Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: ARTICLES ON INPUT TAX CREDIT IN VAT :: empanelment :: form 3cd :: articles on VAT and GST in India :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: VAT RATES :: due date for vat payment :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: cpt :: VAT Audit
 
 
News Headlines »
 GST Council fails to break deadlock over indirect tax regime, next meet on Dec 11 and 12 to hammer out differences
 Invoking Writ Jurisdiction For Income Tax Matters
 How to file income-tax returns online
 How Income Tax Returns Are Scrutinised
 All About New Income Disclosure Scheme to make Demonetisation successful
 Your deposit may draw income tax notice
 Accepting payment under IDS 2016
 New disclosure scheme could see 50% tax and 4-year limit on cash use for unaccounted deposits
 Pay 50% tax on unaccounted deposits, or 85% if caught, says Modi government
 Deadline to pay property tax in old currency extended
 Cabinet clears amendments to Income Tax Act

REC to issue more capital gains bonds
December, 28th 2006

The Finance Ministry has allowed Rural Electrification Corporation Ltd (REC) to issue capital gains tax exemption bonds for Rs 3,500 crore. REC can now issue these additional bonds between December 27 and March 31 next year.

Investments in such bonds would allow an investor to claim tax benefits under Section 54EC of the Income-Tax Act. This provision allows tax exemption on the capital gains arising from the transfer of a long-term asset so long as such gains are invested in notified bonds.

Currently, there are no bonds available that investors could subscribe to for availing 54EC benefits. REC and the National Highways Authority of India (NHAI) have so far issued capital gains tax exemption bonds for Rs 4,500 crore and Rs 1,500 crore respectively in fiscal 2006-07 and these bonds were fully subscribed in August this year.

Time-limit

Meanwhile, the time limit for making investments under Section 54EC has been extended to March 31, 2007. Persons who have transferred their long-term capital asset between September 29, 2005 and September 30, 2006 (both days inclusive) could avail themselves of this facility. The Finance Ministry's latest move to allow REC to issue additional capital gains bonds for Rs 3,500 crore, however, comes with certain conditions. Any person who has invested over Rs 50 lakh in REC and NHAI bonds notified in June 2006 would not be allotted any bonds from the Rs 3,500 crore.

For any other person, the aggregate of investment in the Rs 3,500-crore bonds and the investment, if any, in the earlier offerings of this year should not exceed Rs 50 lakh.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Integrated Software Solutions Integrated Software Development Integrated Software Services Integrated Software Solutions India Integrated Softw

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions