tag:blogger.com,1999:blog-472628416957980632024-03-05T00:31:42.383-08:00eXcel PostsRandom Thought and ObservationShell RShttp://www.blogger.com/profile/16367998786431044271noreply@blogger.comBlogger5125tag:blogger.com,1999:blog-47262841695798063.post-69213234635387538232012-05-07T21:39:00.003-07:002012-05-07T21:39:46.043-07:00Finance Knowledge Hub<a href="http://www.icicipruamc.com/LearningCentre/KnowledgeTip.aspx" rel="nofollow" target="_blank">Finance Term Simplified by ICICI MF</a>Shell RShttp://www.blogger.com/profile/16367998786431044271noreply@blogger.com0tag:blogger.com,1999:blog-47262841695798063.post-80368599036881600622012-04-20T23:47:00.000-07:002012-07-30T11:21:22.248-07:0054EC Exceptional cases<div dir="ltr" style="text-align: left;" trbidi="on">
For long, where the transaction date falls between October and
March of a year, investors have been taking advantage of the six-month
period stipulation by investing <span style="font-family: Rupee Foradian;">`</span>50 lakh each in two financial years — a move that affords them the opportunity to double the investible amount to <span style="font-family: Rupee Foradian;">`</span>1 crore.<br />
<a name='more'></a> When the issue came up before the
Jaipur Tribunal, it ruled in favour of the Revenue by disallowing the
additional <span style="font-family: Rupee Foradian;">`</span>50 lakh investment.<br />
<br />
The case is Aspi Ginwala v Assistant Commissioner
of Income-tax, Circle-5, Baroda, Ahmedabad Tribunal has allowed
not only the additional investment but also an investment beyond the
stipulated six months.<br />
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The brief facts of the latest case were that the appellant and his brother had sold a house property on October 22, 2007 for <span style="font-family: Rupee Foradian;">`</span>6.21 crore. The appellant had made investment of <span style="font-family: Rupee Foradian;">`</span>50 lakh on December 31, 2007 in REC bonds and an additional <span style="font-family: Rupee Foradian;">`</span>50 lakh on May 26, 2008 in NHAI bonds and claimed exemption of <span style="font-family: Rupee Foradian;">`</span>1 crore under Section 54EC of the Act. <br />
<br />
It
may be noted that while the first investment (on December 31, 2007) was
within the six-month time limit, the second investment (on May 26,
2008) was beyond the expiry of stipulated period of six months from the
date of sale. The delay was on account of the fact that bonds u/s 54 EC
weren’t available for subscription during April 1, 2008 and May 26,
2008. <br />
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The assessing officer did not allow the second investment since it was not made within the time limit prescribed by law.<br />
<br />
The
assessee’s submission was that there was no delay in making the
investment on his part. Since no eligible scheme (under Section 54EC)
was available for subscription, he was prevented by sufficient cause in
not complying with the prescribed time limit and could only make the
investment once the scheme reopened.<br />
The appellant maintained that
the Central Board of Direct Taxes (CBDT) had in similar circumstances in
the past taken a broad view and directed that the period of investment
needs to be extended. A case in point was a press note F.NO.142/09/2006
dated 30 June, 2006 issued by the CBDT, extending the time limit. <br />
The relevant para of the said note is reproduced here: <br />
“5.
