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Showing posts from August, 2015

In case of joint saving bank account, in whose hands interest would be taxable? Tax Talk- My weekly column- Readable format accessible at-http://ssrpn.com/article-details.php?id=1311

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Forget amount of TDS default, income tax department is initiating prosecution proceeding. Time to take TDS al the more seriously. Tax Talk - My weekly Column- Word readable format accessible at http://ssrpn.com/article-details.php?id=1309

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To a great extent, Newly notified ITR forms are like old wine in a new bottle. Dont know why it was kept on hold for such a long time? TAX TALK- My weekly column

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ITR FORMS: THE WAIT IS FINALLY OVER - TAX TALK-10.08.2015-THE HITAVADA- http://ssrpn.com/article-details.php?id=1293

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NRI: Basic exemption limit cannot be reduced from LTCG

TAX TALK-03.08.2015-THE HITAVADA
TAX TALK
CA. NARESH JAKHOTIA Chartered Accountant
NRI: Basic exemption limit cannot be reduced from LTCG
Query 1] I am an NRI Sir in AY 2015-16. I am having taxable house property income of Rs. 42,631/- and long term capital gains (LTCG) taxable income at Rs. 10,70,567/-. When form 2 is being filled up, the tax payable is calculated @ 20% on LTCG of Rs. 10,70,567/- at Rs. 2,14,113/- + cess. The basic exemption of Rs. 2,50,000/- is not being given. As per this, the tax would be Rs. 11,13,198/-  less basic exemption Rs. 2,50,000/- i.e., Rs/  8,63,198/- @ 20%. = Rs. 1,72,640/- + 3% cess.  Please guide me as to the correct calculation.  [Ajay Agrawal- akagrawal87@gmail.com] Opinion: 1.Long Term Capital Gain (LTCG) is taxable at a special concessional rate irrespective of the applicable individual tax slab of an Individual. 2.Additionally, benefit of adjusting any taxable capital gain against the room left over in the basic exemption limit is a special concession co…