TIOL-DDT 454 · the untouched capture
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<p> <b><font color="#663399" size="3" face="Verdana, Arial, Helvetica, sans-serif">TIOL-DDT
454</font><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><br>
21 09 2006<br>
Thursday</font></b></p>
<p align=center><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font color="#006600">Income Tax notifies
the Cost Inflation Index</font></strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Computation
of capital gains is based on a “cost inflation index” that is the cost of acquisition
is indexed to the year of sale. The base year is 1981-82 for which the value
is taken as 100. The index is based on seventy-five per cent of the average
rise in the Consumer Price Index. The government has notified the cost inflation
index for the year 2006-07 as 519.</font></p>
<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><u><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=35&filename=notification/cbdt/2006/it06not0270.htm">NOTIFICATION
NO.</a></u><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=35&filename=notification/cbdt/2006/it06not0270.htm"><u>
270/2006, Dated: September 19, 2006</u></a></font></p>
<p align=center><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font color="#006600">Company affairs –
electronic documents.</font></strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"> The Ministry Of Company Affairs has notified
that </font></p>
<blockquote>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ Documents are to be filed in pdf format
authenticated by the MD or director or secretary</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ Documents to be filed in non judicial stamp
paer are to be filed in hard copy as well as soft copy.</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ Signatories to obtain digital signature
certificate from the Certifying Authority.</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ Electronic registry to be maintained by
government.</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++Govt to maintain a web site to provide access
to the electronic registry.</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ The Registrar or the Central Government
shall issue certificate, licence, receipt, approval or communicate endorsement
or acknowledgement in the electronic manner.</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ The documents registered, recorded or filed
with the Registrar electronically or documents which have been scanned and
digitized and form a part of the electronic registry shall be available for
inspection only in electronic manner</font></p>
</blockquote>
<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><u><a href="http://www.taxindiaonline.com/RC2/inside2.php3?filename=wnew/dca.htm">NOTIFICATION
G.S.R. 556(E) and G.S.R. 557(E) Dated : September 14, 2006</a></u></font></p>
<p align=center><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font color="#006600">SEZ – a risky affair</font></strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">With SEZs all set to sprout up like mushrooms,
how do banks rate them? Should banks be liberal in financing SEZs or units in
SEZ? The RBI does not seem to think so. RBI thinks that it is as good or as
bad as exposure to commercial real estate. In a letter addressed to all commercial
banks yesterday, the RBI cautions the banks, </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Keeping in view the current market conditions,
it has been decided that the exposure of banks to entities for setting up Special
Economic Zones (SEZs) or for acquisition of units in SEZs which includes real
estate would be treated as exposure to commercial real estate sector with immediate
effect and banks would have to make provisions as also assign appropriate risk
weights for such exposures as per the existing guidelines.</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><u><a href="http://www.taxindiaonline.com/RC2/inside2.php3?filename=wnew/rbiletter.htm">RBI/2006-07/131
Dated September 20, 2006 </a></u></font></p>
<p align=center><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font color="#006600">Chennai Air Customs
finds Gold in vacuum flask</font></strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">An innocent looking passenger lands up in Chennai
airport and walks to the green channel. The alert AIU officers found him restless
and wanted to check the baggage, there was a more innocent looking vacuum flask
in it. Only the flask contained 308 gold coins valued at Rs. 20,46,720/-. On
further examination, the officers found 6650 Euros equivalent to Rs.3,81,045
and 12 mobile phones valued at Rs. 64,000. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">It was double bonanza for the customs yesterday.
They found another <st1:City><st1:place>Dubai</st1:place></st1:City> bound passenger
with Rs.2,60,000 Indian currency 4100 Euros equivalent to Rs.2,34,930. An apparently
pleased Customs Commissioner <strong>C. Rajan informed the media about the seizures.
</strong></font></p>
<p align="justify"><font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif">Until tomorrow with more DDT
</font></p>
<p align="justify"><font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif">Have a nice day. </font></p>
<p align="justify"><font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif">Mail your comments to</font>
<font size="2" face="Verdana, Arial, Helvetica, sans-serif"><a href="mailto:vijaywrite@taxindiaonline.com">vijaywrite@taxindiaonline.com</a></span></font></p>
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