MCA:
The Ministry of Corporate Affairs has designated 9th Court
of Additional District and Sessions Judge, Kanpur Nagar as Special
Courts for the State of Uttar Pradesh for the purposes of providing
speedy trial of offences punishable with imprisonment of two years or
more under the Companies Act, 2013.
CBDT:
The
Finance Act, 2018 has withdrawn the exemption under clause (38) of
Section 10 of the Income Tax Act, 1961 and has introduced a new section
112A in the Act, to provide that long term capital gains arising from
transfer of a long-term capital asset being an equity share in a Company
or a unit of an equity oriented fund or a unit of a business trust
shall be taxed at 10 percent of such capital gains exceeding one lakh
rupees. The said section, inter alia, provides that the provisions of
the section shall apply to the capital gains arising from a transfer of
long-term capital asset being an equity share in a company, only if
securities transaction tax (STT) has been paid on acquisition and
transfer of such capital asset.
However,
to provide the applicability of the tax regime under Section 112A of
the Act to genuine cases where the STT could not have been paid, it has
also been provided in sub-section (4) of Section 112A of the Act that
the Central Government may specify, by notification, the nature of
acquisitions in respect of which the requirement of payment of STT shall
not apply in the case of acquisition of equity share in a company.
Further, draft of notification proposed to be issued under Section 112A
(4) of the Act has been available on www.incometaxindia.gov.in. The Board has invited comments/ suggestions on the draft notification by 30th April, 2018 at the e-mail address dirtpl2@nic.in.
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