CAPITAL GAINS TAX RELIEF ON GOLD BONDS IS EXPECTED

CAPITAL GAINS TAX RELIEF ON GOLD BONDS IS EXPECTED TO BE TAKEN UP IN THE NEXT BUDGET

• Capital gains tax relief on gold bonds is expected to be taken up in the next budget.
• CBEC has made Custom Duty Free Allowance to Rs.45000 for passengers of Indian origin and foreigners of over 10 year of age residing in India. Notification No.76/2015.
• The Central Board of Direct Taxes (CBDT) has issued guidelines for compounding of offences under Income Tax Act, 1961 and Wealth Tax Act, 1957 in cases of persons holding undisclosed foreign bank accounts/assets.
• Duty free limit of Indian Currency that can be brought in India has been increased from Rs.10000 to 25000 in FORM 1. Notification No.76/2015.
• Time barred assessment cannot be reopened for non satisfaction of conditions for reopening
• Procedure for filing applications under MEIS and SEIS by units located in SEZs and EOUs has been further clarified by DGFT by Public Notice No 30/2015-20 dated 26/07/2015.
• DG-RBI has urged banks to be sensitive towards the life cycle needs of their MSME clients and develop products that are suitable to their requirements for working capital and for capital expenditure purposes.
• No Service Tax on the amount received as a wharfage charges- [CCE vs M/s Gujarat Maritime Board- Supreme Court].
• Re-insurance service is an input service for providing output service of life insurance
• MCA has notified the amendments in Schedule III to the Companies Act, 2013 to protect the interest of the micro, small and medium enterprises.
• Schedule-II to the Companies Act 2013 on depreciation is applicable w.e.f. 01.04.2014 (FY 2014-2015) except the Component accounting (w.e.f. 01.04.2015).
• SEBI notifies revised Listing Regulations & Disclosure Requirements on September 2, 2015 vide Notification no SEBI/LAD-NRO/GN/2015-16/013.
• SEBI has issued circular relating to the Continuous Disclosure Requirements for Listed Entities, under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015
• SEBI has amended the delisting guidelines and released the Securities and Exchange Board of India (Delisting of Equity Shares) (Second Amendment) Regulations, 2015.
• RBI is likely to remove a major hurdle that asset reconstruction companies ( ARCs) face while raising funds via initial public offering.
• SEBI has amended the regulations relating to Alternate Investment Fund and the SEBI (Alternative Investment Funds) Reg, 2015 which shall come into force on the date of their publication in the official gazette.

Income tax rate in case of capital Gain regulation in India

Ready Recknor for calculating capital gains tax for all class of Assets.

Short Summary on Various Exemptions available in respect of Capital Gains

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