Technology
Timely: Elegant Alarm Clock
Timely is a beautiful alarm clock, very elegantly designed and executed. It also has a cloud integration to backup and synchronise your alarms on multiple devices. So, wherever you set your alarm, all your devices will be in sync, whether your phone or your tablet. Setting an alarm is a breeze—just swipe from the left border and set the desired time by dragging a bar. Tap for increments of five minutes. High-quality sounds for a great wake-up experience and a smart rise feature which helps you wake up refreshed! It also includes a stop watch and a countdown timer, to complete the suite. If you don’t like pressing buttons, you may also just turn your phone around to snooze it. There is a widget, Google Now integration, recurring alarms, awesome animations, adaptive snoozing, fade-in, etc, etc. I never thought that an alarm can be such a pleasant experience. Try it, it’s free! https://goo.gl/kr2dN3
 

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COMMENTS

saurabh dikshit

11 months ago

These mobile applications are cool but while installation they ask for unnecessary access and privileges, which is not good. Information should always be provided on need to know basis and blank approvals for accessing identity , photos/media/files etc. is not a right thing. You be the judge.

Time to revise capital gain tax rules for property sale?
The Section 54 of the Income-tax Act provides relief from taxation in respect of profit on sale of a residential house provided the assessee has purchased a house within two years or constructed a house within three years from the date of such transfer. Similarly, Section 54F provides relief from taxation of capital gain on transfer of any other long-term capital asset provided the assessee purchases or constructs a residential house within two or three years from the date of such transfer, as the case may be, subject to satisfaction of other conditions stipulated in Section 54F. 
 
These days, due to shortage of land and increasing population and considerations of quality of life, safety, security and availability of other modern amenities at par with advanced societies, there is vertical expansion in Mega Cities and the purchase of flats in a residential tower or in self-contained gated residential complexes is quite common. It is quite common for taxpayers desiring to avail of exemption u/s 54 or 54F, to purchase flats in such residential towers and to invest entire sale proceeds of their existing house or other assets in the purchase. Normally, taxpayers invest the entire capital gains accruing on the sale of the old asset immediately for purchase of an under-construction flat in a new residential tower i.e. well within the time limits stipulated in Section 54 or 54F, as the case may be. 
 
However, the construction of such residential towers or complexes generally takes more than two-three years. This is because it is now virtually impossible for the builder or developer to complete the construction while complying with other municipal regulations for large residential towers or complexes. This makes the handover of possession of flat to the buyer within two-three years limit stipulated in Sections 54 and Section 54F. 
 
The assessing officers are very rigidly applying the time limits laid down in Sections 54 and 54F, and denying the exemption available to the taxpayers. Various tax tribunals and high courts have liberally interpreted the time limits specified in Sections 54 and 54F and have granted exemption to taxpayers if the taxpayer had invested the long term capital gains on the sale of the existing house property or other asset within the time limits specified in aforesaid sections.  
 
Please refer to CIT vs B.S. Shanthakumari (2015) 233 Taxman 347 (Kar)(HC), Pradeepkumar Chowdhry vs DCIT (ITA No. 1520/Hyd, 2013 dated 31.12.2014(Hyd)(Trib), S. UmaDevi vs CIT (2015) 169 TTJ 487 (Hyd)(Trib) and catena of similar other decisions. 
 
Still, assessing officers are not giving due recognition to such favourable judicial decisions and are raising huge demands on the taxpayers. As a result, a large number of appeals are pending before various appellate and judicial authorities on this issue. 
 
In the interest of rendering justice to the taxpayers and advancing the underlying objective of Sections 54 and 54F, the Central Board of Direct Taxes (CBDT) should accept the ratio of such favourable judicial decisions. The Board should also issue an appropriate circular or instructions to assessing officers to the effect that deduction or exemption under Section 54 and 54F should be allowed, if the taxpayer has invested the amount of eligible capital gains within two-three years, as the case may be, for the purchase or construction of a new house or flat so that the genuine taxpayers are not put to hardship. The huge backlog of accumulated litigation on this score can also be cleared. It would be better to amend Sections 54 and 54F and extend the specified time limits at least to five years in view of the changed realties of the real estate sector and its regulations.
 
(The Author is a practising Chartered Accountant in Mumbai)
 

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COMMENTS

sankaran

11 months ago

It is a good Idea.Any thing left to the discretion of assessing officers is a weapon in their hands.There hardly any body uses a weapon for the good of clients

sankaran

11 months ago

It is a good Idea.Any thing left to the discretion of assessing officers is a weapon in their hands.There hardly any body uses a weapon for the good of clients

Nifty, Sensex may rally higher – Wednesday closing report
We had mentioned in Tuesday’s closing report that Nifty, Sensex were trendless. The major indices of the Indian stock markets rallied on Wednesday and the gains were upto 1.25% over Tuesday’s close. The trends of the major indices in the course of Wednesday’s trading are given in the table below:
 
 
Value buying, key economic decisions and a strong rupee lifted the Indian equity markets on Wednesday as healthy buying was witnessed in capital goods, banking, and automobile stocks. In contrast, the BSE market breadth was skewed in favour of the bears -- with 1,546 declines and 952 advances. Value buying, after five consecutive days of falling share prices, triggered short covering which supported prices, point out market analysts.
 
Consumer electrical and electronics appliances maker V-Guard Industries Ltd is expanding its kitchen product range by launching gas stoves while its new voltage stabiliser factory at Sikkim will go on stream soon, said a senior company official. "We will soon launch gas stoves there by expanding our kitchen product range. Further, our new voltage stabiliser factory at Sikkim will go on stream soon. The expansion of our wire capacity at Coimbatore facility will also be completed soon," V Ramachandran, director and chief operating officer, told IANS on Wednesday. He was here to launch the Rs1,862-crore revenue company's new intelligent water heater branded Verano, that can be operated from anywhere in the world with a smart phone. Currently, the company sells kitchen items like induction cooktops and mixers. The company’s shares closed at Rs1,317.95, up 0.81% on the BSE.
 
The country has a lot of "unmet demand" for bank loans and a lot of gap is still to be filled in the banking space, Reserve Bank of India Deputy Governor Harun Rashid Khan has said. "We have a lot of unmet demands (for bank loans)...still a lot of gaps to be filled," Khan said in reply to a question on the central bank's plan to issue more licences for setting up new banks. Speaking to the media on the sidelines of a programme on Tuesday, Khan said the RBI would finalise draft guidelines for issuing on-tap universal bank licences. The RBI released in May the draft guidelines for 'on tap' licensing of universal banks in the private sector. According to Khan, with more and more people in the country getting involved in economic activities and demand for credit rising, there is a greater need for different types of banks. The Bank Nifty closed at 17,917.90, up 1.39% on the NSE.
 
India's cabinet on Wednesday cleared a new civil aviation policy with some changes in the rules that allow carriers to fly abroad, besides measures to promote regional connectivity and boost cargo operations, sources said. The policy seeks to create an eco-system to handle 300 million domestic passengers by 2022 and 500 million by 2027, and 200 million international travellers by 2027. India had seen 139.32 million domestic and over 50 million international air travellers in 2014-15. 
 
The top gainers and top losers of the major indices are given in the table below:
 
 
The closing values of the major Asian indices are given in the table below:
 

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