« Top Headlines » Open DEMAT Account in 24 hrs  ITR filing deadline extension now demanded by this Tax Bar Association due to many issues including technical glitches with ITR portal  GST Rule Changes for FY 2025 26  Income tax return filing 2025: Five ITR mistakes that can trigger an income tax notice in 2025  ITR filing What is updated income tax return and ITR U Who can file & what you can t change - top points to know  Shifted to new tax regime? Here are 5 investments you shouldn't drop  Auditing and Assurance Standards Board Expert Panel for addressing queries related to Statutory Audit pertaining to auditing aspects. «  1 lakh cos lose registration for not filing annual returns... A healthy prescription... » Anomaly in Sec 111 A March, 15th 2008 This refers to the proposal contained in the Finance Bill, 2008 providing for 15% rate of income-tax on short-term capital gain as against 10% rate effective from the Assessment Year 2009-10. An unintended hardship and anomaly has crept in with the proposed change. This is because the aim of providing a lower rate of income tax on short-term capital gain in respect of equity shares, etc., under Section 111 A of the Income-Tax Act was to provide relief to the taxpayers from higher rate of tax which might otherwise become leviable if such short-term capital gains were to be taxed like any other income as a part of the total income. I, therefore, request the finance minister to remove this anomaly through suitable amendment of Section 111 A so that the tax payable on short-term capital gain on equity share in any case does not exceed the income tax otherwise payable by the taxpayer. R N Lakhotia