{"id":595,"date":"2015-11-21T12:25:05","date_gmt":"2015-11-21T12:25:05","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=595"},"modified":"2021-08-16T13:06:02","modified_gmt":"2021-08-16T07:36:02","slug":"professional-update","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/professional-update\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE 17 NOVEMBER,2015"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_58 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Page Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69e841439c5fb\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #000000;color:#000000\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #000000;color:#000000\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69e841439c5fb\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/carajput.com\/blog\/professional-update\/#CORPORATE_AND_PROFESSIONAL_UPDATE_17_NOVEMBER2015\" title=\"CORPORATE AND PROFESSIONAL UPDATE 17 NOVEMBER,2015\">CORPORATE AND PROFESSIONAL UPDATE 17 NOVEMBER,2015<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/carajput.com\/blog\/professional-update\/#Q_What_is_the_minimum_and_maximum_limit_for_investment\" title=\"Q What is the minimum and maximum limit for investment?\">Q What is the minimum and maximum limit for investment?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/carajput.com\/blog\/professional-update\/#Q_What_is_the_rate_of_interest_and_how_will_the_interest_be_paid\" title=\"Q \u00a0What is the rate of interest and how will the interest be paid?\">Q \u00a0What is the rate of interest and how will the interest be paid?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/carajput.com\/blog\/professional-update\/#Q_At_what_price_the_bonds_are_sold\" title=\"Q At what price the bonds are sold?\">Q At what price the bonds are sold?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/carajput.com\/blog\/professional-update\/#Q_what_are_the_tax_implications_on_i_interest_and_ii_capital_gain\" title=\"Q what are the tax implications on i) interest and ii) capital gain?\">Q what are the tax implications on i) interest and ii) capital gain?<\/a><\/li><\/ul><\/nav><\/div>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"CORPORATE_AND_PROFESSIONAL_UPDATE_17_NOVEMBER2015\"><\/span><span style=\"color: #000080;\"><strong>CORPORATE AND PROFESSIONAL UPDATE 17 NOVEMBER,2015<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><a href=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/11\/Untitled34A.png\" rel=\"attachment wp-att-1614\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-1614\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/11\/Untitled34A-300x224.png\" alt=\"Untitled34A\" width=\"775\" height=\"579\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/11\/Untitled34A-300x224.png 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/11\/Untitled34A.png 508w\" sizes=\"(max-width: 775px) 100vw, 775px\" \/><\/a><span style=\"color: #993300;\"><strong>PROFESSIONAL UPDATE<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">1. SIT asks MCA to take action against persons holding directorship in more 20 companies<\/p>\n<p style=\"text-align: justify;\">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<\/p>\n<p style=\"text-align: justify;\">2.Continued From Yesterday\u00a0 FAQ ON Sovereign Gold Bonds<\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Q_What_is_the_minimum_and_maximum_limit_for_investment\"><\/span><strong><span style=\"color: #ff9900;\">Q What is the minimum and maximum limit for investment?<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #993300;\">Ans :<\/span><\/strong> 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 \u2013 March). In case of joint holding, the limit applies to the first applicant.<\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Q_What_is_the_rate_of_interest_and_how_will_the_interest_be_paid\"><\/span><strong><span style=\"color: #ff9900;\">Q \u00a0What is the rate of interest and how will the interest be paid?<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #993300;\">Ans :<\/span><\/strong> 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.<\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Q_At_what_price_the_bonds_are_sold\"><\/span><strong><span style=\"color: #ff9900;\">Q At what price the bonds are sold?<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #993300;\">Ans :<\/span><\/strong> Price of bond will be fixed in Indian Rupees on the basis of the previous week\u2019s (Monday\u00a0\u2013\u00a0Friday) 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<\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Q_what_are_the_tax_implications_on_i_interest_and_ii_capital_gain\"><\/span><strong><span style=\"color: #ff9900;\">Q what are the tax implications on i) interest and ii) capital gain?<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #993300;\">Ans :<\/span><\/strong> Interest on the Bonds will be taxable as per the provisions of the Income-tax Act, 1961(43 of 1961). <a href=\"https:\/\/carajput.com\/blog\/tag\/income-from-capital-gain\/\">Capital gains<\/a> tax treatment will be the same as that for physical gold.<\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #ff9900;\">Q Is tax deducted at source (TDS) applicable on the bond?<\/span><\/strong><\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #993300;\">Ans:<\/span> <\/strong>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.)<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #993300;\">3. <\/span><strong><span style=\"color: #993300;\">Cenvat Credit:<\/span> <\/strong>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)<\/p>\n<p style=\"text-align: justify;\">The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Hope the information will assist you in your Professional\u00a0endeavors. For query or help, contact:\u00a0<a href=\"mailto:singh@carajput.com\">singh@carajput.com<\/a>\u00a0\u00a0or call at 9555555480<\/p>\n","protected":false},"excerpt":{"rendered":"<p>CORPORATE AND PROFESSIONAL UPDATE 17 NOVEMBER,2015 PROFESSIONAL UPDATE 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 &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9933],"tags":[3573,3575,3574,3572],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/595"}],"collection":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/comments?post=595"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/595\/revisions"}],"predecessor-version":[{"id":15945,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/595\/revisions\/15945"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=595"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=595"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=595"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}