Taxability of Bonus Shares Under the Income Tax Act, 1961

Taxability of Bonus Shares Under the Income Tax Act, 1961 Posted: 02 Jul 2013 08:07 PM PDT Bonus shares are new shares issued to existing shareholders of a company. These are issued to shareholders in proportion to their current holdings. For example, the company may announce one bonus share for every share held by an investor. As the investor now holds two shares, EPS gets halved. Hence...

Tax Deduction Under Section 80G for Donations towards Social Causes Posted: 02 Jul 2013 08:04 PM PDT Understanding Section 80G - Section 80G offers a tax deduction for donations to certain prescribed funds and charitable institutions. Here are the details of the section. Eligible Assesses - This section is applicable to all assessees, who make an eligible donation, whether an individual, HUF, NRI...

Dividend Distribution Tax and Related Tax Provisions Posted: 02 Jul 2013 08:00 PM PDT What is Dividend Distribution Tax? Section 10(34) of the Income Tax Act, 1961 declares that in addition to the income tax paid by a domestic company against the total income for any assessment year, any amount declared, distributed or paid by such company in form of dividends, is subject to...

Income tax Assessment Procedure in Nutshell – PART I Posted: 02 Jul 2013 07:16 PM PDT CA Abhijit Sawarkar Income tax assessment is estimation for an amount assessed while paying Income Tax by assessee himself or by income tax officer. Following types of assessment are carried out under Income tax act. We will discuss each type of assessment in detailed in this article. Self...

Implications of Service Tax on the Printing Industry Posted: 02 Jul 2013 07:03 PM PDT CA Anuj Mehta WHETHER SERVICE TAX IS APPLICABLE ON PRINTED BOOKS BY PRINTING PRESS?    First we need to understand what is service? In the new regime, all services, other than services specified in the Negative List, provided or agreed to be provided in the 'taxable territory' by a...

Complex Fertiliser and Fertiliser Mixture- Excisability Posted: 02 Jul 2013 06:49 PM PDT While greater importance is given to Agro industry by the Central Government, as the Fertilizer mixtures are used by the Farmers, why not a circular can be sent clarifying that either Fertilizer mixtures are to be given duty exemption as the raw materials have already suffered Excise duty or the...

Authority for advance ruling under State VAT Act cannot give clarifications under CST Act Posted: 02 Jul 2013 06:40 PM PDT Andhra Pradesh High court in Prathista Industries Limited vs Commercial tax Officer [2013] 61 VST 58 (AP) has held that Authority for advance ruling under State VAT Act cannot act as Authority for Advance Ruling under Central sales Tax Act, 1956. The High Court held that provisions relating to the...

ICSI – Extension of Last Date for Payment of Annual Membership and COP Fee for Year 2013-14 Posted: 01 Jul 2013 08:45 PM PDT Extension of Last Date for Payment of Annual Membership and  Certificate of Practice Fee for the Year 2013-14 The annual membership fee and certificate of practice fee for the year 2013-14 became due for payment w.e.f. 1st April, 2013. The last date for payment of fee was 30th June, 2013 which has...

Regarding exemption on services provided to SEZ authorised operations Posted: 01 Jul 2013 08:19 PM PDT Notification No. 12 / 2013-Service Tax New Delhi, the 1st July, 2013 G.S.R…….(E).–In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994) (hereinafter referred to as the said Act) read with sub-section 3 of section 95 of Finance (No.2), Act, 2004...

Non-requirement of Registration Certificates for export of non-basmati rice and wheat Posted: 01 Jul 2013 08:14 PM PDT Through the above cited Trade Notice it was informed that the online applications for obtaining Registration Certificates (RCs) for export of various commodities like cotton, cotton yarn, non-basmati rice, wheat and sugar would be mandatory from Monday the 1st July, 2013.

Draft Guidelines on Capital and Provisioning Requirements for exposures to corporates having unhedged foreign currency exposure Posted: 01 Jul 2013 11:49 AM PDT Please refer to paragraph 99 of the Monetary Policy Statement for 2013-14 (Extract annexed). Unhedged foreign currency exposures of the corporate are an area of concern not only for individual corporates but also to the entire financial system. Corporates who do not hedge their foreign currency...

Capital Requirements for Banks' Exposures to Central Counterparties Posted: 01 Jul 2013 11:39 AM PDT Please refer to the paragraph 77 (extract enclosed) of the Monetary Policy Statement for 2013-14 announced on May 3, 2013. It was indicated therein that the final guidelines on capital requirements for banks' exposures to central counter parties, based on the interim framework of the Basel...