Daily Archives: July 26, 2015

SIT on Black money

By | July 26, 2015

Recommendations of SIT on Black Money as Contained in the Third SIT Report Misuse of exemption on Long Term Capital gains tax for money laundering Misuse of Participatory notes for money laundering Shell Companies and beneficial ownership (Reference p. 73-76 of the Third SIT Report) Action under PMLA for Trade Based Money laundering Use of… Read More »

Gold Deposit Scheme (GDS)

By | July 26, 2015

Gold Deposit Scheme (GDS): Salient Features Include-All Designated Banks can Operate GDS as per Guidelines  The Central Government, with a view to bring privately held stock of gold in circulation, to reduce the country’s reliance on import of gold and to provide its owners with some income apart from freeing them from the problems of… Read More »

Tax on Advance received on transfer of development right

By | July 26, 2015

Question: whether there is any Tax on Advance received on transfer of development right ? Answer  No. Tax is payable when the conveyance deed is executed.  CIT Vs. M/S. DLF  Commercial Project Corporation, I.T.A. No. 627/2012, Date ofOrder: 15.07.2015, High Court of Delhi The assessee follows the accrual system of accounting. The accrual system of… Read More »