« Top Headlines » Open DEMAT Account in 24 hrs  New Income Tax Act: ITR forms to be issued prior to FY28, says govt  GSTR-9C Explained: Turnover Limit, Due Date, Statement Format & How to Prepare It in Tally Prime (2025 Update)  Will Income Tax Department release new ITR forms by January 2026? Finance Ministry says this  The Government of India has strengthened MSME protection through strict payment rules, ensuring that Micro & Small Enterprises receive timely payments from buyers. Under the MSME Development Act (MSMED Act), 2006, buyers must make payments within:  ITR Refund Delays in India: Why They Happen & How to FastTrack Your Refund in 2025  ITR Refund Delay: From Bank Errors To Department Checks, 5 Big Reasons Your Refund Gets Stuck  Income Tax Slabs 2025: New Vs Old Regime; Which One Is Better For You For FY2025-26?  Seamless Integration: How Tally Prime Connects Businesses to the Digital Economy  Govt to notify new ITR forms, Income Tax Act 2025 rules by January 2026: CBDT chief  Digital Efficiency for MSMEs: The Tally Prime Advantage  5 Ways Tally Prime Reduces Cost and Boosts Productivity for Startups «  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