"27 May 2013" Archive

Benefit u/s 54B can be claimed even if new agricultural land is purchased prior to transfer of previously owned agricultural land

Asstt. CIT Vs Dr. S. Balasundaram (ITAT Chennai)

The assessee before execution of the sale deed purchased the properties vide document No. 8547/2008 on 18.09.2008 for Rs. 47,53,223/-, document No. 8743/2008 on 04.10.2008 for Rs. 51,47,014/- and document No. 8295/2008 on 24.09.2008 for Rs. 28,68,302/-...

Restriction on grant of loan against gold bullion applies to gold ETFs and units of gold Mutual Funds

RBI/2012-13/509 DBOD. No. Dir. BC. 96/13.03.00/2012-13 27/05/2013

In this context, we have also been receiving references from certain banks asking whether advance against units of gold Exchange Traded Funds (ETF) and gold Mutual Funds is permitted. As these products are backed by bullion/primary gold, it is clarified that the restriction on grant of loan against gold bullion stipulated in terms of our ...

CBI Arrests A Deputy Director of ESIC In A Bribery Case

The Central Bureau of Investigation has arrested a Deputy Director, Employees State Insurance Corporation(ESIC), Bapunagar, Ahmedabad for demanding & accepting a bribe of Rs. 8,000/- from the Complainant.             A case was registered by CBI after receipt of the complaint against the Dy. Director, ESIC, Bapunagar, Ahmed...

Posted Under: Income Tax |

Appointment of Designated Authority for Service Tax Voluntary Compliance Encouragement Scheme

TRADE NOTICE NO. 04/13-14-ST-I 27/05/2013

The Service Tax Voluntary Compliance Encouragement Scheme 2013 was introduced in the Budget 2013-14. The Scheme has since been notified w.e.f. 10th May, 2013. The specifics of the Scheme are contained in Chapter VI of the Finance Act, 1994. A detailed Notification No. 10/2013-ST date 13.05.2013 has been issued inter alia prescribing:...

E-Filing of IT Return mandatory for Individuals having Total Income of more than Rs.5 Lakhs

The Central Board of Direct Taxes (CBDT) is Spreading e-tax net through Notification dated 34/2013 dated 01.05.2013. E-filing of I-T returns is now mandatory for individuals, including salaried taxpayers, earning more than Rs 5 lakh taxable income during the financial year ended March 31, 2013. Earlier the same was mandatory for the Indiv...

Posted Under: Income Tax |

Documents to be submitted with Annual Reports by listed company

The SEBI circular No. CIR/CFD/DIL/7/2012  dated August 13, 2012 had inter-alia  amended the clause 31(a) of the Listing Agreement by advising the listed companies to submit the following forms, as may be applicable, along with copies of annual reports submitted to Stock exchanges: Form A: Unqualified/Matter of Emphasis Report Form B: Qu...

Posted Under: Income Tax |

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