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 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

Amends Notification No. 36/2001-Customs (N.T.), dated the 3rd August, 2001 - 10/2015 - Dated 15-1-2015 - Customs - Non Tariff
January, 17th 2015
[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART-
                  II, SECTION-3, SUB-SECTION (ii)]
                           Government of India
                           Ministry of Finance
                         (Department of Revenue)
                (Central Board of Excise and Customs)

                                    Notification

                         No. 10/0015-CUSTOMS (N. T.)

                                                    New Delhi, 15th January, 2015
                                                        25 Pausha, 1936 (SAKA)

S.O. ... (E).­ In exercise of the powers conferred by sub-section (2) of section 14
of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs,
being satisfied that it is necessary and expedient so to do, hereby makes the
following amendment in the notification of the Government of India in the
Ministry of Finance (Department of Revenue), No. 36/2001-Customs (N.T.),
dated the 3rd August, 2001, published in the Gazette of India, Extraordinary,
Part-II, Section-3, Sub-section (ii), vide number S. O. 748 (E), dated the 3rd
August, 2001, namely:-






       In the said notification, for TABLE-1, TABLE-2, and TABLE-3 the following
Tables shall be substituted namely:-
                                       "TABLE-1
     Chapter/ heading/
 Sl.                                                             Tariff value US $
      sub-heading/tariff              Description of goods
No.                                                             (Per Metric Tonne)
              item
 (1)          (2)                           (3)                            (4)
 1        1511 10 00                  Crude Palm Oil              705

 2        1511 90 10                  RBD Palm Oil                729

 3        1511 90 90                Others ­ Palm Oil             717

 4        1511 10 00                 Crude Palmolein              739

 5        1511 90 20                  RBD Palmolein               742

 6        1511 90 90                Others ­ Palmolein            741

 7        1507 10 00               Crude Soya bean Oil            894

 8        7404 00 22              Brass Scrap (all grades)        3637

 9        1207 91 00                   Poppy seeds                3747

                                                                    Contd...0/...
                                        -:2:-



                                    TABLE-2
 Sl. Chapter/ heading/              Description of goods                 Tariff value
 No. sub-heading/tariff                                                    (US $)
           item
 (1)           (2)                              (3)                          (4)
  1                          Gold, in any form, in respect of
                            which the benefit of entries at serial
            71 or 98            number 321 and 323 of the             401 per 10 grams
                            Notification No. 12/2012-Customs
                                dated 17.03.2012 is availed
  2                          Silver, in any form, in respect of
                            which the benefit of entries at serial
            71 or 98            number 322 and 324 of the             543 per kilogram
                            Notification No. 12/2012-Customs
                                dated 17.03.2012 is availed






                                    TABLE-3
 Sl. Chapter/ heading/              Description of goods                Tariff value
 No. sub-heading/tariff                                               (US $ Per Metric
           item                                                            Tons )
 (1)           (2)                              (3)                          (4)
  1          080280                       Areca nuts                    2183"
                                                   [F. No. 467/01/2014-Cus-V Pt.I]




                                                           (SATYAJIT MOHANTY)
                                                                   Director (ICD)

Note: - The principal notification was published in the Gazette of India,
Extraordinary, Part-II, Section-3, Sub-section (ii), vide Notification No. 36/2001­
Customs (N.T.), dated the 3rd August, 2001, vide number S. O. 748 (E), dated the
3rd August, 2001 and was last amended vide Notification No. 117/2014-Customs
(N.T.), dated the 31st December, 2014, published in the Gazette of India,
Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S. O. ........... (E)
Dated, the 31st December, 2014.

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