NHAI Tax Free Bond – Tax benefit and effects under the Income Tax Act, Wealth Tax Act and Direct Tax Code

NHAI Tax Free Bond – Tax benefit and effects under the Income Tax Act, Wealth Tax Act and Direct Tax Code Posted: 27 Dec 2011 08:00 PM PST 1. Interest from Bond do not form part of Total Income. a) In exercise of power conferred by item (h) of sub clause (iv) of clause (15) of Section 10 of the Income Tax Act, 1961 the Central Government vide notification no 52/20 1... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our partner website http://dailyindianews.com/]] Tax provisions and other features of NHAI bonds with Benefits under Section 54EC Posted: 27 Dec 2011 07:59 PM PST CAPITAL GAIN NOT TO BE CHARGED ON INVESTMENT IN CERTAIN BONDS - 1) Where the capital gain arises from the transfer of a long term capital asset, (the capital asset so transferred being hereafter in this section referred to as the original asset)... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our partner website http://dailyindianews.com/]] Mere opinion of the Audit Party cannot form the basis for the Assessing Officer to reopen the closed assessment Posted: 27 Dec 2011 07:55 PM PST Cadila Healthcare Ltd vs. ACIT (Gujarat High Court) -Assessing Officer was of the opinion that no part of the income of the assessee has escaped assessment. In fact, after the audit party brought the relevant aspects to the notice of the AO, she... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our partner website http://dailyindianews.com/]] Waiver of unsecured loan is a capital receipt non chargeable to tax Posted: 27 Dec 2011 07:48 PM PST Honorable High Court held that waiver of unsecured loan is a capital receipt non chargeable to tax u/s 41(1) of the Act since there is no prior deduction/allowance of the same to assessee. The condition precedent is that there should be an... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our partner website http://dailyindianews.com/]] Lokpal Bill passed by Lok Sabha with seven amendments Posted: 27 Dec 2011 05:51 PM PST The Lok Sabha on Tuesday night passed the Lokpal and Lokayukta Bill, 2011 with amendments by a voice vote following a day-long stormy debate in Parliament.   The bill obtained the nod of the Lok Sabha after the government moved a few key amendments... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our partner website http://dailyindianews.com/]] Annual general meeting – participation by shareholders or directors in meetings through electronic mode – Amendment in Circular No. 35/2011, dated 6-6-2011 Posted: 27 Dec 2011 03:52 PM PST General Circular No. 72/2011 it has been decided that the mandatory requirement for holding shareholders meetings through video conferencing shall continue to be optional for listed companies for the subsequent years too. For e-voting in general... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our partner website http://dailyindianews.com/]] TDS on Salary Calculator alongwith Form 16, Form 10E and HRA Calculator for W.B.Police Employees Posted: 27 Dec 2011 03:25 PM PST We are giving below the TDS on salary calculator which is useful to every salaried employee and been made especially for West Bengal Police Employees. This calculator has following feature. 1. Auto Fill Form 16. 2. Autocalculation of TDS on... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our partner website http://dailyindianews.com/]] Company Law – Form 24AA; Is it mandatory for every year? Posted: 27 Dec 2011 06:14 AM PST According to Section 299 of the Companies Act, 1956, the Directors of the Company place Form 24AA, when they are appointed in the Board and every year at the last month of the Financial Year after its renewal. The format of Form 24AA is prescribed... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our partner website http://dailyindianews.com/]] Private Company can call Annual General Meeting (AGM) anywhere in the world Posted: 27 Dec 2011 06:10 AM PST The incorporation is the birth of the Company and thereafter the Company comes into existence. As soon as the Company is registered under the Companies Act, the provisions of Companies Act, 1956 is applicable on that Company. There are a lot of... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our partner website http://dailyindianews.com/]] Lokpal and other Landmark bills brought in to Tackle Corruption and Ensure Delivery of Services to Citizens in Time Bound Manner Posted: 27 Dec 2011 04:07 AM PST The Government introduced in Lok Sabha the Lokpal and Lokayuktas Bill 2011, aimed at setting up the body of Lokpal at the Centre and Lokayuktas at the level of the States. The proposed autonomous and independent bodies, Lokpal and Lokayuktas,... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our partner website http://dailyindianews.com/]] PM's Statement in Lok Sabha during Debate on Lokpal Bill Posted: 27 Dec 2011 03:04 AM PST There are some very special moments in the life of a nation. This is one such moment. The nation awaits with bated breath how the collective wisdom of this House will be reflected in the vote at the end of the debate on the Lokpal and Lokayuktas... