs.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Mumbai collected Rs 17,174 crore of advance taxes against Rs 7,356 crore in the same period last year. The tax authorities believe that such a staggering growth rate is a positive sign for the economy.
The Securities and Exchange Board of India proposes to levy fee on stock exchanges.
Many financial sector reforms suggested by the Percy Mistry Committee may not figure in Budget 2008-09.
rediffGURU T S Khurana answers readers' personal income tax queries.
The 15-member committee has also recommended the imposition of a goods and service tax on financial services, and creation of a currency spot market and rupee-settled exchange traded currency derivatives market.
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