Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: empanelment :: cpt :: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: due date for vat payment :: form 3cd :: VAT RATES :: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: Central Excise rule to resale the machines to a new company :: VAT Audit :: list of goods taxed at 4%
 
 
News Headlines »
 How to save income tax? Here are 6 investments with tax free income
 10 Top salary deductions that can save tax for you
 What are the tax saving options beyond Section 80C?
 The penalties for not paying tax on time
 How to make your salary tax efficient
 I-T Department may go into overdrive this quarter
 Ways to reduce the TDS deduction from your salary
 4 Tips for choosing who prepares your 2017 Tax Returns
 Processing of income-tax returns under section 143(1) of the Income-tax Act which were filed in Forms ITR-1 to 6 & applicability of section 143(1)(a)(vi)
 Price Waterhouse gets 2-year ban in Satyam case
 How to save income tax under section 80C

Govt extends deadline for tax sops on bonds
July, 03rd 2006
Good news for those who could not avail of tax benefit on long-term capital gains due to non-availability of specified bonds. The finance ministry has announced new deadlines of September 30 and December 31, 2006 for availing the benefit under Section 54EC of the Income-tax (I-T) Act.

The new deadline is September 30, 06 for cases where the long-term capital asset was transferred between September 29, 05 and December 31, 05. Tax benefits could be availed up to December 31, 2006 if the transfer took place between January 1, 06 and June 30, 06, the ministry said on Friday.

No tax is levied on long-term capital gains if it is re-invested in specified bonds within six months. Section 54EC of I-T Act provides for tax exemption on capital gains from the transfer of a long-term capital asset, if such capital gains are invested in certain bonds within a period of six months after the date of such transfer.

With effect from April 1,06, such gains could be invested only in the notified bonds of Rural Electrification Corporation (REC) and National Highways Authority of India (NHAI). Due to non-availability of these bonds, many people could not avail of the tax benefits under section 54EC. Some persons missed the deadline as the effective time available for making the investment was less than six months.

With a view to removing the hardship caused to taxpayers, the Central Board of Direct Taxes (CBDT), has issued an order under section 119(2)(c) of I-T Act extending the time limitation for making the investments, the statement said.

Bonds of REC and NHAI, to be issued during FY07, have been notified by the Centre on June 29, 06 for Rs 4,500 crore and Rs 1,500 crore, respectively.
 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Careers

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