It has been brought to the notice of the Central Board of Direct Taxes
that some persons could not avail of the benefit under Section 54EC of
the Income Tax Act on account of non-availability of the capital gain
bonds. Further, for some other persons the effective time available for
making the investment is less than six months because of
non-availability of these bonds. <br />
<br />
6. With a view to removing the
hardship caused to the taxpayers, the Central Board Of Direct Taxes, in
exercise of powers conferred by clause (c) of sub-section (2) of
Section 119, hereby orders that the limitation of six months for making
the investment under Section 54EC of capital gains arising from the
transfer of a long-term capital assets, is extended-”<br />
<br />
Since, the
facts and circumstances of the appellant’s matter were similar, the
benefit of benevolent circular/notification/press note, needs to be
extended to all such cases where assesses are prevented to make
investment in the specified assets within specified period for
non-availability of bonds for subscription during such period, the assesses contended.<br />
<br />
The Tribunal agreed and ruled in favour of the assessee.<br />
The
Bench observed that it was clear that where an assessee transfers his
capital asset after September 30 of a financial year, he gets an
opportunity to make an investment of <span style="font-family: Rupee Foradian;">`</span>50 lakh each in two different financial years and is able to claim exemption up to <span style="font-family: Rupee Foradian;">`</span>1
crore u/s 54EC of the Act. Since the language of the law is clear and
unambiguous, there was no hesitation in upholding the assessee’s claim
of the <span style="font-family: Rupee Foradian;">`</span>1 crore exemption. <br />
The Tribunal even cited a Supreme Court view in the case of IPCA LAB 266 ITR 521 (SC), wherein it has been held that -<br />
<br />
“even
though a liberal interpretation has to be given to such a provision the
interpretation has to be as per the wording of the section. If the
wording of the section is clear, then benefits which are not available
cannot be conferred by ignoring or misinterpreting words in the section”<br />
Here,
the situation is the reverse —- since the wording of the proviso to
Section 54EC is clear, the benefits available to the assessee cannot be
denied. Hence, it was held that the assessee is entitled for exemption
of <span style="font-family: Rupee Foradian;">`</span>1 crore.<br />
<br />
Now, coming to the second aspect of the matter —- whether investment of <span style="font-family: Rupee Foradian;">`</span>50
lakh made in NHAI bonds on May 26, 2008 can be considered to be made
within six months as per the proviso to Section 54EC, the Ahmedabad
Tribunal bench held that it found there was no dispute about the fact
that subscription of eligible bonds was closed till May 26, 2008 and on
the first day of the reopening of the subscription, the assessee made
the investment. Under the circumstances, the assessee was prevented by
sufficient cause which was beyond his control in making investment in
the bonds within the time prescribed.<br />
<br />
Various judicial authorities
have taken a view that exemption should be granted in such cases where
there is a delay in making investment due to non-availability of the
bonds and have held that it is a reasonable cause and hence the
exemption claimed by the appellant should be granted.<br />
<br />
Source: DNA</div>Shell RShttp://www.blogger.com/profile/16367998786431044271noreply@blogger.com0tag:blogger.com,1999:blog-47262841695798063.post-51121829203422052422012-01-20T21:05:00.000-08:002012-07-30T11:21:54.021-07:00HDFC bank hiked service charges<div dir="ltr" style="text-align: left;" trbidi="on">
HDFC Bank, India’s second largest private bank recent changes in service charges has put a new twist to already puzzled saving bank account holders after recent deregulation of saving bank a/c interest rate. Most of the bank has increased the interest rate to attract more customers.<br />
<a name='more'></a> Few are offering new improved services to retain and attract the customers. On the contra side, HDFC putting shackles to keep holding the existing saving account chunk. A strange strategy though!<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhDnk2q6-vhn70vqC4uJBQ1x46wsiOAlujM6vxQf2dV2tIELbP8xGJw12HuXgkc8zUCf-6Ti72hyojEu9rvo1G4g216fGRTmQCPRTzUxv11V9F1PzPWhbT2eNapEKxousgVRgW7k85VobU/s1600/moneymatters.JPG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="180" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhDnk2q6-vhn70vqC4uJBQ1x46wsiOAlujM6vxQf2dV2tIELbP8xGJw12HuXgkc8zUCf-6Ti72hyojEu9rvo1G4g216fGRTmQCPRTzUxv11V9F1PzPWhbT2eNapEKxousgVRgW7k85VobU/s320/moneymatters.JPG" width="320" /></a></div>
