Till now all these investors only factored in a capital gains tax and a one percent TDS for properties above Rs 50 lakh that was only recently introduced in this year‘s Budget.
The Parliamentary Standing Committee on GST had submitted its report on August 7 and dealt with a number of issues
The cabinet is all set to consider the revised direct tax code (DTC) Bill soon. No change is likely in the tax exemption limit, but the bill proposes a new 35 percent tax slab for people with income exceeding Rs 10 crore per annum.
The Finance Ministry may table the Direct Tax Code in the monsoon session of the Parliament. The code seeks the hike of income tax exemption and savings reduction limit.
CNBC-TV18's Senthil Chengalvarayan caught up with Wadhwa to find out his views on the economy and the road ahead for Indian equities.
The new or revised direct tax code bill being worked upon by the finance ministry currently will see key changes in wealth tax, IT slabs and definition of non profit organization, sources from Central Bureau of Direct Taxes (CBDT) informed.
Last week Parthasarathi Shome, Advisor to the finance minister informed that the finance minister wants to place the ‘DTC (direct tax code) Bill‘ in Parliament by the end of this Budget session in May. DTC is a major attempt to simplify the Income Tax (I-T) rules.
In his Budget speech, Finance Minister P Chidambaram today said that the Direct Tax Code will be introduced in the Budget session of Parliament.
Professionals are clamouring for a rise in current tax exemption limit of Rs 200000 to atleast Rs 300000 in line with the inflation, so that monthly disposable income is slightly higher.
Parthasarathi Shome, key member of the Finance Minister's budget team today hinted at a hike in indirect tax rates to 14% even as the Finance Ministry works on a new direct taxes code.
ELSS is one of the most popular Sec 80C investments wherein investors enjoy both the benefits of capital appreciation, as well as tax benefits. With the financial year coming to a close and sentiments towards equity markets turning positive, investments in ELSS are on the rise. Read this space to know more about this tax saving instrument.
Once the DTC kicks in ELSS will lose its tax benefit. This has raised concerns among investors who are already invested or wish to invest in ELSS. While some of the concerns are genuine, others show that the product is simply misunderstood. Financial expert Manshu Verma enlightens on the effects of DTC on ELSS to help investors understand better.