 NEW DELHI: In keeping with India's growing economic might and its status as a major investment destination, the hitherto humble rupee is all set to get a distinct identity in the form of a new symbol. The Union Cabinet on Thursday gave its approval to the symbol which combines the Roman letter 'R' with the Devnagri 'Ra' .
The symbol will catapult the rupee into the company of four 'elite' currencies which have similarly distinct identities — the US dollar, euro, yen and British pound.
The symbol has been designed by D Udaya Kumar, an IIT Bombay post-graduate , who has just joined as a teacher at IIT Guwahati. Kumar will receive a prize money of Rs 2.5 lakh for his efforts. The symbol will standardize the expression for the Indian rupee in different languages, both within and outside the country.
'' It's a big statement on the Indian currency. It would distinguish the rupee from those countries whose currencies are also designated as rupee or rupiah, such as Pakistan, Nepal, Sri Lanka and Indonesia,'' I&B minister Ambika Soni said after the Cabinet meeting. The symbol, she added, would reflect the strength and robustness of the Indian economy.
Till now, the Indian currency was simply denoted by Rs or INR. Kumar's symbol was chosen after a public competition was held among resident Indian citizens inviting entries for a symbol which '' reflects and captures the Indian ethos and culture'' .
Over 3,000 entries were received. These were evaluated by a jury headed by the RBI deputy governor , which included experts from reputed art and design institutes.
'' The entries were presented to the jury in such a manner that the identity of the competitors was not revealed to the jury members . The jury selected five final entries and also gave its evaluation of these five entries to the government to take a final decision,'' said Soni.
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Thursday, 15 July 2010
Rupee becomes only 5th currency to get a symbol
Thursday, 1 July 2010
Wednesday, 2 June 2010
Sunday, 16 May 2010
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
Thursday, 13 May 2010
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")
- 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.)
- Less: the cost of acquisition of the asset (Normally the purchase value of the capital asset)
- 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
- 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.)
- 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)?)
- 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/- |
Tuesday, 11 May 2010
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
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