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our partner website http://dailyindianews.com/]] Election Commission not monitoring raising of funds by the team of Anna Hazare Posted: 27 Dec 2011 03:03 AM PST Press Note Attention of the Commission has been invited to certain reports in the print and electronic media that the Election Commission is watching the move of Shri Anna Hazare and his team that they would campaign in the current general elections... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our partner website http://dailyindianews.com/]] 55 directorate of income tax officials to monitore Election expenditure in Manipur Posted: 26 Dec 2011 10:21 PM PST Unlike in the past, expenditure of candidates for the Manipur Assembly elections on January 28 would be closely monitored by the IT department, officials said on Monday. About 55 officials from the directorate of income tax would arrive here in the... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our partner website http://dailyindianews.com/]] 21 New Textiles Parks to Bring Rs 9000 Cr Investments Posted: 26 Dec 2011 10:00 PM PST The Indian Textiles Industry has an overwhelming presence in the economic life of the country. Textiles sector contributes 14% of industrial production, 4% of GDP and 10.63% of country's export earnings. It provides direct employment to over 35... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our partner website http://dailyindianews.com/]] Indian Economy will soon Revert Back to the Path of Higher Growth Trajectory Posted: 26 Dec 2011 09:54 PM PST The Union Finance Minister Shri Pranab Mukherjee said that Indian economy will soon revert back to the path of higher growth trajectory. He said that the present downturn is only temporary. The Finance Minister was addressing the fourth meeting of... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our partner website http://dailyindianews.com/]] Insurance Companies offering insurance for Losses from Marriage postponement Posted: 26 Dec 2011 09:18 PM PST Insurance companies have come out with an innovative proposition, wherein they would insure the weddings against their postponement of cancellations for certain reasons. The catch is that the insurer will not pay for marriages turning sour due to... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our partner website http://dailyindianews.com/]] General Election to Legislative Assembly of Goa, Manipur, Punjab, Uttarakhand and Uttar Pradesh 2012- Appointment of Observer Posted: 26 Dec 2011 09:12 PM PST The Election Commission of India has appointed the IRS Officers given in the enclosed list as its Expenditure Observer for the General Elections to legislative Assembly of States mentioned above. A briefing meeting of Expenditure Observer has been... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our partner website http://dailyindianews.com/]] 'Volatility in Indian Rupee a temporary phenomena' Posted: 26 Dec 2011 09:10 PM PST Leading Indian Bankers say, the recent volatility in Indian Rupee is a temporary phenomena and the currency will stabilize soon. They said there is no need to press the panic button. Addressing a Panel discussion in Dubai, the CEOs of Bank of Baroda... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our partner website http://dailyindianews.com/]] Public issue of Debt Securities – SEBI Prohibition on payment of incentives Posted: 26 Dec 2011 09:01 PM PST CIRCULAR NO. IMD/DF/22/2011, DATED 26-12-2011- 1. It is gathered from market participants that in public issues of debt securities, some brokers/distributors are passing on part of their brokerage/commission to the final investor(s) for subscription... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our partner website http://dailyindianews.com/]] Postings and transfers of officers to the grade of Chief Commissioners/Director Generals of Income Tax – CBDT Order No. 203 of 2011 Posted: 26 Dec 2011 08:37 PM PST ORDER NO. 203 OF 2011 The following postings and transfers of officers in the grade of Chief Commissioners/Director Generals of Income Tax are hereby ordered w.c.f. 01.01.2012 and until further orders: [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our partner website http://dailyindianews.com/]] Promotion to the grade of Chief Commissioner of income Tax (CCIT) – CBDT ORDER NO. 202 OF 2011 Posted: 26 Dec 2011 08:36 PM PST ORDER NO. 202 OF 2011 The following officers in the grade of Commissioner/Director of Income Tax are hereby promoted to the grade of Chief Commissioner of income Tax (CCIT) in the Pay Scale of Rs. 67,000-79,000/- with effect from 01.01.2012 and... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our partner website http://dailyindianews.com/]] Standardisation and Enhancement of Security Features in Cheque Forms-Implementation of CTS 2010 standard Posted: 26 Dec 2011 08:32 PM PST A reference is invited to our circular No.DPSS.CO.CHD.No. 1832 / 04.07.05 / 2009-10 February 22, 2010 prescribing the new cheque standards "CTS-2010" and advising banks to be in readiness for rolling out the new standards at an early date. Further,... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our partner website http://dailyindianews.com/]] Capital Requirement for banks' investments in financial entities exempted from Capital Market Exposure Posted: 26 Dec 2011 08:32 PM PST Please refer to paragraph 5.13.4 of our Master Circular No. DBOD.No.BP.BC.11/ 21.06.001/2010-11 dated July 1, 2011 on Prudential Guidelines on Capital Adequacy and Market Discipline - New Capital Adequacy Framework (NCAF), as per which capital... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our partner website http://dailyindianews.com/]] Banks' Exposure to Capital Market – Issue of Irrevocable Payment Commitments (IPCs) Posted: 26 Dec 2011 08:31 PM PST Only those custodian banks, who have a clause in the Agreement with their clients which gives them an inalienable right over the securities to be received as pay out in any settlement, would be permitted to issue IPCs. However, in cases where... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our partner website http://dailyindianews.com/]] Amends Notification No. 96/2008-Customs, dated the 13th August, 2008 Posted: 26 Dec 2011 08:30 PM PST Notification No. 113/ 2011-Customs, New Delhi, dated the 23rd December, 2011 G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our partner website http://dailyindianews.com/]] Revised Capital Adequacy Framework for Off-Balance Sheet Items for NBFCs Posted: 26 Dec 2011 08:30 PM PST Circular No. DNBS.CC.PD.No.252/03.10.01/2011-12, dated 26-12-2011 - In the normal course of their business, NBFCs are exposed to credit and market risks in view of the asset-liability transformation. With liberalisation in Indian financial markets... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our partner website http://dailyindianews.com/]] IRDA – Dismantling of existing Indian Motor Third Party Pool Posted: 26 Dec 2011 08:30 PM PST ORDER NO. IRDA/NL/ORD/MPL/276/12/2011, DATED 23-12-2011 - In exercise of the powers vested under Section 14(2) of the IRDA Act, 1999, the Authority issues the following order reforming the Indian Motor Third Party Pool System. The Authority hereby... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our partner website http://dailyindianews.com/]] IRDA – Reforming Indian Motor Third Party Pool System Posted: 26 Dec 2011 08:30 PM PST ORDER NO. IRDA/NL/ORD/MPL/277/12/2011, Independent review conducted by the Authority through various agencies has revealed that the current framework of the pool is severely affecting the financial viability of the general insurance sector due to... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our partner website http://dailyindianews.com/]] Non-Banking Financial (Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007 – Amendment in para 16(2) Posted: 26 Dec 2011 08:23 PM PST Notification DNBS. PD.No. 237 / CGM(US)-2011, dated 26-12-2011- The Reserve Bank of India, having considered it necessary in public interest and being satisfied that, for the purpose of enabling the Bank to regulate the credit system to the... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our partner website http://dailyindianews.com/]] Credit Default Swaps – NBFCs as Users Posted: 26 Dec 2011 08:21 PM PST CIRCULAR NO. DNBS.CC.PD.NO.253/03.10.01/2011-12, Please refer to the Guidelines on Credit Default Swaps for Corporate Bonds issued vide Circular No. IDMD.PCD.No.5053/ 14.03.04/2010-11 dated May 23, 2011 in terms of which broad guidelines including... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our partner website http://dailyindianews.com/]] DGFT – Amendment in General Note No.5 for Textiles (Product Code: J) Posted: 26 Dec 2011 08:21 PM PST PUBLIC NOTICE No. 88/(RE:2010)/2009-2014 - The existing ceiling of 14% of FOB value within the overall CIF value of the licence will be enhanced to 26% of FOB value for specialty textile products like Fire Retardant textile product as well as for... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our partner website http://dailyindianews.com/]] Non-Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007 – Amendment in para 16(2) Posted: 26 Dec 2011 08:16 PM PST Notification DNBS. PD.No.238/CGM(US)-2011, dated 26-12-2011 The Reserve Bank of India, having considered it necessary in public interest and being satisfied that, for the purpose of enabling the Bank to regulate the credit system to the advantage... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our partner website http://dailyindianews.com/]] Exim Bank's Line of Credit to the Government of the Democratic Republic of Congo – A. P. (DIR Series) Circular No.62 Posted: 26 Dec 2011 08:11 PM PST A. P. (DIR Series) Circular No.62 Export-Import Bank of India (Exim Bank) has concluded an Agreement dated July 11, 2011 with the Government of the Democratic Republic of Congo, making available to the latter, a Line of Credit (LOC) of USD 168... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our partner website http://dailyindianews.com/]] Exim Bank's Line of Credit to the Government of the Republic of Maldives -A. P. (DIR Series) Circular No.61 Posted: 26 Dec 2011 08:10 PM PST A. P. (DIR Series) Circular No.61 The Credit Agreement under the LOC is effective from October 25, 2011 and the date of execution of Agreement is August 12, 2011. Under the LOC, the last date for opening of Letters of Credit and Disbursement will be... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our partner website http://dailyindianews.com/]]