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Income Tax - Highlights / Catch Notes

Home Highlights June 2012 Year 2012 This

Investment in Mutual Funds - merely because the transactions was ...

Income Tax

June 22, 2012

Investment in Mutual Funds - merely because the transactions was put through Bank account, does not make it a genuine/bonafide transaction - AT

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  1. Stewardship Code for all Mutual Funds and all categories of AIFs, in relation to their investment in listed equities

  2. INVESTMENT VALUATION NORMS - - SCHEDULE - 08 of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 as amended.

  3. Statement of Financial Transaction (SFT) for Mutual Fund Transactions - Frequency for submitting the statement and Minimum period of holding for different assets...

  4. Redemption of units of mutual funds - capital gain or business income - the intention for purchase of mutual funds was only for the purpose of investment and held for...

  5. Stock Broker - The demand of service tax on account of income from distribution of mutual funds and selling bonds issued by banks/companies is not sustainable and the...

  6. Mutual benefit society - the transactions with the bank who is not even a member of the society cannot be considered as a transaction for which principles of mutuality will apply.

  7. Nature of Income – Mutual funds sold - business income or capital gains - units of mutual funds are not freely transferable nor tradable and thus cannot be categorized...

  8. Interest incurred claimed as a deduction u/s. 57(iii) out of interest earned from mutual funds - In our opinion, unless funds are borrowed for making deposit to earn...

  9. Capitalization of the amount of interest disallowed u/s 36(1)(iii) - Here the assessee is claiming that if interest corresponding to investment in mutual funds is not...

  10. Allowability of interest expense - In absence of establishing the necessary nexus being between the borrowings and the investments in the mutual funds, it can safely be...

 

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