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Gold taxation explained: How much tax you pay on selling physical gold, ETFs, fund of funds and SGBs
Tax on capital gains from gold investment: Investing in gold can yield gains, but investors must be informed about the associated tax liabilities. Different types of gold investments, including physical gold, ETFs, and FoFs, have varying tax implications. Gold held for less than 24 months generates short-term capital gains, while long-term gains apply to gold held longer. Sovereign Gold Bonds (SGBs) have specific tax exemptions if held until maturity, which investors should note.
LTCG tax relief for these mutual fund investors proposed by SEBI; know how switching funds for portfolio rebalancing can save tax
The Securities and Exchange Board of India (SEBI) has put forth a proposal to exempt long-term capital gains tax for investors who switch mutual funds. This change if accepted by the government would enable individuals to adjust their portfolios without facing tax penalties, promoting more strategic reinvestment.
GST 2.0: From stuck tax credit to fewer disputes, industry chambers list key reform demands
GST 2.0 reforms: Industry chambers are calling for reforms to GST 2.0 during the upcoming GST Council meeting. They seek improvements in input tax credit unlocking, faster refunds, and easier compliance measures. Proposed changes aim to reduce disputes and optimize the tax structure for businesses. Furthermore, several sectors, including real estate and automobile, emphasize enhancing cash flows through better ITC policies.
FM Nirmala Sitharaman clarifies UPI MDR charges won't affect consumers, hits out at opposition over misinformation
Finance Minister Nirmala Sitharaman stated Merchant Discount Rate charges will not be passed to consumers. She clarified these charges are between payment service providers for system improvement. Opposition parties were accused of spreading misinformation regarding the UPI MDR framework. Sitharaman also criticized mimicry at a recent Congress event in Indore. She further denied allegations of discrimination in fund allocation to Punjab state.
NRI can’t sell Indian property before October 1, 2026 if buyer does not have TAN; Know how to apply for TAN online
The TDS rulesfor NRIs say that there isno thresholdlimit for TDS deduction, whereas resident Indians get a threshold limit of Rs 50 lakh before TDS isrequired to be deducted. Also the TDS rate for NRIs depends on three factors. Read the article.
I made Rs 29 lakh from equities but lost all of it on bogus trading portal. Do I still have to pay income tax on the gains?
ET Wealth Reader's Query: I sold shares worth Rs.5 lakh (long-term) and redeemed mutual funds worth Rs.24 lakh, largely long-term. Unfortunately, I invested the entire amount through a bogus trading portal and lost all the money. Will there still be any tax implications on these gains?
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Earned money from Dream 11, Rummy, other real money gaming apps? File ITR now to report this income or risk tax notice and likely prosecution
Income from online real money games like Dream 11 and Rummy is taxable, necessitating ITR filing. Even small winnings are subject to a 30% tax rate, and TDS is deducted by gaming platforms. Failure to report such income can lead to tax notices and potential prosecution, emphasizing the importance of compliance.
Won money on Dream11, My11Circle? Know income tax rules for this casual income
Dream11 win: Winnings from lottery, online gaming, online sports betting, etc., are considered casual income for income tax purposes, as per tax experts. However, taxpayers are not aware of the tax rate applicable on casual income earned. Read on to know the latest income tax rules if money is earned from sports betting, and the penal consequences if it is not reported.
GST Council Meeting Highlights: Everything Finance Minister Sitharaman and the GST Council decided on in Monday's meet
GST Council Meeting Key Highlights: Chaired by the Finance Minister, the GST Council is a constitutional body that oversees the implementation and regulation of the Goods and Services Tax. Comprised of state finance ministers, the Council makes recommendations on various GST-related matters, including tax rates, exemptions, thresholds, and administrative processes. Here are the highlights of Monday's meeting.
Karnataka plans to levy cess on online transactions to fund welfare of gig workers
The State Government plans to levy a cess on online transactions to fund the welfare of gig workers. The government will introduce the Platform-Based Gig Workers Fund and Welfare Fee Bill to provide livelihood security and insurance. Bengaluru has an estimated 200,000 plus gig workers.
Income tax payable on winnings from online, offline games of chance
E-commerce websites like Amazon, CRED, others oftentimes runs free to play gaming contests like spin-the-wheel and others. For the purpose of income tax these games are a game of chance and are taxed at flat 30% rate plus cess, etc. Nonetheless there are some things to consider if an individual has won prizes by playing similar offline or online games.
