EPF introduces e-payment

Employees Provident Fund Organisation Regional Office, Bandra has introduced e-payment to credit the benefits payable to members accounts immediately after authorization of claims leading to higher customer satisfaction and substantial reduction in grievances. In order to avail this facility the Provident Fund beneficiaries are required to submit attested copy of the first page of their pass book along with their claim form. In case the first page of passbook does not  indicate the IFS code, a cancelled blank cheque should also be enclosed.

PRESS RELEASE COPY

EMPLOYEES' PROVIDENT FUND ORGANISATION

Mumbai - I. REGION.

341, Bhavishya Nidhi Bhavan, Bandra fEastl Mumbai – 400 051

PRESS RELEASE

Date: 05/05/2010

Employees' Provident Fund Organization Regional Office, Bandra has introduced e-payment to credit the benefits payable to member's accounts immediately after authorization of claims leading to higher customer satisfaction and substantial reduction in grievances.

In order to avail this facility the Provident Fund beneficiaries are required to submit attested copy of the first page of their pass book along with their claim form. Enclosing a cancelled blank cheque will also be helpful.

The payments will be made either by core-banking solution or by National Electronic Fund Transfer (NEFT). If the bank where the member is maintaining his account is not connected to NEFT network, then only the payment will be made through cheque for crediting to the member's savings account.

All PF beneficiaries are mandatorily required to follow the above requirements to facilitate early settlement.

[P.M.Mathew] Regional PF Commissioner[I] Mumbai-I Region.

Read more: http://www.taxguru.in/corporate-law/epf-introduces-e-payment.html#ixzz0oAAhxSAa
 

What is Capital Gains Tax? Computation of Capital Gains Tax

Any profits or gains arising from the transfer of a capital asset effected in the previous year shall be chargeable to income-tax under the head 'Capital Gains'. And shall be deemed to be the income of the previous year in which the transfer took place. Capital gain is chargeable to tax on accrual basis.

Kinds of Capital Gains

"Short-term capital gains" gains arising from the transfer/sale of a capital asset held by an assessee for not more then 36 months immediately preceding the date of its transfer'. However, in the case of shares in a company and all securities listd on a recognized stock exchange in India. Unites of UTI and Mutual Funds specified u/s 10 (23D), or Zero coupon bond, the period of holding for 36 months has been reduced to 12 months.

"Long term Capital Gains" means gains or profit arising from the transfer of a capital asset held by an assesse for more than 36 months or more than 12 months as the case may be, immediately preceding the date of transfer.

Computation of capital gains

Short- term capital gains tax calculation

Less the following from the full value of considerations (in simple words; "Sale Value of Capital Asset")

1. Less: expenditure incurred wholly and exclusively in connection with transfer. (includes the brokerage or commission paid, cost of stamp fee and registrations fee, traveling expenses etc.)
2. Less: the cost of acquisition of the asset (Normally the purchase value of the capital asset)
3. Less: the cost of improvement of the asset, if any.

Less: – Exemption, if allowed, Exemption u/s 54B/54D/54G

Equal to 'Taxable Short-term capital gains"

Long-Term Capital Gains Calculation

Less the following from the full value of consideration

1. Less: expenditure incurred wholly and exclusively in connection with transfer. (includes the brokerage or commission paid, cost of stamp fee and registrations fee, traveling expenses etc.)
2. Less: Indexed cost of acquisition of the asset i.e (purchase price * (CII (Cost Inflation Index) of current year / CII for year of purchase), (See: Cost Inflation Index (CII)?)
3. Less: Indexed cost of improvement of the asset, if any.

Less: – Exemption if available Exemption u/s 54/54B/54D/54EA/54EB/54EC/54ED/54F/54FG

Equal to "Taxable long-term capital gains"

Note: Securities transaction tax is not deductible while computing income under the head "Capital Gains". Note 2: Deductions from Section 80C to 80U shall not be available in case of long term & short term capital gains both.

Let's take an example;

X purchase a piece of land on 12-1-1982 for Rs. 1,20,000. The land was sold by him on 2-9-2009 for Rs. 8,00,00. Expenses on transfer 2% of the sale price. Compute the capital gain for the A.Y. 2010-11.

Solution:

Sale Consideration	8,00,000/-
Less: Expenses on transfer	-16,000/-
Less: Indexed cost of acquisition – Rs. 1,20,000*632/100; Note: 631 is CII of 2009-10 and 100 is for 1981-82	-758400/-
Long-term capital gain	25600/-

http://www.etaxindia.org/2010/05/capital-gains-tax-computation-long-term-short-term.html?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+etaxindia1+%28Tax+India%29

Goa VAT rate change with effect from 4 May, 2010

Effective 4 May, 2010, the basic rates of VAT in Goa has been enhanced, as mentioned below:

Particulars	Rate up to 3 May, 2010	Rate with effect from 4 May, 2010
Goods falling under Schedule B and liable to tax at 4%	4%	5%

A new entry in Schedule C has been inserted to cover the declared goods, as specified under the Central Sales Tax Act, 1956 which will continue to attract tax at 4%.

Source

1. Notification No. 4/5/2005-Fin(R&C)(78) dated 4 May, 2010 read with Notification No. 4/5/2005-Fin (R&C) (77) dated 4 May, 2010

Read more: http://www.taxguru.in/goods-and-service-tax/goa-vat-rate-change-with-effect-from-4-may-2010.html#ixzz0ncmGQvZH

Finance Bill(2010-11) passed by Parliament

Finance Bill passed by Parliament

The Finance Minister announced some concessions to industry today as the Finance Bill was passed in the Lok Sabha. The FM offered service tax relief on construction, air travel and new hospitals. There was also debt relief package for coffee growers.

Finance Minister Pranab Mukherjee said he would like to go in for necessary fiscal correction. "The economy can take fiscal deficit only to an extent," he said.

He said the economy can bear with government borrowing only to an extent. "We may provide much more to agriculture next year."

Commenting on the surging inflation, Mukherjee said, the government has taken several steps to cool prices. "We have indentified steps to protect the weaker sections from inflation."

Currently, Mukherjee said crude oil is being bought at USD 73 per barrel. He said 32% of excise duty on petrol would go to states. "Oil PSUs' under-recoveries to be Rs 85,000 crore next year," he said.

Mukherjee said he had received demands for concessions from the industry. However, he said, it is not possible to comply with all requests. "We cannot go beyond the Fiscal Responsibility and Budget Management (FRBM) targets."

http://www.moneycontrol.com/news/economy/finance-bill-passed-by-parliament_454740.html