FM asks People to be Beware of Ponzi Schemes
FM asks the People to Increase their Domestic Savings and Invest the Same in Small Savings Schemes Which are Simple, Safe and Easy to Access; Relaunches Kisan Vikas Patra Scheme; asks People to be Beware of Ponzi Schemes
The Union Finance Minister Shri Arun Jaitley asks the people to increase their domestic savings and invest the same in small savings schemes like Kisan Vikas Patras (KVPs). He said that money invested therein is being used for undertaking various development activities in the country for the benefit of the people at large. The Finance Minister said that in last few years due to slower rate of economic growth, the rate of domestic savings had come below 30 % while it had once touched the peak of 36.8%. He stressed the urgent need for raising the domestic rate of savings. The Union Finance Minister Shri Arun Jaitley said that the people need to be careful from privately run ponzi schemes which are both unsafe and risky even though offering little higher rate of interest. He said that this many times also results in loss of their hard earned income. He said that they may rather go for the Government run small savings schemes which are safe, simple and easy to access.. The Finance Minister said that on the other hand, in order to attract the small savings of the people, the Government should bring-out from time to time attractive small savings schemes befitting the needs of different sections of society especially the poor people. He said that these schemes should not only be simple and safe but also give best possible returns to the people on their investment. He said this is one of the reasons that's why we have re-launched the Kisan Vikas Patras (KVPs) today. He said that this would also give a direction to bank and unbank savings of the people This scheme is open to everyone including the farmers. The Finance Minister Shri Arun Jaitley was speaking after re-launching the Kisan Vikas Patra (KVP) scheme at a function here today. He said that investment in KVP would become double in 100 months. He hoped that those who want to increase their savings and get good returns on the same, would make best use of the KVP. He said that this will not only help the investors but also the society at large He said that initially this scheme would be operated through post offices but later would be operated through banks as well. He distributed the Certificates to various persons including Ms Santosh who was the First woman to buy KVP and Shri Har Prakash, the first man to buy KVP among others on this occasion.
Earlier speaking on the occasion Shri Ravi Shankar Prasad, Union Minister for Communication and IT said that saving money is part of our habit and culture. He said that we need a financial instrument which is safe to attract the savings of the people. He said that there is a special attachment to KVPs especially of the poor people and farmers. He said that it is not only an instrument of savings but the farmers have also an emotional attachment with it. He said that he doesn't understand why this scheme was discontinued .He said that he is happy that Postal Department and small savings are linked together for years. He said that there are more than 30 crore 8 lakh postal account holders in the country and more than 60 small saving schemes are being operated through the Postal Department. He said that there are more than 1.54 thousand postal centres in the country which can be best suited for implementing the programmes relating to financial inclusion especially in rural areas. He further added that there is a need for Postal Department to reincarnate itself in a new format to meet the changing needs of the people at large.
Shri Rajiv Mehrishi, Finance Secretary, Ms. Kavita, Secretary, Department of Posts, Shri Rajat Bhargava, Joint Secretary (Budget), Department of Economic Affairs (DEA),Ministry of Finance and other senior officers of the Ministry of Finance and Department of Posts and National Small Savings Organizations were also present among others on this occasion
How to use the Calculator 1) Ensure that you have MS Office 2010 or later to get this CG calculator working. (Macros should be enabled) 2) It is a simple calculator, by seeing it anyone can fairly understand it. 3) Insert the scrip name date of purchase and date of sale and respective amounts, it […] CA Sandeep Kanoi | November 19, 2014 at 12:08 am | Tags: Downloads, Software | Categories: Income Tax | URL: http://wp.me/p3ulce-gyB
|
Automatic Capital Gain Calculator in Excel Format
How to use the Calculator
1) Ensure that you have MS Office 2010 or later to get this CG calculator working. (Macros should be enabled)
2) It is a simple calculator, by seeing it anyone can fairly understand it.
3) Insert the scrip name date of purchase and date of sale and respective amounts, it will automatically calculate the stock and STCG/LTCG and also the period of holding. Ensure that you put Purchase and Sale date in one line or else the formula wont for work for stock and it would show mismatch.
4) After inserting all the details click on Quickbar button at the top and there will be options to insert rows, column, calculate STCG and LTCG and intra day etc. Once you click the report will be generated and automatically it will set the print area accordingly so that you can just take print out or take a pdf file and email it to the client.
5) The sheet is only for educational purpose and hence it is totally unlocked. You can also insert or edit formulas the way you like.
