assets

Calculate Long term capital gain on sale of capital Assets other then shares with the help of Indexation.- We have given below the Cost Inflation (CII) Index calculator which automatically calculates Indexed cost of your asset. In the calculator You just have to fill the Year of Sale, Year of Purchase , Cost of Purchase/Acquisition/Improvement and Index if sale is made in financial year 2011-12 or later. Cost Inflation Index for financial Year 2011-12 is 785 and for f.. Full Article

It is a measure of inflation that finds application in tax law, when computing long-term capital gains on sale of assets. Section 48 of the Income-Tax Act defines the index as what is notified by the Central Government every year, having regard to 75 per cent of average rise in the consumer price index (CPI) for urban non-manual employees for the immediately preceding previous year. Full Article

The Home Ministry has asked the Revenue Department to conduct a probe into the allegations of disproportionate assets against former Chief Justice of India KG Balakrishnan. In a letter to the Revenue Secretary, the Home Ministry asked him to institute an inquiry through the Central Board of Direct Taxes (CBDT), the investigative wing of the department. Full Article

Indians planning to immigrate from India are normally worried as to how there affairs in India would be handled in there absence from India. They may appoint someone to act for and on there behalf, during there absence from India and ensure the smooth running of the day-to-day affairs in connection with there assets and liabilities in India. The obvious question, which comes to mind is as to the meaning and implications of a 'power of attorney' and the modalities for it.. Full Article

Authority vide circular No. 46/IRDA/F&A/Nov.-07 dated 22.11.2007 has made it mandatory for to file quarterly report of solvency margin. The said circular mandates filing of Table II – Available solvency margin and solvency ratio as mentioned in IRDA (Assets, Liabilities and Solvency margin of Insurers) Regulations, 2000. Full Article

Ramalinga Raju, former chairman of Satyam Computers, who last year confessed to have inflated his company's assets by over $ 1 billion, was declared a pauper by a court here exempting him from paying court costs. New York judge Barabara S Jones approved 'pauper' status for Raju, his brother Rama Raju, Satyam's former chief executive officer, and Srinivas Vadlamani, the company's former head of finance. Full Article

Section 46(2) provides that when a shareholder receives money or any other asset from a company on its liquidation, then such shareholder shall be charged to capital gains tax. This capital gain is on account of transfer of shares effected by extinguishment of rights in the shares. The section further provides that sales consideration for the purpose of computing capital gains will be money actually received or fair market value of the asset on the date of distribution, .. Full Article

The assets did not fall under any of the above exceptional three conditions. The said block of assets was used for the purpose of business during the year. Under the circumstances the assets of the said closed unit amounts to use for the purpose of business in the year under consideration , we are, therefore, of the considered view that the assessee is entitled for deprecation. We accordingly allow the claim of the assessee. Full Article