Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
« Sales Tax »
Open DEMAT Account in 24 hrs
 Form 16 delayed, Income tax filing due date extended and more New ITR filing deadlines
 Selling inherited gold? Income tax rules you should know
 How do you decide capital gains tax on property sale?
 How is long-term capital gains tax on sale of property calculated
 GST dept probe on Mismatch in Sales Tax Return and E-Way Bill
 Clarification on Cash sale of agricultural produce by Cultivators/Agriculturists
 Short-term capital gains are taxable at income tax slab rates in the year of sale
 India imposes regressive nationwide sales tax
 Modification of Circular No.1 of 2014 in view of substitution of Service Tax by Goods and Services Tax (GST).
 Assam government to dismantle all sales tax check-gates post Goods and Services Tax
 Income tax: How to calculate capital gains tax on sale of old jewellery

Government rolls back 1% TDS on property sales
May, 08th 2012

The government on Monday rolled back the proposed one percent tax deduction at source (TDS) on transfer of immovable property.

Initiating the debate on the Finance Bill for 2012-13 in the Lok Sabha, Finance Minister Pranab Mukherjee said the government had decided to roll back the levy after receiving various representations.

"The Finance Bill proposes that every transferee of immovable property (other than agricultural land), at the time of making payment for transfer of the property, shall deduct tax at the rate of 1 percent of such sum," Mukherjee said.

"I have received a number of representations pointing out the additional compliance burden this measure would impose. I, therefore, propose to withdraw this provision for levy of TDS on transfer of immovable property," he added.

In the budget for financial year 2012-13 presented March 16, the finance minister had proposed to levy TDS on transfer of immovable property, in a bid to tighten screw on corruption and black money in the property markets.

Bowing to pressure, Finance Minister Pranab Mukherjee today announced a slew of measures to provide relief to the jewellery sector and postponed implementation of the general anti-avoidance rules (GAAR) by one year, but offered no concessions to Vodafone involved in tax dispute.

Moving the Finance Bill, 2012 for consideration and passage in the Lok Sabha, Mukherjee halved the capital gains tax for private equity investors to 10 per cent and relaxed the norms for arrest of persons involved in violation of Customs Act.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2024 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting