The changes in the tax rules have stumped many after both state and Union budgets were presented earlier this year. For one, under property tax, if any person buys property less than the collector rates, then he would have to pay tax applicable on the difference of the two.

The new amendment was hotly debated upon by chartered accountants from all over the country at a seminar on direct tax held by Institute of Chartered Accountants of India (ICAI) here in Bhopal on Saturday. Besides, the changes in the tax structure and how it would impact the common man were also discussed.

CA Nihar Jambusaria, senior vice-president (taxation) of Reliance Industries Limited speaking on this occasion talked about the transfer pricing.

The main speaker in the technical session R K Gupta detailed about the survey, research and overview related to tax in the seminar.

In this session, he informed that two months back another major change was effected in property tax rules. "Under the new rules, buying or selling property of more than 50 lakhs would entail a tax deduction at source (TDS) of 1%," he said.

The seminar was inaugurated by ex-chairman ICAI New Delhi Sunil Goyal while Sunita Baheti, chairperson Bhopal branch was also present on the occasion.

Goyal talked about the Indian economy and the role of chartered accountants in regulating the same while Dr Girish Ahuja elaborated about the amendment related to real estate transactions. (Times of India)