👉Frequently Asked Questions (FAQs) on Corporate Social Responsibility (CSR) -reg.
https://www.mca.gov.in/bin/dms/getdocument?mds=uCTTViAfc1KSszKI91LQvA%253D%253D&type=open
👉Announcement by CL&CGC ICAI regarding amendment in Companies (Appointment and Qualification of Directors) Rules, 2014- A Chartered Accountant in practice for atleast 10 years is not required to clear online proficiency test to become Independent Director
https://resource.cdn.icai.org/66192clcgc53434.pdf
👉Frequently Asked Questions (FAQs) on Corporate Social Responsibility (CSR) as issued by Ministry of Corporate Affairs on 25th August, 2021
https://resource.cdn.icai.org/66218clcgc53480.pdf
👉Tokenisation – Card Transactions : Extending the Scope of Permitted Devices
https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12152&Mode=0
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⚫I-tax notices give FPIs the jitters; experts suspect tech glitches and called the development unprecedented.
⚫About 165,000 workers in the unorganised sector registered themselves on the e-Shram portal on the first day of its launch.
⚫Expense on R&D for Covid-19 drugs, vax, devices will count as CSR. The CSR FAQs provide details of what would qualify as overheads.
⚫SAIL is looking at bringing down its borrowings to Rs 20,000 crore by the end of the current financial year.
⚫India recorded 44558 new Covid-19 cases in the past 24 hours out of which, over 31,000 were from Kerala. The fear of third wave looms large as Kerala reported over 30,000 fresh cases for the second consecutive day on Thursday and even Delhi and Mumbai saw slight surge in daily cases.
⚫SC may resume physical hearing from September 1 in limited manner.
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Importance of SFT Code in Form No. 26AS
👉SFT refers to the Specified Financial Transaction. It is designed pursuant to rule 114E of the Income Tax act wherein certain specified transactions have been enumerated which is required to be reported by specified entities/ authorities to the Income Tax Department.
👉Form NO. 26AS mentioned the section quote of the specified transactions carried out by the taxpayers. Let us know about the SFT Code and its details.
👉SFT number Particulars Amount (in aggregation of) Person liable to report
👉SFT- 001: Purchase of bank drafts or pay orders in cash Rs. 10 lakh Banking company , co-operative bank
👉SFT- 002: Purchase of pre-paid instruments in cash Rs. 10 lakh Banking company, co-operative bank
👉SFT- 003: Cash deposit in current account Rs. 50 lakh Banking company, co-operative bank
👉SFT- 004: Cash deposit in account other than current account Rs. 10 lakh Banking company, co-operative bank or post master office
👉SFT- 005: Time deposit Rs. 10 lakh Banking company, co-operative bank or post master office or Nidhi or NBFC
👉SFT- 006: Payment for credit card Rs. 1 lakh in cash or Rs. 10 lakh in any other mode Banking company, co-operative bank or post master office
👉SFT- 007: Purchase of bonds or debentures Rs. 10 lakh Company or institution issuing debentures or bonds
👉SFT- 008: Purchase of shares Rs. 10 lakh Company issuing shares
👉SFT- 009: Buy back of shares Rs. 10 lakh Company listed in recognized stock exchange
👉SFT- 010: Purchase of mutual fund units Rs. 10 lakh · A trustee of mutual fund or any authorized person
👉SFT- 011: Purchase of foreign currency Rs. 10 lakh Authorised person under FEMA act
👉SFT- 012: Purchase or sale of immovable property Rs. 30 lakh (individual transaction) Inspector general or registrar or sub registrar
👉SFT- 013: Cash payment for goods and services Rs. 2 lakh (individual transaction) Any person liable to audit u/s 44AB
👉SFT- 014: Cash deposits during specified period (9th Nov to 30th Dec, 2016) Rs. 2.5 lakh Banking company, co-operative bank or post master office
Above chart makes it crystal clear that the SFT return has to be filed by the person with whom transactions have been done and not the person who has done the transaction. While filing income tax returns, taxpayers must just check whether the transaction as reflected In 26AS
👉Is correctIt belong to him And the same is very well explainable to the tax authorities if the information is called for.
👉Nothing more is required to be done by the taxpayers for SFT transactions reflected in 26AS of the assessee,
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🌺 Letter of allotment is relevant over date of possession for construing holding period for the term of Capital Assets – ITAT Bench of Surat in the case of Jethanand T. Datwani vs ITO [ITA No. 264/SRT/2017]
🌴 Facts and Findings: The NRI-Assessee was reassessed for AY 2008-09 and an addition was made on account of long term capital gains for property sold, holding period for which was computed by the AO with reference to date of possession of the property. The Assessee contended that he had acquired the property in 1997 and made payments of substantial amount of consideration, however being non-resident he could not travel for registration of conveyance deed, which was done in the year 2000, and therefore holding period for the property be considered from the year 1997 instead of the year 2000. The CIT - A disagreed with the Assessee’s contention.
☘️ The ITAT found that the Assessee was allotted the property by allotment letter dated Feb 25, 1997 and before occupation he had paid substantial amount as consideration. The ITAT bench relied on the ruling of the High Court of Punjab & Haryana in the case of Madhu Kaul vs CIT [(2014) 363 ITR 54] and the ruling of High Court of Madras in the case of CIT vs S.R. Jayshankar [(2015] 373 ITR 120] wherein it was held that that the date of allotment letter is to be considered to determine the holding period to ascertain the entitlement of section 54 of the Act. Accordingly, the ITAT bench *held that the holding period to be considered from date of allotment letter to determine the long term capital gains for ascertaining the entitlement of section 54 of the Act.
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