Section 112A – 10% Long Term Capital Gains Tax on Sale of equity shares [With Example]

Under the existing provisions, long term capital gains from sale of listed equity shares or units of equity oriented fund or units of business trusts is exempt from tax by way of section 10(38).

New section 112A has been introduced in Finance Bill, 2018 which has withdrawn this exemption. The Memorandum explaining the bill stated:

“Under the existing regime, long term capital gains arising from transfer of long term capital assets, being equity shares of a company or an unit of equity oriented fund or an unit of business trusts , is exempt from income-tax under clause (38) of section 10 of the Act. However, transactions in such long term capital assets carried out on a recognized stock exchange are liable to securities transaction tax (STT). Consequently, this regime is inherently biased against manufacturing and has encouraged diversion of investment in financial assets. It has also led to significant erosion in the tax base resulting in revenue loss. The problem has been further compounded by abusive use of tax arbitrage opportunities created by these

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Tender for appointment of CA firm for F and A work of ashok events division of ITDC

• India Tourism Development Corporation Limited, New Delhi (14 Dec 2018) Tender for appointment of CA firm for F and A work of ashok events division of ITDC.
  Address : New Delhi
  
  

Govt orders restructuring of tax department

The CBDT said the motive of the cadre review and restructuring exercise is to enable and equip the

Working to bring 99% things in sub-18% GST slab: PM Narendra Modi

Indicating that further simplification of the Goods and Services Tax is on the anvil, Prime Minister Narendra Modi said his government wants to ensure that '99 percent things' attract sub-18 per cent GST slab.
Before implementation of the GST, registered enterprises only numbered 65 lakh, which has now risen by 55 lakh, Modi said, addressing the Republic Summit here, Moneycontrol had first reported.
"Today, the GST system has been established to a large extent and we are working towards a position

Exposure Draft of Amendments in Ind AS XBRL Taxonomy

Exposure Draft of Amendments in Ind AS XBRL Taxonomy
(Comments to be provided by 30th December, 2018)

Ministry of Corporate Affairs (MCA) has mandated the filing of financial statements in XBRL format for the specified class of companies. XBRL taxonomy covers the requirements of Accounting Standards, Companies Act and MCA specific requirements. XBRL taxonomy, based on the Indian

If You Get This SMS On Income Tax Refund, Beware As It's A Scam Affecting Thousands Of Victims

It's easy to get suckered into an online scam, even when you're generally cautious. Phishing mails can be very convincing to the untrained eye. So when we tell you there's a new Income-Tax related scam

GST Council may look to rationalise 28% slab; taxes on cement may be cut

The GST Council is likely to rationalise the 28 per cent slab by cutting tax rates on construction items, like cement, in its meeting next week.
The council, chaired by Finance Minister Arun Jaitley and comprising his state counterparts, has

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IL&FS crisis: CA Institute holds statutory auditors ‘prima facie guilty’

The Institute of Chartered Accountants of India (ICAI) has held certain statutory auditors of the beleaguered IL&FS Group, including its parent IL&FS Ltd and two of its subsidiaries IL&FS Transportation Networks Ltd (ITNL) and IL&FS Financial Services Ltd (IFIN), “prima facie guilty” of professional misconduct.
With this, the legal decks are now cleared for full-fledged investigations against those partners of the

FAQs on Form GSTR 9C

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ICAI signs MoU with IIM Ahmedabad to conduct management training programmes for CAs

The Chartered Accountants apex body, ICAI has signed a MoU with the Indian Institute of Management, Ahmedabad (IIM Ahmedabad) for conducting management training programmes for CAs.

The objective

The objective of the initiative is to establish mutual cooperation between the institutes for offering

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REQUEST FOR PROPOSAL FOR CONCURRENT AUDIT OF OPERATIONS OF BRANCH OFFICE, SIDBI

• Small Industries Development Bank Of India, Multi Location (30 Nov 2018) REQUEST FOR PROPOSAL FOR CONCURRENT AUDIT OF OPERATIONS OF BRANCH OFFICE, SIDBI
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Is your builder passing on the benefit of lower GST to you?

While the overall cost of construction seems to have gone down under the Goods and Services Tax regime on account of additional input tax credit for builders, the intent to pass on the benefit of lower cost to the end buyer still seems to be missing from the market.
In order to ensure that homebuyers get this benefit, the government has started questioning

Practice Management Software for members in practice & CA Firms of ICAI

The Committee for Capacity Building of Members in Practice (CCBMP) of the Institute of Chartered Accountants of India (ICAI) has arranged the practice management software for members in practice / firms, in form of cloud software designed for managing the Professional Practice in an effective

Effective GST tax rate on complex, building, flat etc.

It is brought to the notice of buyers of constructed property that there is no GST on sale of complex/ building and ready to move-in flats where sale takes place after issue of completion certificate by the competent authority. GST is applicable on sale of under