Long-Term Capital Gains Tax Exemptions: To save on long-term capital gains tax, the Income Tax Act offers several provisions: Section 54: Exempts LTCG from selling a residential property if the proceeds are reinvested in another residential property. Section 54EC: Exempts LTCG from the sale of land or buildings if the proceeds are invested in specified bonds. Section 54F: Offers exemption from LTCG on the sale of non-residential property if proceeds are invested in a residential property. Capital Gains Account Scheme (CGAS): If the reinvestment isn't made before filing an Income Tax Return, the gains can be temporarily deposited into a CGAS account to be used for property investment within a stipulated time.
About us
Accounting, Taxation & Payroll
- Industry
- Accounting
- Company size
- 2-10 employees
- Headquarters
- Bangalore, Karnataka
- Type
- Self-Owned
- Founded
- 2021
- Specialties
- Taxation and Accounting
Locations
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Primary
Get directions
Bangalore, Karnataka 560085, IN
Updates
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54th GST Council Key Point GST on Small Transactions Made via Payment Aggregators The Fitment Committee has proposed to bring payment aggregators under the purview of GST by levying taxes on transactions less than Rs. 2000. Though the final decision would be taken in the council meeting, the recommendation to include such low-value transactions is based on the significant volume of such transactions that gets incurred on a day to day basis which due to current provisions get escaped from GST. Hence, we can expect the council to levy 18% GST to increase the revenue.
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Section 122(1B) seems to clarify the scope of penalties applicable to e-commerce operators under the Goods and Services Tax (GST) law. The key points of the amendment are as follows: 1. **Applicability of Penalty**: The penal provision under Section 122(1B) will only apply to those e-commerce operators who are required to collect Tax Collected at Source (TCS) under Section 52 of the GST Act. This would exclude e-commerce operators who do not fall under the TCS collection requirement. 2. **Retrospective Effect**: The amendment will apply retrospectively from **1st October 2023**. This means that the change in the scope of the penalty provision will be considered as being in effect from that date, providing clarity on the applicability of penalties for past actions as well. The amendment aims to ensure that only those e-commerce operators who are obligated to collect TCS under Section 52 are liable for penalties, preventing unintended penalization of other operators.