Magazine

English
Taxation

Current Affairs

Hike in surcharge

  • Foreign portfolio investors will need to pay a higher surcharge on their capital gains.
  • Long-term capital gains tax: 25% from about 12%
  • Short-term capital gains tax: 4%, up from the current 17.9%.
  • Finance Bill, 2019, says the new rates are also applicable for association of persons (AoPs), among other categories.

IT Returns

  • Over 46 crore income tax returns have been filed.
  • As per data compiled by the revenue department, a total of over 7.94 lakh tax returns were alone filed on July 16, of which over 5.26 lakh was ITR-1 or Sahaj.
  • ITR-2 meant for individuals and Hindu Undivided Families (HUFs) not having income from profits and gains of business or profession
  • ITR-3 for individuals and HUFs having income from profits and gains of business or profession
  • ITR-4 or Sugam has been filed so far by individuals, HUFs and firms with a total income of up to Rs 50 lakh under the presumptive income scheme from business and profession, provided the assessee is neither a director no have invested in any unlisted company.