After Rajasthan, now Karnataka planning surcharge on online transactions to support gig workers
Karnataka government is planning a surcharge on online transactions conducted through platforms like Amazon and Zomato to bolster welfare benefits for gig economy workers. The Congress-led government in Rajasthan has already introduced such a surcharge of up to 2%. If Karnataka goes ahead, it will become the second Indian state to levy such a surcharge.
CAG asks Finance Ministry to put in place online Customs refund system
Under the Customs Act, refunds can be claimed in cases where the imported goods are found to be defective or not in conformity with the specification agreed upon, when the goods are exported after payment of the export duty/cess and the exported goods are returned to the exporter. A refund can also be claimed by a person who has paid duty on assessment of imported goods and applies for refund of duty consequent on remission /abatement of duty due to pilferage/damage of goods.
How to pay income tax on income tax e-filing portal in 9 easy steps
If you are paying self-assessment, advance tax or any other type of tax, then you will have to use the new income tax return (ITR) portal to pay the income tax. There are multiple online and offline payment options available on the new ITR portal. Read here to know how the payment can be made.
There's also social angle to e-gaming: Vivek Johri, CBIC
"GST Council's decision of 28% tax is a clarification of government's view that online gaming is an actionable claim, liable to be taxed at 28% on face value. The amendment proposed in GST laws is to further make it clear that "online gaming" is an actionable claim and liable to GST."
Allocation in your portfolio through the mutual fund route
The other approach is getting into hybrid funds, with a defined portfolio allocation. There are aggressive hybrid funds with an equity allocation of more than 65 percent of the portfolio, there are conservative hybrid funds with equity of less than 25 percent of the portfolio, there are arbitrage funds, balanced advantage funds, etc. The advantage of this approach is that hybrid funds, since they have a defined asset allocation, will reset the portfolio when there is a deviation.
GST collection for November stands at Rs 1,45,867 crore, surges 11% YoY
"The government has settled ₹33,997 crore to CGST and ₹28,538 crore to SGST from IGST as regular settlement. The total revenue of Centre and the States after regular settlements in the month of November 2022 is ₹59678 crore for CGST and ₹61189 crore for the SGST. In addition, Centre had also released ₹17,000 crore as GST compensation to States/UTs in November 2022," stated the release.
Want to send money abroad? Here are the rules, limitations, tax implications, charges, ways to transfer
Find out about the rules, limitations, tax implications and ways to transfer money overseas.
View: Paving the way for growth and next-gen reforms
Budget 2021 mostly appears to be focused on economic revival, paving the path for stability and growth with proposals on infrastructure and capital development. Emphasis has been placed on tax reforms, with changes envisaged in the regulatory framework.
Budget 2019 decoded: 10 things India Inc should know
Tax on buyback of listed cos to 2% TDS on withdrawal of over Rs 1 cr, here's what India Inc must know.
GST Council unveils new, simplified return filing process
It will take about six months for GSTN to prepare for it so for that period the current arrangement will continue, said Finance Secretary Hasmukh Adhia.
Online-only brands importing TVs from China will have to hike prices
Prices are likely to rise by more than 10% because of this besides the imposition of 20% duty on completely built televisions sets and 15% duty on finished LED panels announced in the Budget 2018.
Standard deduction benefit to be a few hundred rupees only
Senior citizens save between Rs 3,060 to Rs 15,760 on the three income slabs.
How Budget can make taxpayers happy...without cutting rates
Compared to what some other countries have done, lots more can be done to make tax payments easier and may be even rewarding.
Krishi Cess,4 month window to disclose black money from tomorrow
Last year the government had launched a similar scheme giving opportunity to people having unaccounted assets abroad to come clean by paying taxes and penalty.
Domestic black money window: CBDT to hold 'talkathon' tomorrow
The scheme was announced by the government with an aim to fish out black money from the domestic economy.
Four-month window to declare black money opens on June 1: Finance Ministry
"No scrutiny and enquiry under the Income-tax Act or the Wealth tax Act (no abolished) shall be undertaken in respect of such declarations."
Over Rs 2,150 crore tax evasion detected by Finance Ministry
The Central Board of Direct Taxes (CBDT) has detected unaccounted income and assets of Rs 1,408 crore using this platform.
Tax sword on MF deals thru stock exchanges
Buying and selling mutual funds units on recently-opened trading facility on stock exchanges will not come tax-free.
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