Let’s have a look at new charges introduced by HDFC bank effective from Jan 01, 2012. As per the new service charges, customer would have to pay Rs. 50 per month for the accounts inoperative for more than a year. Any returned courier will also cost you Rs. 50. A healthy memory will save you Rs. 50. Yep, regeneration of TIN/PIN levied Rs 50. Standing Instruction reject will cost you Rs. 200 and cash deposit at your home branch will cost you Rs. 25 per 50,000 for the amount greater than Rs. 1 lakh/day.<br />
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Revision also has been done in existing service charges that means pay more from your pockets. For example, AMB (Average Monthly Balance) is applicable in place of AQB (Average Quarterly Balance), it is going to cost your Max Rs. 350 per month. For more information, please visit the link provided above.<br />
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I would like to see, if other banks are going to follow this new trend or HDFC bank is going to suffer. Whatever it is, in such a gloomy economic condition putting such a heavy weight on your customer does not make them feel good. I hope many of you also agree with me. I hope, customer will certainly look for other banks, which provide not better, but at least same level of services with more economical service charges or HDFC bank is planning to raise the saving account interest rates?</div>Shell RShttp://www.blogger.com/profile/16367998786431044271noreply@blogger.com0tag:blogger.com,1999:blog-47262841695798063.post-80670606964648835082012-01-07T12:19:00.000-08:002012-07-30T11:34:48.932-07:00What, if you don't insure your shoes?<div dir="ltr" style="text-align: left;" trbidi="on">
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In India, many of idiot box watcher must remember the advertisement, where a executive came to bank and go locker room and take out his shoes from the locker. Remember? Interesting, appealing isn't? Yeah those days, but now?<br />
<a name='more'></a>A recent chain of missing foot wears, I should say stolen, sometimes kick my mind to get insurance for my expensive shoes too.<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj9oOt6mRNMWHk5apB3lbaDx5Y1LlkFusrfBoJBKi9jP3PKCbBmMdanAS39GT-1Uz422-zS7a0lBwwQGrBX-_MG9B9futw1xlo6B0lF_45TyOlGfPglOFUbPSvVmy7gunDB9q62aJRkY2w/s1600/shoe-insurance.JPG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="213" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj9oOt6mRNMWHk5apB3lbaDx5Y1LlkFusrfBoJBKi9jP3PKCbBmMdanAS39GT-1Uz422-zS7a0lBwwQGrBX-_MG9B9futw1xlo6B0lF_45TyOlGfPglOFUbPSvVmy7gunDB9q62aJRkY2w/s400/shoe-insurance.JPG" width="400" /></a></div>
My colleague was saying that he kept his new shoes twice near to main door his flat. He found them missing, then he left his chappals outside, again they were missing. Later, he started putting them inside... well locked from outside world.</div>
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I was sitting in one doc clinic, and saw one guy rushed to reception and complaining about his missing shoes from outside clinic??? I also rushed outside to make sure that mine are safe. Thank god! they were there. Then I saw a notice stick right top of the shoe rack - 'Please keep your expensive shoes carefully and check with receptionist before putting off'. Voilla! its too late for that guy.</div>
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The most disappointing thing happened when I gifted expensive pair of sandals to my newly wed wife. We went to one of the most precious temple in India for his blessings. When we came out, we found those were not there. My wife felt like she lost the most precious thing in her life. As a gentleman husband, I left with only two options - one to get her new pair of sandals, and second by saying that thief has taken our problems away.</div>
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The cheap targets does not end here. Most of the cars, now move around without their company emblems. Please make sure you keep a watch on your car too.</div>
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Then come Laptops and Cell Phones, in India's silicon valley, these cases are highest. Even during Companies induction programs, HR specially present the case how we need to watchful against the companies precious assets - Laptops.</div>
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New targets which starts from the expensive foot wears ends with one the most dangerous targets - yes you are guessing right, I am talking about the Online Theft. Starts with your phone number, email id, personal information etc to credit card and online banking.</div>
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So, dear please be watchful!</div>
</div>Shell RShttp://www.blogger.com/profile/16367998786431044271noreply@blogger.com0tag:blogger.com,1999:blog-47262841695798063.post-8764022762720799682012-01-03T02:27:00.000-08:002012-01-03T02:27:52.697-08:00Welcome!eXcel posts welcomes you with warm greeting!Shell RShttp://www.blogger.com/profile/16367998786431044271noreply@blogger.com0