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25 Nov 2019

How to calculate tax liability on LTCG accrued from selling gold?

An individual is required to pay tax either short term capital gains or long term capital gains accrued due to selling of financial assets such as mutual funds and physical assets such as gold. If you have sold gold, you are liable to pay tax.

 
In September, I sold 300 grams of gold bought in the 1990s. I am 72 and file my tax returns, though my taxable income is below Rs 5 lakh. Do I need to pay LTCG tax? How should I calculate the tax liability on the gains?
Shubham Agrawal, Senior Taxation Advisor, TaxFile.in says, "The calculation of LTCG can be done by subtracting the original purchase price or fair market value of gold on 1 April 2001, whichever is higher, from the selling price. 
25 Nov 2019

Three suggestions on how finance minister can reform the direct tax law

It’s not clear when the draft DTC will get implemented, but Budget 2020 may introduce some changes We tell you what changes experts want the finance minister to make through either the new direct tax law or Budget 2020

There has been long-standing demand for a new law altogether, to bring the tax rules and laws in line with the present requirements, given that the current Income-tax Act was formalized about 60 years ago, though there have been many amendments and changes ever since. The intent of introducing Direct Tax Code (DTC) was proposed in 2005, but its drafting has been under process for more than a decade now.

12 Nov 2019

Govt lays out roadmap for phasing out tax exemptions for corporates

Profit-linked, investment-linked and area-based deductions will go

The new plan includes reducing the maximum allowed depreciation rate, from 100 per cent on some assets to 60 per cent from April 1, 2017. The new rate will apply to all assets, new or old. Similarly, the government wants to end weighted deductions, which amount to as much as 150 per cent in the case of capital expenditure on warehousing facility for farm produce and fertilisers, or on Research and Development spending.

12 Nov 2019

Profits from digital business: India against OECD formula for taxation

India’s share of tax from multinational digital companies like Google and Facebook, among others, would be substantially lower than the current mop-up under equalisation levy if the taxation formula suggested in the OECD consultative paper is applied.

“India’s position is that the profits should be distributed into various locations on the basis of revenues as it would be fair as well as simple to operate and physical presence should matter little. However, OECD’s approach to distribute the profits of digital businesses first into ‘routine’ profits and then allocating the ‘residual’ profits would be complex and would accrue little tax revenues to jurisdiction other than their home countries,” said Amit Maheshwari, partner, Ashok Maheshwary & Associates.

11 Nov 2019

How can I avail tax break on interest income earned on RD, monthly income schemes and NSC?

Under Section 80TTA, you can claim a deduction of up to Rs 10,000 on savings bank/post office deposits. Interest earned on post office RD and NSC is eligible for exemption under Section 80C within the overall limit of Rs 1.5 lakh in the years.

Under Section 80TTA, you can claim a deduction of up to Rs 10,000 on savings bank/post office deposits, so none of your post office investments qualify for this section. Interest earned on post office RD and NSC is eligible for exemption under Section 80C within the overall limit of Rs 1.5 lakh in the years that it is reinvested back.

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