(Submitted byAnish Gandhi.CA Student from Mumbai)
 | |||||||
Automatic Capital Gain Calculator in Excel Format How to use the Calculator 1) Ensure that you have MS Office 2010 or later to get this CG calculator working. (Macros should be enabled) 2) It is a simple cal... | |||||||
CUTTACK, NOV 19, 2014: THE issue before the Bench is - Whether any interference is required by the High Court when the assessee-trust has been imparting education and the fees approved by the competent authority are being utilised to create educational infrastructure. NO is the HC's answer.
Facts of the case
The assessee is a trust registered u/s 12A. It had filed its return disclosing its total loss at Rs.3,96,54,653/- and claimed exemption u/s 11. However, the AO completed the assessment u/s 143(3) determining the total income at Rs.03,06,53,610/-. The AO had also disallowed exemption u/s 11 on the ground that the assessee was making systematic profit year after year. In addition, the AO also noticed that the assessee had incurred capital expenditure of Rs.51,24,483/- and diverted income to capital funds amounting to Rs.28,75,204/- which as per AO could not be treated as application of income u/s 11(1). Finally, the AO also added depreciation of Rs.95,90,956/- to the income of assessee. On appeal, the CIT(A) deleted all the additions made in the assessment order and directed the AO to allow the benefit of exemption to the assessee u/s 11. On further appeal, the Tribunal upheld the order of the CIT(A).
On appeal before the High Court, the counsel for revenue submitted that the trust deed of the assessee did not mention any condition that the assessee will run the institution and invest the surplus to expand its activity out of the fees collected from the students who were pursuing their course. It was further submitted that assessee's activity of collecting the fees from the students as their course fee for studying in the assessee's institution did not find place in the aims and objectives of the trust deed, neither it was mentioned in the notes submitted to the CIT for the purpose of registration u/s 12AA. Therefore, the registration granted in favour of the assessee by the CIT on the premise of the trust deed, aims and objectives and notes on the activity had no relevance regarding the real activity carried on by the assessee after obtaining the registration. The counsel submitted that the assessee had been generating profit and creating fixed assets out of huge amount of loans availed from banks and claiming financial charges as expenditure out of the student's fees.
However, counsel for assessee contended that the Tribunal was fully justified in granting exemption u/s 11. The counsel contended that the assessee having valid registration u/s 12AA was required to be assessed by applying all the provisions of Section 11 and 13, and the AO having not done so, the order was bad in law. It was further contended that since the registration was not withdrawn on the date of assessment order, the income of the assessee was exempted in entirety. The AO was wrong in holding that the capital expenditure was not applicable for charitable purpose.
Having heard the parties, the High Court held that,
++ the perusal of the assessment order reveals that, for withdrawal of exemption, the AO has assigned various reasons comprising of limitation in the objects of the trust deed, generation of huge profit, application of income in the garb of capital expenses, no application of income for the benefit of persons specified in Section 13(3), collection of fees out of canteen expenses of students and collection from students over and above the prescribed fees, etc. It is seen that the CIT(A) has considered every aspect of the assessment order with reference to the reasons given by the AO for disallowing exemption and relying upon the latest judicial pronouncements expressed in similar facts that are involved in the present case, came to the conclusion that the AO's approach in denying exemption to the assessee was not in accordance with law and held that the assessee's educational institution is entitled to claim exemption u/s 11. The Tribunal, which is the final fact finding authority, after hearing the appeal filed by the Department also did not incline to interfere with the order of the CIT(A) by observing that the fees collected by the assessee from the students for imparting such education having been approved by the AICTE and the assessee is spending the amount for building necessary infrastructure for imparting the education in various fields which is the charitable purpose for which the trust was established. The Tribunal was also of the view that the AO has wrongly presumed that there is any contravention of Section 13. Therefore, there is no infirmity in the order of the CIT(A) requiring any interference;
++ it is a settled position of law that capital expenditure incurred by an educational institution is the basic necessity if such expenditure promotes the object of the trust. The Supreme Court in the case of S.RM. M.CT.M. Tiruppani Trust vs. CIT, and the High Court of Delhi in the case of CIT Vs. Divine Light Mission, have held that capital expenditure incurred by a trust for acquiring capital asset would be application of money and the assessee would be entitled to exemption u/s 11(1). The Madras High Court also in the case of CIT Vs. Kannika Parameswari Devasthanam & Charities, held that as long as the expenditure had to be incurred out of the income earned by the trust, even if such expenditure is for capital purposes on the objects of the trust, the income would be exempt. Moreover, the High Court of Uttarakhand in the case of CIT vs. Jyoti Prabha Society, has held that the educational society which had utilized rental income for the purposes of imparting education by maintaining the buildings and constructing new building for the same purpose, would be entitled to the exemption claimed u/s 11. Accordingly, this court holds that capital expenditure if incurred by an educational institution like assessee for attainment of the object of the Society, it would be entitled to exemption u/s 11.
__._,_.___
No comments:
Post a Comment