Taxpayer held entitled to benefit of indexation on long-term
in section 10(38) of the Act referred to only the amount of long-term capital gains computed under section 48 of the Act Thus, the benefit of indexation of cost of acquisition should have been allowed to the taxpayer while computing long-term capital gain for the purpose of section 115JB of the Act
1 Income not chargeable in the hands of non-residents
benefit of indexation 10 112(1)(c) Concessional rate of tax if long term capital gains arising from transfer of listed securities or units or zero coupon bonds is calculated without taking 10 into consideration the benefit of indexation If transfer takes place after July 10, 2014, the above concessional rate of
TAX ON LONG-TERM CAPITAL GAINS*
before July 10, 2014), units of equity oriented mutual funds, listed securities like debentures and Government securities, Units of UTI and Zero Coupon Bonds, the period of holding to be considered is 12 months instead of 36 months Note: 1) With Note: effect from Assessment Year 2017-18, period of holding to be considered as
exemption 20% with Index or 10% without Index 20% with
Sec 111A – 10 (15 from AY 2009-10) STCG on STT Paid Listed Securities 20 with indexation LTCG on Unlisted Securities- STT Not Applicable 20 with Index or 10 without Index LTCG on Listed Securities – No STT – Buyback, Open Sec 10(38) exemption LTCG on STT paid listed securities Nature of Security Tax Rate
2021 No 111 INCOME TAX
For the tax year 2021-22, the amount specified in section 10(5)(b) (basic rate limit) is replaced with “£37,700” Indexation of allowances for the tax year 2021-22
Indexation Policy Review
INDEXATION Indexation is the annual adjustment 2 of ongoing benefits and the legislated amounts that are used to calculate certain benefits 3 This annual adjustment to benefits and legislated amounts helps benefits keep pace with inflation Currently, legislation requires that different indexing factors be used depending on the
TAX RECKONER 2020-21
10 * 10 * 10 * Other than equity-oriented schemes 20 & 20 &Listed –20 Unlisted –10 ** * Income-tax at the rate of 10 (without indexation benefit) to be levied on long-term capital gains exceeding Rs 1 lakh provided transfer of such units is subject to STT $ Surcharge to be levied at:
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