Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: cpt :: ACCOUNTING STANDARDS :: TDS :: form 3cd :: empanelment :: VAT RATES :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT Audit :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4% :: list of goods taxed at 4%
 
 
« News Headlines »
 Income-tax (17th Amendment) Rules, 2017
 GST: One nation, one market, one tax
 Ready or not, businesses brace for biggest-ever tax reform
 Ready or not, businesses brace for biggest-ever tax reform
 Make your inventory and invoicing software GST Ready from Binarysoft
 Filing income-tax returns gets simpler for salaried persons
 Ten rules you must follow while filing income tax returns
 Reforming the income tax tribunal
 How the new system might impact consumers and businesses
 10 ways you get benefited from filing your tax return
 Returns under CGST Act,2017 with Rules

'Magnitude not to change nature of transactions'
January, 10th 2007

Theres good news for stock investors. ITAT has ruled that gains from stock transactions will now be classified as capital gains and be charged at 10%.

The ITAT bench, comprising accounting member Pramod Kumar and Judicial Member Sushma Chowla, held that volume of transactions should not be the basis of considering such income as business income. In this case Mr Rangwalla had earned short-term capital gains amounting to Rs 1.47 crore, which was claimed to be adjusted against long-term capital loss.

The assessee has also declared income from speculative gains, on account of sale and purchase of shares without the delivery of shares. The assessee had also claimed long-term capital loss of over Rs 1.02 crore.

The department declined to accept the income from investment as short-term capital gains, observing that given the frequency of transactions in shares, the assessee be treated as a dealer in shares and not an investor.

The ITAT held that there is no basis for treating the assessee as a trader in shares when his intention was to hold the shares in Indian companies as an investment and not as a stock in trade. The magnitude of transactions does not change the nature of transactions, the ITAT observed.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Work Flow Workflow Software Software Automation Workflow automation Software Design Workflow Design Business Work Flow Workflow automation tools

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