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Finance Ministry Proposes Relaxations on LTCG Tax

25Apr By Lavina TolaniNo Comments

INDIA

Finance Ministry Proposes Relaxations on LTCG Tax

The Finance Minister, Mr. Arun Jaitely, has proposed to relax certain conditions for availing 10 percent concession on long-term capitals gain tax. The Ministry has invited stakeholders feedback on draft notification that lists out scenarios wherein individuals need not pay Securities Transaction Tax (STT) at the time of purchase for availing concessional tax rate. In the 2018-19 budget, after a long gap of 14 years, the government reintroduced 10 percent on long-term capital gains exceeding Rs 1 lakh from the sale of shares. The Central Board of Direct Taxes (CBDT) has clearly specified the nature of acquisitions with respect to which requirement of payment of STT will not be applicable for availing LTCG concessional rate. Garima Pande, Partner and Business Tax Services...

Save 46 percent Tax Using Digital Transaction- Indian Govt to Small Traders

21Dec By NitishNo Comments

INDIA, News

Save 46 percent Tax Using Digital Transaction- Indian Govt to Small Traders

Government today said small traders will be able to save up to 46 per cent in tax by migrating from cash to digital transactions as the decision to tweak the presumptive income norms would reduce tax liability. "Apart from making a tax saving of almost 46 per cent by migrating to banking mode, the small businesses would be able to build their books which may also help them get bank loans easily," the Finance Ministry said in a statement. Also, if transactions are carried out through banking channels, then anybody having annual turnover up to Rs 66 lakhs will have zero tax liability after availing the benefit of Section 80C, after amendment of this new rate structure, it said. Earlier in the day, Finance Minister Arun Jaitley said "The object is if you do transactions using digital m...

#Budget2016 Key Highlights For Startup Ecosystem

2Mar By No Comments

News

#Budget2016 Key Highlights For Startup Ecosystem

The third budget of Mr. Jaitely under the BJP led government has great offerings for the Startup world. Start-up India, Stand-Up India’ plan is most visible campaign of Prime Minister Narendra Modi’s Government which will boost jobs and investments in India. The campaign promotes & encourage entrepreneurs to start new firms that are not inspired by traditional businesses, is capable of generating jobs, and build an economy driven by technology and science. We spoke to Jaspal Singh co-founder of TaxZippy.com, India's largest Income tax filing site and he felt that this budget had a focus on startups as they are growing industry and help boom the economy. He also added that the budget has reinstated a positive push to the startup ecosystem. Here are the pointers placed by him. &nbs...

Govt to announce friendly tax regime for start-ups in Budget: Arun Jaitely

16Jan By AnkitaNo Comments

INDIA

Govt to announce friendly tax regime for start-ups in Budget: Arun Jaitely

“ Government in the Budget next month will announce a friendly tax regime that will encourage setting up of startups in the country ” Government in the Budget next month will announce a friendly tax regime that will encourage setting up of startups in the country, Finance Minister Arun Jaitley said today. "We have already worked upon an entrepreneur-friendly taxation regime. There are some steps, which can be taken up by notifications, which would be taken forthwith. Others require legislative provisions, which can only come as part of the Finance Bill when Budget is presented in order to create a friendly taxation regime for startups," he said at the Start Up India conference here. Recognising the need to encourage startups, a fund was suggested in the Budget last year, he...