S. Jaykishan

Chartered Accountants

Recent News

Wealth Tax

Wealth Tax

The CBDT has vide its notification dated 23.06.2014, notified Wealth-tax (1st amendment) Rules, 2014 which substitutes the existing Form of return of net wealth with a new form. The new Form prescribes certain new reporting clauses and substitutes some existing clauses with new ones. In the said rules, Form BB has been inserted in the Appendix after the existing Form BA.

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Key takeaways from the new form 3CD

Key takeaways from the new form 3CD

The CBDT has vide its notification dated 25.07.2014, notified Income-tax (7th amendment) Rules, 2014 which substitutes the existing Form No. 3CD with a new form. The new Form 3CD prescribes certain new reporting clauses and substitutes some existing clauses with new ones. The new form requires tax auditor to furnish more and detailed information in the new form for tax audit report.

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Income from Alternate Investment Fund to be taxed at 30%

Income from Alternate Investment Fund to be taxed at 30%

The income of Alternative Investment Funds (AIF) shall be taxed at the rate of 30 per cent. Such funds basically pool in money from domestic and overseas investors and invest on the basis of a pre-determined policy. The Central Board of Direct taxes was requested to clarify whether the income of such funds would be taxable in the hands of investors (contributors to the fund) or the trustees of the fund […] Read More >>


Liberalised Remittance Scheme (LRS) for resident individuals – Increase in the limit from USD 75,000 to USD 125,000 and its utilization for acquisition of immovable property

Liberalised Remittance Scheme (LRS) for resident individuals

RBI vide A.P.(DIR Series) Circular No. 138 dated June 3, 2014, has enhanced the existing limit of USD 75,000 per financial year (April-March) in respect of the Liberalised Remittance Scheme for resident individuals to USD 125,000 per financial year (April-March). Accordingly, AD Category – I banks have been allowed to remit up to USD 125,000 per financial year, under the Scheme, for any permitted current or capital account transaction or a combination of both.

It […] Read More >>


Financial Commitment (FC) by Indian Party under Overseas Direct Investments (ODI) – Restoration of Limit

Financial Commitment (FC) by Indian Party under Overseas Direct Investments

In an attempt to shore up the rupee, former RBI chief Duvvuri Subbarao vide A.P. (DIR Series) Circular No. 23 dated August 14, 2013 had limited the overseas investment by Indian companies to 100% of their net worth from the existing 400%. Assessing the improvements in the market scenario, and the appreciation in rupee from the last years recorded low levels against dollar, RBI has again relaxed the norms for overseas […] Read More >>