Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: ACCOUNTING STANDARD :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: TDS :: cpt :: list of goods taxed at 4% :: VAT Audit :: empanelment :: ACCOUNTING STANDARDS :: TAX RATES - GOODS TAXABLE @ 4% :: VAT RATES
 
 
News Headlines »
 Here's why you must always check Form 26AS before filing tax return
 Want to file your income tax return after June 30? Having Aadhaar card is a must
 Timeline for filing of tax returns extended by two months
 Top 5 common mistakes to avoid while filing your income tax returns
 GST rollout on July 1: Deadline for filing tax returns extended
 What is GST?
 Income-tax (15th Amendment) Rules, 2017?
 Banks get a breather as GST Council extends deadline for tax filing
 Income Tax filing: Your easy guide in 7 steps
 E-filing income tax return: How individuals can upload any ITR using excel utility
 Top 10 common mistakes to avoid when e-filing your income tax return

Finmin may make AIR must for selling shares
February, 25th 2008
The government may soon make the filing of annual information return (AIR) compulsory not just for buying but also for selling of shares beyond a particular value. At present, filing of AIR is a must for a company when an individual applies for shares worth Rs 1 lakh and beyond, whereas there is no such requirement in case of selling.

The government may maintain Rs 1 lakh as the threshold limit for filing AIR in case of selling of shares as well. However, the limit in case of selling could also be fixed between Rs 1.5 lakh to Rs 2 lakh.

The new initiative, aimed at bringing in more transparency to the system, may find a place in the forthcoming Budget. It may also be separately issued just after the Budget, sources in the finance ministry said. Its being considered for the coming Budget.

The AIR for all security transactions will finally be made mandatory irrespective of whether it is announced in the Budget itself, or a few months later. A few more items could be added to the present list of seven items for which the AIR is made compulsory, sources in the ministry pointed out.

At present, individuals voluntarily disclose selling of shares and pay 10% short-term capital gains tax if profits are booked within one year. Currently, the filing of AIR is needed on seven high value financial transactions including cash deposits aggregating to Rs 10 lakh, credit card spend of over Rs 2 lakh, investment in mutual fund above Rs 2 lakh, acquiring bonds or debentures for Rs 5 lakh or above, applying for shares over Rs 1 lakh and investment of RBI bonds of Rs 5 lakh or above.

Nikhil Bhatia, partner in KPMG, said that the government must ensure that the filing should be made as simple as possible. Such new initiatives will, no doubt, bring in more transparency to the system, but the procedure should be made simple. It should not have an additional burden for the companies who need to file those AIRs.

Though finance minister P Chidambaram left the capital market untouched during the last Budget, he proposed to hike the securities transaction tax (STT) by 25% from 0.1% to 0.125% in the Union Finance Bill 2006-07, announced in February, 2006.

In fact, the STT was introduced in the 2004-05 Union Budget and is applicable in case of purchase and sale of securities in stock market.
 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Careers

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions