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: VAT RATES :: due date for vat payment :: form 3cd :: cpt :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: ACCOUNTING STANDARDS :: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4% :: empanelment :: articles on VAT and GST in India
News Headlines »
 CBDT issues second round of Certificates of Appreciation to tax payers for their contribution towards Nation building
 FinMin looks at cut in corporation tax
 Draft Rules for prescribing the method of valuation of fair market value in respect of the trust or the institution-Chapter XII-EB of the Income-tax Act, 1961- reg.
 India is moving towards a flawed GST
 ICAI to organise two-day international conference in Hyderabad
 Here's how to calculate tax payable on your capital gains
 Income Tax calculations for the financial year 2016-17
 CPE Events 17 October - 22 October 2016
 High Court raps I-T Department for wrong tax demand
  CBDT signs 5 advance pricing pacts with Indian taxpayers
 Finance ministry warns tax officials of action against GST protest

Tax exemption facility on capital gains in 2007-08 too
January, 02nd 2007

Investors with long-term capital gains from sale of immovable property can breathe easy.

The Finance Ministry has indicated that even in the next fiscal, investors would get the facility of parking such gains in government approved bonds to avail themselves of tax exemption on long-term capital gains.

Currently, this facility is available under Section 54EC of the income-tax law. This provision provides tax exemption on capital gains arising from the transfer of a long-term capital asset if such gains are invested in notified bonds.

"As of today, there is no likelihood of the discontinuance of the facility available under Section 54EC. After March 31, 2007 another scheme will be there (whereby bonds of certain companies would be specified for next fiscal)", Mr A.K. Sinha, CBDT spokesperson, said here on Monday.

For 2006-07, the Central Board of Direct Taxes (CBDT) has, till date, notified bonds for Rs 8,000 crore from Rural Electrification Corporation (REC) and Rs 1,500 crore from the National Highway Authority of India (NHAI). These resources have to be mobilised by March 31, 2007.

By September 2006, REC raised Rs 4,500 crore and NHAI raised Rs 1,500 crore. The CBDT did not anticipate that these would be fully subscribed by September itself.

Last week, the CBDT notified additional bonds for Rs 3,500 crore from REC to meet the need for more such bonds and also to help REC mobilise more resources. REC wanted to mobilise Rs 8,000 crore in fiscal 2006-07 through such bonds, Mr Sinha said.

Unlike earlier years, where the bond offerings were open-ended, the Government has, for the current fiscal, decided to cap the value of bonds to ensure that money is mobilised by only those companies who needed it.

Meanwhile, Mr Sinha said that direct tax collections in the current fiscal would exceed budget estimates by at least Rs 10,000 crore.

In Budget 2006-07, the direct tax collections estimate was pegged at about Rs 2,10,000 crore

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Article Management Solutions System Article Management Software S

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