LTCG Tax is applicable only on equity-oriented mutual funds which hold more than 65% of assets in equities. There is no change in debt fund taxability.
The government had to introduce anti-abuse laws in a bid to stop industries from misusing direct tax provisions, Sushil Chandra, Chairman of Central Board of Direct Taxes said today.
With the cost of medical treatments going up more than the general inflation levels and senior citizen having to spend relatively more money on their health.
In Frequently Asked Questions (FAQs), it said the Budget for 2018-19 provides for taxing Rs 1 lakh and above of Long- Term Capital Gains arising from sale of shares held for over one year at a concessional rate of 10 per cent.
While this Budget has hit the right chords for reducing rural distress and increasing government expenditure in infrastructure, healthcare and education, it has been disappointing on other fronts.
As long as the total gain realised in the year of sale is more than Rs.1 lakh there would be LTCG implication even though the appreciation in each year is less than Rs 1 lakh
While this year Union Budget was a mix bag of both expectations and a few surprises, we list out a few broad points which will have an impact on how you save, invest, borrow, and insure.
An allocation of INR 10,000 crores has been announced on expansion of telecom infrastructure under various government projects in the country, however, the Union Budget does not bring any cheer to the telecom sector.
With several changes carried out in personal tax rates in last three years, the finance budget 2018 have kept the tax rates unaltered
The lower import tax could boost India's gold demand and support global prices that are currently trading near their highest in 17 months.
Introducing a few tax saving measures could boost demand in the real estate sector.
The proposal was to allow the country to retrospectively tax cross-border transactions in which the underlying assets are located in India.
The government is mulling changes by which buyers of companies in the insolvency process will be allowed to carry forward losses for eight years, which is not allowed under the current tax code, a report suggests.
It is required that the deduction under section 80C be simplified and the limits be revised significantly.
As term insurance is the most cost effective way to cover 10–15 times of one’s annual income, a separate section for term insurance beyond the Section 80C limit would incentivise people to buy term insurance policies and get adequate life cover in the process.
Favourable policies and enabling environment will help boost the sector which is one of the key drivers in terms of employment generation and inclusive growth, they said.
It also wants inclusion of natural gas in the Goods and Services Tax (GST) regime at the earliest to boost the use of environment friendly fuel and help transition to a gas-based economy.
Several robust tax measures and following tax arrangements are expected from this Budget.
There may be an increase in the ceiling of deduction under Section 80C from the existing Rs 1,50,000 to Rs 2,00,000.
As in the case of any new law, the IBC too has certain loopholes and implementation-related issues, which came to the fore as the process progressed.
Here is a round up of all major developments in the personal finance space during the week.
Basic customs duty will be levied on electronic components such as printed circuit boards, camera modules and displays, which are at present imported without any duty.
If you follow the principles of financial planning and stick to your asset allocation based on your financial goals, there is no need to panic.
Tax experts expect FM Arun Jaitley to raise the investment cap under Section 80C of I-T Act to around Rs 2.5-3 lakhs.
The move could be part of a strategy to encourage people to save more in financial instruments.