Digital India WeekPrime Minister Narendra Modi launched the ‘Digital India Week’Digital India aims to transform the country into a digitally empowered knowledge economy.The vision of Digital India programme also aims at inclusive growth in areas of electronic services, products, manufacturing and job opportunities etc.The vision of Digital India is centered on three key areas - digital infrastructure as a utility to every citizen, governance and services on demand and digital empowerment of citizens.
Do I need to pay tax for only income from selling shares?
Tax is a financial charge or other levy imposed upon a taxpayer, whether an individual / legal entity) by a state or the functional equivalent of a stand to fund various public expenditures.We all know that Income from salary, rental income and business income is taxable. How about income from sale or purchase of shares? Many home makers, retired people, spend their time gainfully, buying & selling shares but unsure of how this income is taxed.
There are situation where we happen to Gain on equity shares and Loss on equity shares. Gain on Equity shares can be short term as well as long term. Short term Capital gains from Equity shares are taxable @ 15% where as long term Capital gains from Equity shares listed on stock exchanges are not taxable. If your total taxable income excluding short term gains is less than the minimum income which is chargeable to tax (Rs 2,50,000 for financial year 2014-15) – you can adjust this shortfall against your short term gains. Remaining short term gains shall be then taxed at 15% + 3% cess. Any short term capital loss from Equity Shares can be set off against short term capital gains or long term capital gains from any capital asset. Long term capital loss from equity shares is a dead loss – it can neither be adjusted nor carried forward. Just like long term capital gain on equity shares has no tax treatment.STT or Securities Transaction Tax is applicable on all equity shares which are sold or bought on a stock exchange. The above tax implications are only applicable for shares which are listed on a stock exchange. Any sale/purchase which happens on a stock exchange is subject to STT and therefore these tax implications are for shares on which STT is paid.
