Banks: Banks may seek exemption to amortize MTM losses on bond holdings in Q1

[ad_1] MUMBAI: Amid falling bond prices, hike in off-cycle rates in May and huge valuation losses, the high road banks They are caught in a debate whether to seek help from the regulator to mitigate this shock in the first quarter of the current financial year. Several banks met last week to discuss possible representation of the Reserve Bank of India (RBI) to allow them to reduce ‘mark to market’ (MTM) losses. bond holdings in the first quarter of the full year. such discount. permitted by reserve Bank of India…

Capital Gain Tax Exemption in 2022

[ad_1] Capital Gains Exemption can be claimed under the Income Tax Act by reinvesting the amount in either purchasing/ constructing a Residential House or by reinvesting the amount in Capital Gain Bonds. The seller of the asset either has the option to claim exemption or pay 20% Long Term Capital Gains Tax. (Refer: Computation of Long Term Capital Gain Tax) This article explains in detail the following exemptions which can be claimed on the sale of a Long Term Asset i.e. on sale of an asset which was held for…

BCCI cannot be refused an income tax exemption just because the IPL is constructed in a more profitable manner.

[ad_1] Fact and Issue of the case This appeal challenges correctness of the order dated 28th March 2019 passed by the learned Principal Commissioner of Income Tax, Central Charge 3, Mumbai (hereinafter referred to as the Commissioner), rejecting the application for registration under section 12A(1)(ab) r.w.s. 12AA of the Income Tax Act, 1961 (hereinafter referred to as ‘the Act’). The registration of an institution is foundational, though not conclusive, a factor so far as tax exemption benefits under sections 11 and 12 of the Act to the assessee are concerned…