CA Pankit Shah

Under the India income-tax law, if the seller qualifies as a non-resident in India during the relevant financial year, the buyer is required to deduct TDS at specified rate (plus applicable surcharge and health and education cess) on taxable capital gain on sale of immovable property. The specified rate is 20% (plus applicable surcharge and health and education cess) in case of long-term capital gains (LTCG) and 30% (plus applicable surcharge and health and education cess) in case of short-term capital gains (STCG).  Accordingly, you as a buyer is liable to deduct TDS and not the bank. Any immovable property held for a period of more than 24 months is classified as a long-term capital asset (LTCA). In case of an LTCA, taxable capital gain will be net sale proceeds less indexed cost of acquisition (i.e. adjusted as per the Cost Inflation Index or CII) less indexed cost of improvement. The seller is entitled to exemption in respect of LTCG tax under specified pro

FOOD SAFETY DISPLAY BOARDS As per the FSS Regulation, there is a mandatory requirement of displaying FSSAI License/Registration Number at food premises. Usually, the FSSAI license number is not visible to the consumers. Thus, to change the overall consumer perceptibility and to strengthen food safety, FSSAI has introduced Food Safety Display Boards (FSDBs) for various food businesses. Henceforth, in addition to the existing mandatory requirement of displaying FSSAI License/ Registration Number, it will also be mandatory (in a phased manner) for FBOs to display these  Food Safety Display Boards  at FBO premise. Food Safety Display Boards are informative board which primarily display food safety and hygiene practices to be followed by FBO in their establishment. The FSDBs are colour coded for different kind of food businesses for ease of recognition by the consumers. The color designation as per kind of business is as follows – Restaurant (Purple) Fruit & Vegetable Retail