New Cost Inflation Index & Capital Gains Reports for Gold Bonds

As declared in the Budget 2017, Finance Minister Mr. Arun Jaitley has made changes to the cost inflation provision and accordingly, new cost inflation index (CII) numbers used for calculating capital gains with indexation have been notified by the Central Board of Direct Taxes (CBDT). The base year for the cost inflation index has been revised to 2001 from 1981. These changes are applicable starting financial year 2017-18 and onwards. MProfit’s new software update has incorporated these changes. MProfit has made it extremely simple for users to compute capital gains with indexation for any period. If any Debt MF or gold bonds are sold after 1st April 2017,the software will compute capital gains with the new base year and new CII index numbers. Computations for trades prior to 1st April will be done based on old CII numbers.

We recently introduced support for current prices of gold bonds in MProfit. The new update also provides capital gains reports for gold bonds. Normally all traded bonds on exchanges have long term capital gains for 1 year and beyond, except gold bonds, which follow the 3year & beyond long term capital gains calculations. Our latest update shows separate capital gains for gold bonds. We are also consistently committed to introducing new features to improve our core platform. We have recently released our new update v9.5 (build 1014.028) which packs new features, provides improved reports and fixes minor issues. Below is the complete list:

New Features:

  • New import support to handle GST details from contract notes (MProfit now supports more than 2,500 import templates)
  • New import support for yearly consolidated contract notes in one PDF file from various brokers
  • Contract note window – label changed to GST / S. Tax
  • Improved mapping mechanism during import to avoid losing mapping details

Improved Reports:

  • Capital gains reports now show separate capital gains for traded bonds (1 year, long term) and Gold Bonds (3 year, long term)
  • Support for new indexation table from 1stApril,2017 for Debt MF & Gold bonds in global and individual capital gains reports
  • Changed label ‘Serv. Tax’ to ‘GST / S. Tax’ in contract notes reports
  • Capital gains summary reports now show five periods for advanced tax planning: 01-Apr to 15-Jun, 16-Jun to 15-Sep, 16-Sep to 15-Dec, 16-Dec to 15-Mar and 16-Mar to 31-Mar

Minor Bug Fixes:

  • Fixed incorrect gain/loss in multiple buys and sells within the same contract note in stock register
  • Fixed incorrect balance quantity in case of merger after short sell in closing balance report
  • Fixed report crash issue if instrument name was missing in F&O Summary report

 

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