« Top Headlines » Open DEMAT Account in 24 hrs  Mock Test Papers Series - I & II for Students appearing in CA Foundation January 2027 Examination.  Income Tax Rules 2026: CBDT Introduces Revised Form 161 for Penalty Waiver, Clarifies Misreporting Categories and Taxpayer Relief  ITR Filing and Income Tax Audit Deadline Extended: 5 Critical Things Taxpayers Must Know  Filing Belated ITR for AY 2026-27? Know Which Losses You Can Carry Forward and Which You May Lose  CBDT Extends Tax Audit Report Deadline to October 21, ITR Filing Last Date to November 21 for AY 2026-27  CBDT Extends AY 2026-27 ITR Filing Deadline for Tax-Audit Cases: New Dates and Key Compliance Details  Foreign Assets Missing From Your ITR? Income Tax Department Opens One-Time Disclosure Window  Tax Audit Deadline September 30: Why AIS, TDS and GST Figures May Not Match Your ITR and What Taxpayers Should Do  Tax audit deadline September 30: Common mistakes taxpayers should avoid  Your ITR says ‘verified’, but the refund hasn’t arrived? 5 reasons why your money could be stuck  Missed the ITR Deadline but TDS Refund Is Due? Here’s How You Can Still Claim Your Money «  I-T Dept not to accept TDS returns without PAN details... Is your home a tax trap?... » Taxpayers may pay for I-T's delay September, 26th 2007 Taxhounds may once again spoil the sleep of a lot of people. This time it wont be the bark or bite but their deafening silence on valuation norms for fair market value of Esop shares. The Central Board of Direct Taxes (CBDT) is formulating the guidelines that would be used for calculating the fringe benefit tax (FBT) and short-term capital gains tax. But, in the absence of a clarification, taxpayers who exercised their option and later sold the shares will have to pay a penal interest (1% per month) on their liability. Unlike for FBT, the date of advance payment for short-term capital gains tax on employee stock option plan (Esop) has not been extended. May 15 and September 15 were the two deadlines for advance tax payments. While the government has provided relief to employers by extending the FBT payment deadline, first to September 15 and then to December 15, the employees, who can also be affected with respect to tax on short-term capital gains, have been ignored. I hope the government will provide similar relief to them, says Ernst&Young partner Amitabh Singh. Short-term capital gains tax is applicable if the shares or securities are held for a year or less. It is levied at the rate of 30% if the transaction has not attracted securities transaction tax (STT). If STT has been paid, the rate is 10%. The tax rate would be 30% for employees of unlisted companies and multinationals listed outside India. A large number of companies had asked the employees to exercise their options soon after the announcement of FBT on Esop in the Budget. Many employees sold Esop shares to take the advantage of the bull run and became liable for short-term capital gains tax.