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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
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 Notification No.72/2019 - Central Board Of Indirect Taxes And Customs

RBI launches Quarterly Order Books, Inventories and Capacity Utilisation Survey: January March 2017 (Round 37)
April, 18th 2017

The Reserve Bank of India has launched the 37th round of its Order Books, Inventories and Capacity Utilisation Survey (OBICUS). The survey is for the reference period January-March 2017(Q4:2016-17).

The Reserve Bank has been conducting Order Books, Inventories and Capacity Utilisation Survey (OBICUS) of the manufacturing sector on a quarterly basis. The survey seeks quantitative information on order books, inventories and capacity utilisation, such as, pending order books, backlog order books, total inventories, finished goods inventories, work in progress inventories, installed capacity, quantity produced, capacity utilisation, value of production, etc., from companies involved in the manufacturing activities. The information on installed capacity, quantity produced, value of production, etc., is used for calculating the capacity utilisation at industry as well as at an all India level. The survey has been providing a significant input to the Reserve Bank in monetary policy formulation.

A detailed annual article based on the results for the quarters April-June 2015 to January-March 2016 was published in the September 2016 issue of the RBI monthly bulletin. The survey results for the 36th round (Q3:2016-17) were released on the RBI website on April 06, 2017.

The data collection work is undertaken in-house. During this quarter, the major manufacturing companies will be approached by the Bank. Other manufacturing companies that are not approached earlier may also participate in this survey round by downloading the survey schedule from the Reserve Bank’s website https://www.rbi.org.in. The survey schedule is placed under the head ‘Forms’ (available under the ‘More Links’ at the bottom of the home page) and sub-head ‘Survey’. The duly authenticated filled-in survey schedule may be e-mailed or faxed as per contact details provided in the survey schedule.

In case of any query/clarification, kindly contact at the following address:

The Director, Division of Enterprise Surveys, Department of Statistics and Information Management, Reserve Bank of India, C-8, 2nd floor, Bandra-Kurla Complex, Bandra (East), Mumbai-400 051, Phone - 022-26578235/659; Fax- 022-26572197; E-mail.

Shweta Mohile
Assistant Manager

Press Release : 2016-2017/2797

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