Originally posted by : Karan Teli | ||
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Live example is MR. JAGAN MOHAN REDDY for money laundering offence is only what i can add renuuuuuuuu |
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ye wala ...
muje iske bare me ni pata tha
*RENU SINGH *
(✩ §m!ℓ!ñġ €ม€§ fℓม!ñġ ђ♪gђ✩ )
(21627 Points)
Replied 27 June 2012
Originally posted by : Karan Teli | ||
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Live example is MR. JAGAN MOHAN REDDY for money laundering offence is only what i can add renuuuuuuuu |
![]() |
ye wala ...
muje iske bare me ni pata tha
Sanket
(!..Live to Give..!)
(16427 Points)
Replied 27 June 2012
Nice Sharing Renu....... but you didn't Scrap me....
But Its Okay...
Recently in Finane Bill 2012 An amendment in Section 56 of Income Tax Act, 1961 has been Added on Money Laundering....
The Details are following........
The Bill amends section 56(2) of the Act with effect from April 1, 2013, by inserting a new sub clause (viib). The new sub clause provides that if a company, in which the public is not substantially interested, issues shares to any person resident in India for a consideration exceeding the fair market value of such shares, then the aggregate consideration so exceeding the fair market value will stand taxed as ‘income from other sources’.
The sub clause defines ‘fair market value’ to mean the higher of the value as determined in accordance with a prescribed method or the value substantiated by the company to the satisfaction of the assessing officer based on the value of the intangible or tangible assets or other business or commercial rights.
Thus, closely held companies issuing shares at a premium to residents may end up paying 30% tax on such amount of premium that falls beyond the aforementioned ‘fair market value’ threshold.
LIVE Course on Foreign Exchange Management Act (FEMA)(with recording)
LIVE Course on Foreign Exchange Management Act (FEMA)(without recording)