Budget 2008-09 proposed that the domestic parent company will be allowed to set off the dividend received from its domestic subsidiary companies against dividend distributed by the parent, provided the dividend received has suffered DDT and the parent company is not a subsidiary of another company.
This proves to be good news for all financial conglomerates [...]

• 0 Comments

Budget 2008-09 proposes to introduce a Commodities Transaction Tax (CTT), which will be levied for all transactions carried out in commodities exchanges, whether these transactions are on options or other commodity instruments.

CTT

RATE

PAYABLE BY

Sale of an option in goods/commodity derivative(if not exercised)

0.017% on option premium

Seller

Sale of an option in goods/commodity derivative(if exercised)

0.125% [...]

• 0 Comments

SURCHARGE: Presently, surcharge is applicable at the rate of 10% only when the total taxable income exceeds Rs. 10 lakh. No change has been made here.
EDUCATION CESS: Education Cess is presently applicable at the rate of 3% on the income tax (inclusive of surcharge, if any). No change has been made here.
SECTION 80D: With an [...]

• 0 Comments

LONG TERM CAPITAL GAINS TAX:
There was no change made in the existing provisions in the Budget 2008.

INVESTMENT

DEFINITION OF “LONG TERM”

LONG TERM CAPITAL GAINS TAX RATE
(inclusive of surcharge and education cess)

Equity

1 Year

Nil

Equity oriented Mutual Funds

1 Year

Nil

Debt Oriented Mutual Funds

1 Year

11.33% with indexation or 22.66 %
without indexation [...]

• 0 Comments

The government of India has decided to present the budget on July 3rd. now that is when the government will disclose what exactly it has in the offing. Here we present what was offered in the budget 2008 so that we can easily compare with what the government is offering now.
DIRECT TAXES AND YOU.
The [...]

• 0 Comments

US markets have shown a firm rally. Also the indices across several Asian markets in the ongoing trading sessions are on the rise. This indicates that the indices back home in India may pull back from the lower levels. Of course there is a lot of volatility and lack of clarity which may drag the [...]

• 0 Comments