I believe, they will be treated similar to overseas FOF
STCG ≤ 24 months - Slab rates
LTCG > 24 months - 12.5%
Edit: After searching on this topic, i came across this news article which suggests that since international ETFs are listed on stock exchange the holding period will be 12 months for LTCG and not 24 months
As per the recent change in Income Tax Utility, rebate u/s 87A is disallowed for all special rate incomes which includes STCG and LTCG from stocks and MFs under the new regime. Moreover, only incomes taxed at the slab rate are considered for eligibility of rebate. Hence, if other incomes are less than ₹7L, rebate will be allowed.
If you enter the purchase date for a previous year, the depreciation allowed will be calculated considering the depreciation that has already been claimed. For example, if the year of purchase is 2023 and the cost of the computer is ₹1,00,000, 40% depreciation will be allowed, which means ₹40,000 will be added as an expense. If the year of purchase is 2022, the cost of the asset will be considered ₹60,000 (₹1,00,000 - ₹40,000) after taking last year’s depreciation into account, and ₹24,000 will be allowed as a depreciation expense.
In Quicko, when you enter the purchase date of the asset, the system will automatically account for the depreciation claimed in previous years.
can you explain with example of changes before and after this budget, suppose business income is 6lakhs and LTCG is 20lakhs? Then how much will be the tax liablity?
Relevant only if you sold shares/units that you acquired on or before Jan 31, 2018. In this case you need to enter details of each such transaction in Schedule 112A.
Moreover, even under the old tax regime, it was not a an exemption, but more of a deduction.
So you first had to report the interest income and then claim deduction of such savings interest upto ₹10,000 under sec 80TTA (under the old tax regime).
Meaning it is not automatically exempted, rather we need to claim the deduction, if one forgets, it will also get taxed.
Just for fun: This requirement, feels like a minor dark pattern in the ITR design, if their intention was to not tax savings interest upto ₹10,000, they should have exempted it, just like how LTCG upto ₹100,000 automatically gets exempted and not considered for calculating the tax.
@Quicko I wanted to ask something about Quicko’s security.
I was going through the list of connected ERIs in my ITD portal account. I cannot see Quicko on it. But I clearly remember giving quicko access (through your “Apps” thing), by entering OTP etc. This leads me to suspect that you are taking the username & password/OTP and scrapping the data from the ITD portal and then doing the autofill thing? Instead of using the official channels like other ERIs like Cleartax?
I have made F&O losses and declared them last year. Can I offset those losses against money made from YouTube income(adsense only). Channel is not related to trading/education(if that helps).
Losses from F&O trading are considered business-losses. Once these losses are carried forward, they can be off-set only against other business incomes in the subsequent years. Hence, if you are reporting your income from YT as a business, you’ll be able to offset the losses, other-wise it’ll not be possible.
