"27 July 2015" Archive - Page 3

Transfer of beneficially held asset taxable as capital gains and not under other sources

Shailendra H. Bhati Vs ITO (ITAT Mumbai)

The tribunal in the verdict of Shailendra H. Bhatia vs. ITO concluded that Transfer of possession with the ownership rights confer beneficial ownership which is good enough to hold the asset as capital asset ...

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Interest rate on Sukanya Samriddhi Account from 01.04.2015

G.S.R. 593(E) (27/07/2015)

In case of a deposit in Sukanya Samriddhi Account on or after the 1st day of April, 2015, it shall bear at the rate of 9.2 per cent. per annum from the date of deposit....

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Interest rate on Senior Citizens Savings Scheme from 01.04.2015

G.S.R. 592(E) (27/07/2015)

In the Senior Citizen Savings Scheme Rules, 2004, in rule 7, in sub-rule (1), after the third provisio, following proviso shall be inserted, namely:—Provided also that in the case of a deposit made under these rules on or after the 1st day of April, 2015, it shall bear at the rate of 9.3 per cent. per annum from the date of deposit....

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Annual Report – An Insight to changes in New Companies Act, 2013

Companies Act, 2013 castes a hell lot of responsibilities in the form of numerous disclosures and presentation requirements which has resulted in a lot of complexities to the auditors and Board of Directors of the company. To add further, MCA has been issuing notifications in the form of providing amendments, clarifications etc. ...

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Posted Under: Income Tax |

Birds view on Exchange Traded Funds (ETFs)

An ETF is a security that tracks an index, a commodity or a basket of assets like an index fund, but trades like a stock on the stock exchange. So what exactly are ETFs? ETFs are somewhat like a Cadbury’s Celebration pack which contains a variety of Cadbury chocolates. Imagine a dairy milk chocolate, just like companies come in differen...

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Posted Under: Income Tax |

Representation on claim of Input Tax Credit on LPG by hotel industry under PVAT Act, 2005

I had prepared a reprsentation on allowance of input tax credit on purchase of LPG to the Hotel Industry. This representation was prepared on behalf of Hotel Industry of Punjab and has already been sent to Dy. Chief Minister of Punjab on 15.05.2015. The Dy. CM Punjab has already forwarded this representation to the Financial […]...

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Posted Under: Income Tax |

CBDT guidelines for NGOs seeking exemption U/s. 11 for providing relief to earthquake hit people in Nepal- Part III

Part III - Guidelines for NGOs seeking exemption U/s. 11 (27/07/2015)

Part III of the Standard Operating Procedure (SOP) (Part I - 08.07.2015) for making application for claim of tax exemption u/s 11(1)(c) of the Income-tax Act, in respect of remittance of money/relief articles by Indian NGOs/Charitable Organisations for earthquake hit people in Nepal ....

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DRT has no jurisdiction to issue Certificate of Recovery against the Guarantor-Part 3

1. It is submitted that the recovery proceedings against the Guarantor before hon’ble Debts Recovery Tribunal (hereinafter ‘DRT’ or ‘Tribunal’) under section 19 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (hereinafter ‘DRT Act’) are absolutely without jurisdiction. ...

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Posted Under: Income Tax |

State/UT-wise number of registered companies as on 30.06.2015

The number of companies, registered with Registrar of Companies as on 30.06.2015, State/UT-wise, is given in Annex-I. The State/UT-wise and category-wise (struck-off and liquidated) number of closed companies during the last three financial years and the current financial year (up to 30.06.2015), is given in Annex-II. The Government of In...

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Posted Under: Income Tax |

Misuse of Long Term Capital gain tax exemption for money laundering

Investments are made in the secondary share markets with a view to capturing gains. In this market, out of nearly 8,000 listed companies, several scrips are not traded regularly. With the collusion of promoters, some brokers arrange for price(s) with purchase of such scrips at nominal costs, and sales at exorbitant prices, with a view t...

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Posted Under: Income Tax |