Budget 2024 Update

 Budget 2024 has proposed the following amendments effective from FY 24-25 - 

• For classifying assets into long-term and short-term, there will only be two holding periods: 12 months and 24 months. The 36-month holding period has been removed.
• The holding period for all listed securities is 12 months. All listed securities with a holding period exceeding 12 months are considered Long-Term. The holding period for all other assets is 24 months.
• The taxation of Short-Term Capital Gain for listed equity shares, a unit of an equity-oriented fund, and a unit of a business trust has been increased to 20% from 15%. Other financial and non-financial assets which are held for short term shall continue to attract the tax at slab rates.
• The limit on the exemption of Long-Term Capital Gains on the transfer of equity shares or equity-oriented units or units of Business Trust has increased from Rs.1 Lakh to Rs.1.25 lakh per year. However, the rate at which it is taxed has increased from 10% to 12.5%. 
• The exemption limit to Rs. 1.25 lakhs has been increased for the whole of the year, whereas the tax rate has changed on 23rd July 2024.
• The tax on long-term capital gains on other financial and non-financial assets is reduced from 20% to 12.5%. While on the other hand, the indexation benefit that  was previously available on sale of long-term assets, has now been done away with. So, any sale of long term asset made after 23rd July, 2024, will attract tax rate of 12.5% only without indexation benefit. 

Types of Capital Gains Taxation

There are two types of capital gains –

1) Short-term Capital Gain Tax

Any asset that is held for less than 36 months is termed as a short-term asset. In the case of immovable properties, the duration is 24 months. The profits generated through the sale of such an asset would be treated as short-term capital gain and would be taxed accordingly.

2) Long-term Capital Gain Tax

Any asset that is held for over 36 months is termed as a long-term asset. The profits generated through the sale of such an asset would be treated as long-term capital gain and would attract tax accordingly.

Assets like preference shares, equities, UTI units, securities, equity-based Mutual Funds and zero-coupon bonds are also considered as long-term capital asset if they are held for over a year.

TDS

 Dear Shareholder(s),

Ref: Folio Number / DP ID & Client ID Number : 1203320183130939

Name of the Member :  

This is with reference to the payment of Dividend made by your Company for the Financial Year 2023-24. Pursuant to the Income Tax Act, 1961, as amended by the Finance Act, 2020, tax had been deducted at source (TDS) on the said Dividend at the prescribed tax rates inclusive of applicable surcharge and cess, based on information received by the Registrar & Share Transfer Agent/Company from the Depositories and Shareholders.

You are requested to download your TDS certificate in respect of the aforesaid TDS by visiting URL: https://ris.kfintech.com/clientservices/tds.You can validate the login by entering your Income Tax Permanent Account Number (PAN) and DP ID/Client ID or Physical Folio details followed by OTP verification on email id / mobile number.

In case of any difficulty in downloading the aforesaid TDS Certificate or if you find any discrepancies in TDS certificate, kindly send an email to einward.ris@kfintech.com or to tvinfo@sunnetwork.in Please note that TDS certificate will be available on above website for one year. Post this date, you will have to write to KFin Technologies Private Limited at einward.ris@kfintech.com for obtaining the TDS Certificate. You will also be able to see the credit of TDS in Form 26AS which can be downloaded from your e-filing account at https://incometaxindiaefiling.gov.in

Thanking you,

Yours faithfully,
For Sun TV Network Limited