News shortcuts: From the Courts | Top Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | Professional Updates | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax | PPE Safety Kit SITRA Approved | PPE Safety Kit
Direct Tax »
 CBDT allows income tax authorities to share information with CCI
 Know tax treatment of gains/losses from stock trading
 Clarification in relation to notification issued under clause (v) of proviso to section 194N of the Income-tax Act, 1961 (the Act) prior to its amendment by Finance Act, 2020 (FA, 2020)
 High value transactions, other details that your tax passbook will show Form 26AS
  Check fine for late filing and misreporting income Income Tax Return
 Income tax rules for mutual fund investment: How gains are taxed
 Don't make these mistakes while filing ITR to avoid tax noticea
 Notification No. 49/2020 CENTRAL BOARD OF DIRECT TAXES
 Going to file your Income Tax Return? Know which ITR Form to use
 TDS on Cash Withdrawals: CBDT clarifies on Validity of Exemption Notifications
 The big-ticket transactions that can bring you under the radar of the I-T dept

Your share trading, other data will now be with Income Tax Department
July, 09th 2020

A formal Memorandum of Understanding (MoU) was signed today between the CBDT and SEBI, via video conference, for exchange of data between the two organisations.

Many retail investors trade in equities on a regular basis, resulting in small capital gains or losses. But many of them used to casually ignore mentioning the details in their Income Tax Return (ITR). Due to unavailability of data on capital gains, the Income Tax Department was also not in a position to detect the non-disclosure.

However, things are now going to change as a formal Memorandum of Understanding (MoU) was signed today between the Central Board of Direct Taxes (CBDT) and market regulator Securities and Exchange Board of India (SEBI), via a video conference, for exchange of data between the two organisations.

This will facilitate sharing of data and information on automatic, regular, request and suo moto basis between the two authorities.

In fact, to make disclosure of information on equity and equity related transactions stringent, the Income Tax (I-T) Department had added a new sheet in relevant ITR Forms last year in the midst of the Income Tax Return (ITR) filling session, named Schedule 112 A – From sale of equity share in a company or unit of equity oriented fund or unit of a business trust on which STT is paid under section 112A – while modifying the ITR on July 11, 2019.

In her first Budget, Finance Minister Nirmala Sitharaman had also mentioned that the Form 26AS would contain the data related to capital gain/loss as well and the SEBI will be asked make arrangements to furnish data related to transactions made in equities and equity-oriented schemes of respective PAN holders.

A Data Exchange Steering Group has been constituted for the data exchange initiative, which will meet periodically to review the data exchange status and improve effectiveness of data sharing mechanism.

“The MoU marks the beginning of a new era of cooperation and synergy between SEBI and CBDT,” the CBDT said in a release.

Tax rules vary for different types of instruments-equity, debt, bonds and real estate. Even within these categories, different rules apply to different instruments. The Budget 2020 has not made too many changes to taxes, except the abolition of DDT. Here is a look at the various taxes that apply to some of these instruments under categories.

Photo: EY/Mint Research
View Full Image
Photo: EY/Mint Research (EY/Mint Research)
Subscribe tonewsletters

Click here to read the Mint is now on Telegram. Join Livemint channel in your Telegram and stay updated

  1. GOLD
    49,232 +73 (+0.15%)
    51,770 +388 (+0.76%)
    36,660.94 +331.93 (+0.91%)
  1. NIFTY 50
    10,778.5 +72.75 (+0.68%)
    22,818.75 +234.10 (+1.04%)
    13,497.62 +14.21 (+0.11%)
  1. GOLD
    49,232 +73 (+0.15%)
    51,770 +388 (+0.76%)
    36,660.94 +331.93 (+0.91%)
  1. NIFTY 50
    10,778.5 +72.75 (+0.68%)
SBI will have to maintain its stake at 49% in Yes Bank. (Photo: Mint)

After rescue, SBI plays godfather to Yes Bank

2 min read . 12:34 PM IST
  • SBI is all set to invest another ₹1,760 crore in the private sector lender’s follow-on public issue scheduled later this month. The private sector lender has said it aims to raise ₹15,000 crore through the FPO
Photo: HT

Covid hit US jobs much more than 2008 crisis

2 min read . 11:59 AM IST

A new study finds service sector jobs, especially in the leisure and hospitality sectors, were hit harder now than in 2008

Analysts are factoring in about a $10 million additional one-time cost for consumer recalls by metformin generics by  Lupin. (Bloomberg)

Lupin’s recall of metformin formulations in the US to hit profitability in Q2

2 min read . 11:57 AM IST
  • Lupin may lose sales opportunities in the near term, and the cost of recall will also be substantial
  • Another worry is whether this recall triggers adverse US FDA regulatory action
Health workers during preparation work at CWG Village COVID centre near Akshardham, in New Delhi on Wednesday. (ANI Photo)

Highest single-day spike of 24,879 coronavirus cases in India, recovery at 62%

1 min read . 10:49 AM IST
  • The total confirmed cases of Covid-19 in India has reached 7,67,296. In the last 24 hours, 24,879 new cases have added to the total tally
  • The death toll has also increased to 21,129. A total of 487 deaths were reported in the past 24 hours
The GIC has proposed different rates per day for NABH-accredited hospitals and non-NABH-accredited hospitals based on the severity of the case. Photo: ANI

Hospitals show resistance to standard rates for covid-19 treatment

5 min read . 11:48 AM IST
  • The General Insurance Council (GIC) has published a schedule of rates for the treatment of covid-19
  • Hospitals say the package rates are very low and won't cover the cost of treatment
Remdesivir is the only USFDA approved Emergency Use Authorisation (EUA) treatment for COVID-19 patients (Photo: Reuters)

COVID-19 treatment: Cipla's remdesivir launched in India, to cost ₹4,000

2 min read . 08 Jul 2020
  • Cipla had earlier said the drug will be priced at less than ₹5,000 per 100 mg vial in line
  • The drug will be available through government and hospital channels only, Cipla said
New Delhi: Prime Minister Narendra Modi  (PTI)
New Delhi: Prime Minister Narendra Modi (PTI)

PM Modi to give his first speech to global audience today post-covid: 5 points

1 min read . Updated: 09 Jul 2020, 08:32 AM ISTStaff Writer
  • The event will have 5,000 global participants from 30 nations and it will be addressed by 250 global speakers in 75 sessions.
  • The UK's Foreign Secretary Dominic Raab, Home Secretary Priti Patel, and US Ambassador to India Ken Juster are some of the other participants to the event
Home | About Us | Terms and Conditions | Contact Us | PPE Kit SITRA Approved | PPE Safety Kit
Copyright 2020 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting