Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
The amended India-Mauritius tax treaty has inserted a new clause allowing source-based taxation at 10 per cent on fees paid for technical and consultancy services.
An argument used for removal of this exemption is that it is used to launder black money and bring it in as clean tax paid money by manipulating the price of less liquid shares in the market, says Harsh Roongta.
Finance ministry lines up major plans to be implemented within three months.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
The Centre is considering a gradual phasing out of certain direct tax exemptions meant for corporate and personal tax payers. This is among the tax proposals being discussed for the upcoming Union Budget 2022-23. A top policymaker said that according to the government's internal assessment, the percentage of corporates and individuals shifting to the new exemption-less tax regime has been very encouraging, and the Budget-makers expect many more to make the switch in the coming years. The person also said the finance ministry is exploring the option of rationalising the capital gains tax rates.
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It depends on the assessing officer's interpretation. To be on the safe side, have a separate trading account.
If a couple is registered as joint owners of a property, the tax authorities expect both of them to show their income or capital gains from the house in their tax returns, says Arvind Rao, a chartered account and certified financial planner
The government is trying to send a signal it wants to stimulate the economy and the stock market.
Sitharaman further said that to mitigate genuine difficulties of start-ups and their investors, government has decided to withdraw angel tax provisions for them.
Besides higher tax outgo, P-note issuers are worried about operational difficulties
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
A primer on tax you pay on your mutual fund gains
From March 3, investors in India will be able to trade in select US stocks through the NSE International Exchange (NSE IFSC), a wholly owned subsidiary of the National Stock Exchange (NSE). Investors can invest in NSE IFSC receipts on US stocks, which will be in the form of unsponsored depository receipts (DRs). For a start, this will include DRs of 50 US stocks such as Apple, Alphabet, Amazon, Tesla, Microsoft, Morgan Stanley, Nike, P&G, Coca-Cola, and Exxon Mobil. Indian retail investors will be able to transact on the NSE IFSC platform under the Liberalised Remittance Scheme (LRS) limits prescribed by the Reserve Bank of India (RBI), which currently stand at $250,000 per year.
This may benefit high net-worth individuals who use the services of portfolio managers to sell and buy securities.
GSR 592(E) states that all NRIs -- including PIO like your son -- are not eligible to open PPF accounts. The accounts opened prior to all these dates are allowed to run up to their maturity but no extension or renewal can be made.
Short-term capital gains tax of 30% is likely to be levied if bitcoin is held for less than three years and 20% if held for longer than 36 months.
If a house is sold and the proceeds are used to buy another, whoever contributed to the purchase of the first house can claim exemption on capital gains tax
The sale value of a property may be different for the investor and the government. The first thing to work out is the difference in tax treatment for long-term and short-term capital gains.
Recommendations on direct taxes vary from seeking cut in corporate tax, re introduction of standard deduction for salaried employees, removal of STT, DDT, etc.
'Is taxable amount above 1 Lac is also to be shown as income from other sources?'
The question of tax concession arises only in the case of short-term capital gains, as a long-term holder of Satyam shares would, in fact, be incurring loss, as the scrip plummeted after the company's disgraced founder Ramalinga Raju confessed to fudging of accounts. Since the gains would be made only in case of those who would have bought the shares recently, the sources said such shareholders would have to be taxed, as they made a killing in the stock market.
'As regard to specific reference to high net worth individual, the moment we finish the 75th anniversary of India's independence, we shall review and take a call,' Finance Minister Nirmala Sitharaman said.
Confederation of Indian Industry said on Friday sharp fluctuations in the stock markets notwithstanding, the long-term outlook of the Indian capital market is bullish.
If companies recover the fringe benefit tax on employee stock options from the beneficiaries, does it still make sense for employees to go for them?
The month's big event was the Union Budget 2008-09; however, it proved to be a bit of an anti-climax for mutual fund investors. The only noteworthy change was that the short-term capital gains tax was raised from 10% to 15%. In effect, short-term transactions will become less attractive for investors. Clearly, the benefits of long-term investing aren't lost on the Finance Minister either. However, the month was certainly not a staid one.
The Sensex recovered 320 points from the day's low of 17,258 to close with a loss of 246 points at 17,579. The first major jolt came in banking stocks after the FM announced waiver of Rs 50,000 crore.
Traders who pay in rupees generate over Rs 50 crore in daily cryptocurrency volumes. Indians actually invest a great deal more in forex-denominated trades, observes Devangshu Dutta, explaining why it is impossible to ban cryptocurrency.
The levy of retrospective tax on the UK's Cairn Energy Plc is a tale of bizarre twists and turns that saw its attached shares being sold in May 2018 amid the passing of the baton from a full-time finance minister to interim one and the talks at the highest level to resolve the dispute, to claims that levy of back taxes was a result of an investigation into Panama Papers leak. The government late last month refunded about Rs 7,900 crore it had collected from selling residual shares of the British firm in its erstwhile India unit, seizing dividend and withholding tax refunds, to settle an eight-year-old dispute that had tarred the country's reputation as an investment destination. But, this did not come about easily. For seven years, the establishment vehemently justified in courts and outside seeking of Rs 10,247 crore in back taxes plus interest and penalty from a firm that gave India its biggest onshore oil discovery.
UK's Cairn Energy Plc has offered to forego $500 million and invest that amount in any oil and gas or renewable energy project identified by the Indian government if New Delhi agrees to honour an international arbitration award and returns the value of loss it incurred because of being taxed retrospectively, sources said. The Scottish firm invested in the oil and gas sector in India in 1994 and a decade later it made a huge oil discovery in Rajasthan. In 2006-07, it listed its Indian assets on the BSE. Five years after that the government passed a retroactive tax law and billed Cairn Rs 10,247 crore plus interest and penalty for the reorganisation tied to the flotation.
Investors who have capital gains, have a variety of investment avenues, wherein they can park their capital gains. We have explored below the main investment products at the investor's disposal for offsetting capital gains.
What are the tax implications when you invest in real estate or any immovable property? Read on to find out.
Do you know how the fringe benefit tax is calculated on your ESOPs? Get Ahead tax experts Mahesh Padmanabhan explains.
India must take urgent measures like issuing sovereign guaranteed bonds and exempting FIIs from short term capital gains tax to stem the rupee's slide, India Inc said.
Whether you give stocks held for more/less than a year, benefits are nominal; donating cash is better.
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