Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: articles on VAT and GST in India :: VAT Audit :: form 3cd :: Central Excise rule to resale the machines to a new company :: due date for vat payment :: cpt :: list of goods taxed at 4% :: VAT RATES :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARDS :: empanelment :: TDS :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT
 
 
General »
 Exemption From Capital Gains On Sale Of Agricultural Land
 FinMin wants RBI to lower rates, boost domestic demand
 Employees may have to bear the GST burden on benefits
 Advance tax payout by top cos grows just 2% in Sept quarter
 Why abolishing personal income tax may not be a good idea
 Questions about the GST cess
 How to prepare for the looming tax-extension deadline
 Income tax: Gratuity for employees raised to Rs 20 lakh; here is how you will benefit
 Haryana to set up scrutiny panel on GST benefits
 Waive certain taxes for companies in insolvency proceeding
 I-T department to appoint 7600 more tax return preparer scheme to cover entire country

Panel for hike in wealth tax exemption limit
February, 27th 2012

Buying or selling property could become less taxing if the Centre accepts the recommendations of a parliamentary panel examining the Direct Taxes Code Bill, 2010, that is expected to become a law next year.
The parliamentary standing committee on finance has decided to propose that

 
the exemption limit for wealth tax be increased to Rs 5 crore from the current Rs 30 lakh. In addition, it wants the tax rate to be calibrated for asset sizes.
For property or assets worth Rs 5-20 crore, it will propose taxation at 0.5%, 0.75% for Rs 20-50 crore and 1% tax on properties worth more than Rs 50 crore.

The panel is expected to finalise its report on the proposed Direct Tax Code on March 2.

As reported recently by Hindustan Times, the Centre is planning to exempt assets worth R1 crore from wealth tax and slap 1% tax on assets (specified under Wealth Tax Act, 1957) exceeding this amount in the upcoming budget.

Besides property, jewellery, aircraft, yachts, boats or cars for personal use will come under the wealth tax net. Archaeological collections, paintings and sculptures will also be taxable.

Under pressure from various quarters for unearthing black money, the finance ministry also plans to expand the ambit of the wealth tax in the DTC Bill.

"Taxable assets have been defined to include deposits in banks located outside India in case of individual, unreported bank deposits in case of others," a finance ministry note said, pointing out that this would be part of the "new measures for unearthing black money".

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Achievements

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