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
« Latest Circulars »
 You are eligible for a basic exemption of Rs 3 lakh plus a tax rebate under Section 87A on taxable income up to Rs 5 lakh for the financial year 2019-20. I am 70 and my total income from all sources in a financial year is less than Rs 5 lakh. I earn an interest of Rs 15,000 a year from a NBFC FD. Do I need to pay income tax on this interest? Homi Mistry Partner, Deloitte Haskins & Sells replies: As a resident senior citizen, you are eligible for a basic exemption of Rs 3 lakh plus a tax rebate under Section 87A on taxable income up to Rs 5 lakh for the financial year 2019-20. Considering you qualify to be a residentfor tax purposes, you will not be liable to pay income tax as your taxable income from all sources including interest on FDs is below Rs 5 lakh. {ad} I purchased a DDA flat in August 2016 for Rs 21 lakh. I took a home loan of Rs 17.7 lakh and availed tax breaks between Sept 2016 and March 2019. In April 2019, I prepaid the loan. I bought this flat from someone who bought it from DDA for Rs 12 lakh in 2012. If I sell my flat today for Rs 21 lakh, what will be my tax burden? How can I reduce my tax burden? Shubham Agrawal Senior Taxation Advisor, TaxFile.in replies: The flat will qualify as a long term capital asset as you have held it for more than two years. If you are selling the asset at the purchase price even after three years, this transaction will result in long term capital loss as the purchase price will be indexed to the cost inflation index. The home loan benefit claimed under Section 80C will be reversed in the year of sale and added to your income if the flat is sold before five years of purchase. The cost to original buyer is immaterial in this transaction. {ad} Since your transaction will result in long term capital loss if sold at purchase price, there will be no taxability. Hence, there is no need to look at investment avenues. If you manage to sell the property at a higher value and that results in a capital gain, you may invest the same in avenues prescribed under Section 54 of the Income Tax Act.
 RBI Central Board meets at Chandigarh
 Revision in Proforma and Reporting of Bank / Branch details under the Central Information System for Banking Infrastructure (CISBI)
 Edited Transcript of Reserve Bank of India’s Fourth Bi-Monthly Monetary Policy Teleconference with Researchers and Analysts
 Auction of Government of India Dated Securities October 07, 2019
 Expanding and Deepening of Digital Payments Ecosystem
 Edited Transcript of Reserve Bank of India’s Fourth Bi-Monthly Monetary Policy Press Conference
 Statement by Governor - Fourth Bi-monthly Monetary Policy Statement, 2019-20, October 4, 2019
 Reserve Bank Enhances withdrawal limit for depositors of Punjab and Maharashtra Cooperative Bank Ltd
  Master Direction on Levy of Penal Interest for Delayed Reporting / Wrong Reporting / Non-Reporting of Currency Chest Transactions and Inclusion of Ineligible Amounts in Currency Chest Balances
 Notification No.72/2019 - Central Board Of Indirect Taxes And Customs

Notification No. 64/2019 Ministry Of Finance
September, 17th 2019
                                                MINISTRY OF FINANCE
                                                 (Department of Revenue)
                                                     NOTIFICATION
                                           New Delhi, the 13th September, 2019
                                                        (Income-tax)
         S.O. 3272(E).--In exercise of the powers conferred by the third proviso to sub-section (2) of section 92C of the
Income-tax Act, 1961 (43 of 1961)(hereinafter referred to as the `said Act'), read with proviso to sub-rule (7) of rule
10CA of the Income-tax Rules, 1962, the Central Government hereby notifies that where the variation between the arm's
length price determined under section 92C of the said Act and the price at which the international transaction or specified
domestic transaction has actually been undertaken does not exceed one per cent. of the latter in respect of wholesale
trading and three per cent. of the latter in all other cases, the price at which the international transaction or specified
domestic transaction has actually been undertaken shall be deemed to be the arm's length price for assessment year
2019-2020.
Explanation.- For the purposes of this notification, "wholesale trading" means an international transaction or specified domestic transaction of trading in goods, which fulfils the following conditions, namely:- (i) purchase cost of finished goods is eighty per cent. or more of the total cost pertaining to such trading activities; and (ii) average monthly closing inventory of such goods is ten per cent. or less of sales pertaining to such trading activities. [Notification No. 64/2019/F. No. 500/1/2014-APA-II] NEHA NAUTIYAL, Under Secy. Explanatory Memorandum The notification provides for tolerance range of one per cent. for wholesale trading and three per cent. in all other cases for assessment year 2019-20. It is certified that none will be adversely affected by the retrospective effect being given to the notification. Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.
Home | About Us | Terms and Conditions | Contact Us
Copyright 2019 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Team

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