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1. SIT asks MCA to take action against persons holding directorship in more 20 companies
Among others Special Investigation Team (SIT) calls for greater vigilance by law enforcement and intelligence agencies while examining the cases of persons holding Directorship in more than 20 Companies and where more than 20 companies are operating from the same address
2.Continued From Yesterday FAQ ON Sovereign Gold Bonds
Ans : The Bonds are issued in denominations of one gram of gold and in multiples thereof. Minimum investment in the Bond shall be two grams with a maximum buying limit of 500 grams per person per fiscal year (April – March). In case of joint holding, the limit applies to the first applicant.
Ans : The Bonds bear interest at the rate of 2.75 per cent (fixed rate) per annum on the amount of initial investment. Interest will be credited semiannually to the bank account of the investor and the last interest will be payable on maturity along with the principal.
Ans : Price of bond will be fixed in Indian Rupees on the basis of the previous week’s (Monday – Friday) simple average price for gold of 999 purity published by the India Bullion and Jewelers Association Ltd. (IBJA). The issue price will be disseminated by the Reserve Bank of India
Ans : Interest on the Bonds will be taxable as per the provisions of the Income-tax Act, 1961(43 of 1961). Capital gains tax treatment will be the same as that for physical gold.
Q Is tax deducted at source (TDS) applicable on the bond?
Ans: TDS is not applicable on the bond. However, it is the responsibility of the bond holder to comply with the tax laws. (What I thought, would be relevant for us, have been reproduced with the same numbers appearing in FAQ.)
3. Cenvat Credit: For period up to 15-6-2005, when rules did not prescribe any document for taking credit of GTA services, TR-6 challan has to be considered as a proper document evidencing payment of tax; hence, credit taken on basis of TR-6 challan was valid.[2015] (Madras)
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