Booming economic activity enabled the government to collect Rs 99,935 crore (Rs 999.35 billion) from direct taxes during April-November this year
This was a fresh probe based on the inspection of certain derivative contracts both on the BSE and NSE.
The deduction of Securities Transaction Tax on trade in equities will come into force in major bourses from October 1.
The proposal to impose a transaction tax on all securities at the uniform rate of 0.15 per cent has been rolled back.
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.
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.
A N Shanbhag explains various issues related to the Securities Transaction Tax
Understanding InvITs properly will enable investors to make an informed decision, says V K Bansal.
The Securities Transaction Tax regime covering shares as well as mutual funds has come into effect from October 1.
Jaitley's fifth Budget has provided little relief to the middle class.
Sentiments may get impacted as mutual funds have been gaining traction among investors as route to invest in stock markets
'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 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.
Payment in cash for buying goods and services worth more than Rs 2 lakh with the exception of jewellery will attract 1 per cent tax collected at source (TCS) from Wednesday.
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.
Market participants are hoping for a few tweaks on the taxation front which will encourage consumers and businesses to spend.
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.
'Extensive thought has been put in, and we have pondered over each and every suggestions and demands received from our members.'
The highest collection target has been given to Mumbai at Rs 4.39 trillion, followed by Delhi and Bengaluru.
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.
Five key capital market announcements from the previous Budget.
During the first quarter ended June, gross tax collections fell 31 per cent driven down by a massive 76 per cent plunge in advance tax mop-up, as the country was in a full lockdown due to the pandemic.
The 0.5 per cent Krishi Kalyan Cess (KKC) on all services increases the total tax chargeable on services to 15 per cent, making it expensive to dine out or travel.
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.
Amid slowing economy, the gross direct tax collection has risen only by 13.18 per cent to Rs 3.68 lakh crore during the April-November period of 2013-14 fiscal.
The suggestion is made by BSE in a letter to the Finance Minister.
Direct tax collections totalled Rs 4.29 lakh crore (Rs 4.29 trillion) during the April-December period in 2012-13.
If an equity share is purchased before January 31, 2018, at Rs 100 and the highest price quoted on January 31, 2018, in respect of this share is Rs 120, there will be no tax on the gain of Rs 20.
References to the repealed laws for service tax, purchase tax, etc, continue in the SEZ laws.
'Genuine' share transfer gets relief; CBDT lists three scenarios where tax would be levied
Besides higher tax outgo, P-note issuers are worried about operational difficulties
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.
Suppose you have transferred money to your trading account but did not use it to buy securities, the broker could misuse this money, warns Sanjay Kumar Singh.
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