Letter no. 4866 dated 22/01/15
Regarding Notification No. 98 Dated 20/01/15
CST @1% for Total Capital Investment in Plant & Machinery is less than 25 Crores (for dealers other than mentioned in the notification)
Amendment in Schedule I & Schedule II(B) of UK VAT Act
Regarding Notification No. 96 Dated 20/01/15
Amendment in Schedule I & Schedule II(B) of UK VAT Act 2005
Amendment in Schedule I & Schedule II(B) of UK VAT Act
Letter no. 4865 dated 22/01/15
Regarding Notification No. 97 Dated 20/01/15
Amendment in Schedule I & Schedule II(B) of UK VAT Act
Entry No 3 & 6 of Schedule I deleted
Entry No 122 & 129 of Schedule II(B) deleted
Schedule Entries prior to 20th Jan 2015
Sch I - Entry No 3
Moulded plastic footwear, hawai chappals & their straps.
Sch I - Entry No 6
Bangles of all kinds except those made of precious metals, and Kumkum, bindi, alta and sindur and power / paste of natural mehandi leaves
Sch II(B) - Entry No 122
Wooden Crates
Sch II(B) - Entry No 129
Plywood including hard-board, leather board and fiber sheets
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Section 80C – Investment in Equity Linked Savings Scheme (ELSS)
It is the time of year when most of people invest
in various products to claim the deduction under Income Tax Act. Surprising
that most of them choose either bank FD’s or PPF as their first priority for
Tax saving although from so many years Equity Linked Savings Scheme (ELSS) has
emerged as best product for tax saving investments in Indian market.
An Equity Linked Savings Scheme (ELSS) is an
open-ended Equity Mutual Fund which gives following advantage-
- Opportunity to grow your money.
- Qualifies for tax exemptions under section u/s. 80C of the Indian Income Tax Act.
- Long-term capital gains from these funds are tax free in your hands.
- Shorter lock-in period of 3 years as compared to NSC & PPF
- Exposure to equity results in high earning potential
- Dividend payout option enables gains even during lock-in period
- Investing through Systematic Investment Plan (SIP) averages out your investments over a period of time
Even when markets were negative, ELSS has given
fair returns with double tax exemption, not only you can claim the exemption
u/s 80 C but also the gains will be exempt from tax. Lack of awareness and half
knowledge is the most prominent reason for the same. Following is the list of
Top performing ELSS.
|
Fund /
Benchmarks
|
Return %
|
Rank
|
Return %
|
Rank
|
|
Reliance
Tax Saver Fund
|
95.47
|
1
|
39.20
|
2
|
|
Axis
Long Term Equity Fund
|
71.03
|
2
|
41.30
|
1
|
|
Birla
Sun Life Tax Relief 96
|
62.61
|
3
|
31.82
|
3
|
|
Kotak
Tax Saver
|
62.43
|
4
|
21.65
|
29
|
|
Franklin
India Taxshield Fund
|
62.12
|
5
|
29.36
|
6
|
|
HDFC
Taxsaver Fund
|
61.07
|
6
|
27.31
|
13
|
|
Birla
Sun Life Tax Plan
|
60.77
|
7
|
30.74
|
4
|
|
BNP
Paribas Long Term Equity Fund
|
58.06
|
8
|
28.40
|
7
|
|
Religare
Invesco Tax Plan
|
57.49
|
9
|
30.28
|
5
|
|
DSP
BlackRock Tax Saver Fund
|
57.19
|
10
|
28.18
|
9
|
|
HSBC
Tax Saver Equity Fund
|
55.39
|
11
|
25.80
|
20
|
Now you can see the difference in return of FD and
PPF and ELSS. According to most of the experts in the street ELSS is still the
best option to make 80C investments as steep fall in the prices of crude will
work as a boon for India. Indian markets will continue to perform robustly.
Points to remember while choosing an appropriate
ELSS
You must always remember to do thorough research
when you invest in an ELSS fund. You must look at the long term performance of
the fund before putting your money in it. Also remember to look at the fund
details like the fund manager’s investment approach, portfolio of the fund, the
expense ratio of the fund and how volatile the fund has been in the past.
Mutual Fund investments are subject to market
risks, read all scheme related documents carefully.
Article on www.taxguru.in
Submitted by Shaifaly Girdharwal
Indexing on Gifted Property will be computed at COA of previous owner who first held gifted assets
DCIT Vs. Soni Sonu Mirchandani (ITAT Delhi), ITA No. 3586/Del/2013, Date- 31/01/2014
Hon’ble Delhi ITAT has in the case of DCIT V/s Soni Sonu Mirchandani has held that indexed cost of acquisition to be computed with reference to the year in which the previous owner first held the gifted assets.
Brief facts of the case are that The assessee had shown long term capital gain in her return of income. AO noticed from the computation of capital gain that all the shares of four companies sold by assessee during the year were neither purchased by her nor allotted to her originally for which she had paid any cost. Instead, she had received all the shares through gift from her two sons Accordingly,the AO concluded that the case of assessee was covered u/s 49(1)(ii) of the I.T. Act which provides that where the capital asset become the property of assessee under the gift, the cost of acquisition of the asset shall be deemed to be the cost for which the previous owner of the property acquired it. He further pointed out that ‘previous owner of the property’ has been explained in relation to any capital asset owned by assessee as the last previous owner of the capital asset who acquired it by a mode of acquisition other than that referred to in clause (ii) of section 49(1) of the I.T. Act.Accordingly, he concluded that benefit of indexation allowable in accordance with second proviso to section 48 of the I.T. Act will be subject to Explanation (iii) of section 48. He, therefore, pointed out that in order to work out the correct indexed cost of the acquisition of shares sold in accordance with Explanation (iii) to section 48 of the I.T. Act, 1961, it would be relevant to find out the cost of acquisition of shares by the previous owner and also assessee. The AO was of the view that the cost inflation index for the year in which the shares were first held by assessee (that is the year of acquisition by assessee) may should be applied and indexed and accordingly cost of acquisition was reworked . Thr Ld CIT(A) decided the case in favour of the assessee and also the Hon’ble tribunal by concluding as under after relying on various judicial pronouncements:-
In the present case also, while computing the capital gains arising on sale of shares acquired by the assessee by way of gift, the indexed cost of acquisition is to be computed with reference to the year in which the previous owners first held the assets and not the year in which the assessee became the owner of the asset. We, therefore, do not find any infirmity in the order of CIT(A) directing the AO to compute the capital gains in the case of the assessee by applying the indexed cost of acquisition in which the previous owners first held the shares in question. In view of the above discussion, the Department’s appeal is dismissed.
Download complete order <Click Here>
Happy New Year 2015
Dear Members,
Wishing you and your family a Very Happy New Year. We hope 2015 is a year of great happiness and success for you.
Have a Wonderful New Year !!!
From:
Tushar Singhal
Advocate
Gen Sec - DTBA
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