SEBI Board took note of the lack of penetration of mutual fund products, inadequate distribution network, need for greater alignment of the interest of various stakeholders, regulation of distributors and issues concerning investor protection, and has approved some immediate steps as given below and has decided to develop a long term policy including financial inclusion and tax issues for mutual funds to deal with the public policy objectives of achieving sustainable growth of the mutual fund industry and mobilisation of household savings for the growth of the economy.
It is hereby clarified that any employee of a company holding shares of the company up to 0.5% of paid up share capital thereof under any scheme formulated for allotment of shares to such employees including under Employees’ Stock Option Plan or by way of qualification shares are also covered under the category of persons not having any interest in the capital of the company in terms of the Ministry’s notification GSR 534(E) dated 14-7-2011. Notification [F. No. 14/11/2012-CL-VII], dated 16-8-2012
It is reiterated that in case of term deposits with Either or Survivor or Former or Survivor mandate, banks are permitted to allow premature withdrawal of the deposit by the surviving joint depositor on the death of the other, only if, there is a joint mandate from the joint depositors to this effect.
NOTIFICATION NO. 75/2012-CUSTOMS (N.T.), rate of exchange of conversion of each of the foreign currency into Indian currency or vice versa shall, with effect from 17th August, 2012 be the rate mentioned against it in the corresponding entry in column (3) thereof, for the purpose of the said section, relating to imported and export goods.
Section 54EC of the Act having given the respondent a choice of investing either in the bonds of Rural Electrification Corporation Limited or the National Highway Authority, the revenue cannot insist that the respondent ought to have invested its capital gain on sale of property in the bonds of the National Highway Authority.. The statue itself provides that the assessee, who is subject to long terms capital gain tax, can avail of exemption under Section 54EC of the Act if he invests in bonds of either the National Highway Authority of India or the Rural Electrification Corporation Limited.
In the context of section 47(i) and (iii), this gift referred to therein, is a gift by an individual or a Joint Hindu Family or a Human Agency. Section 47(iii) speaks of ‘any transfer of a capital asset under a gift, or will or an irrecoverable trust’. Execution of a will involves a human agency. Cannot the expression gift take its colour from a will with which it is juxtaposed, especially in the background of clause (i) of section 47 and clause (ii) which earlier existed.
1. Register online to view your EPF Account Passbook. 2. The facility at present is only for the members for whom the employer has uploaded the Electronic Challan Cum Return for the wage month of May 2012 onwards. 3. There is no need to create and remember any user id and password. You have to use your mobile number and any of your following identification proof number such as PAN, AADHAR, NPR (National Population Register), Bank Account, Voter ID, Passport or Driving License to register and thereafter to login.
According to the Institute of Cost and Management Accountants of England, Cost Audit is defined as the verification of Cost Accounts and a check on the adherence to the Cost Accounting plan. The cost audit therefore comprises: (a) the verification of the cost accounting records such as the accuracy of the cost accounts, cost reports, cost statements, cost data, costing techniques and (b) examining these records to ensure that they adhere to the cost accounting principle, plans, procedures and objectives. Generally, Cost audit is an audit process for verifying the cost of manufacture or production an article on basis accounts as regard utilization of material or labour or other cost
Whether the applicant is required to file its return of income under section 139 of the Act, in case, its capital gains is not chargeable to tax in India is question no.6 posed. It has been found that though the applicant would be chargeable to capital gains tax on the proposed sale of shares under the Act, it has been ruled that in view of the benefit available to the applicant by the invocation of section 90(2) of the Act and the DTAC between the two countries, the authorities under the Act cannot tax the income in view of paragraph 4 of Article 13 of the DTAC.
What is FDI? – FDI refers to Foreign Direct Investment in `equity share or fully and mandatorily convertible preference shares or fully and mandatorily convertible debentures’ (FDI Instruments) of an Indian company by non resident entities.
