Govt Official To CNBC-TV18 | Bharat-22 ETF FFO Currently oversubscribed 1.47x; Govt to raise Rs 8,400 cr from Bharat-22 ETF FFO, with greenshoe option of Rs 2,400 cr
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NSEL to commence e-series remat today
Financial Technologies promoted National Spot Exchange Ltd (NSEL) hasdecided to begin rematerialisation (remat) and financial closure of over 33,000 e-series investors from Saturday
Financial Technologies promoted National Spot Exchange Ltd (NSEL) hasdecided to begin rematerialisation (remat) and financial closure of over 33,000 e-series investors from Saturday.
The last date for receipt of requestapplication is April 23.In the process, NSEL will provide online the updated location, depository and denomination - wise free stock position and the updated stock report on a daily basis.
Remat will be feasible only for those unitholders whohold units either matching or exceeding quantity but corresponding to standardbars available in the exchange vaults.
Unitholders are required to fill in the required application form tothe exchange for which delivery of the metal from the city and location of thevault / warehouse where the allocation ha...
The income-tax department on Thursday clarified that the 25-30% additional tax charged to income distributed by mutual funds is not applicable to the money received by unitholders at the time of redemption, repurchase or receipt of bonus shares.
At present, income distributed by mutual funds to individuals is taxed at the rate of 25%, while the same received by others such as companies is taxed at 30%.
The ministry said in a statement that field officials were taking a view that funds paid by MFs at the time of redemption and repurchase as well as issue of bonus shares to existing unitholders were chargeable to additional income-tax under Section 115R.
The department clarified that since these are not in the nature of "distributed income", they will not be subjected to levy of additional income-tax under Section 115R.
In a separate circular, the department addressed another controversy over whether tax officials could disallow any expenditure incurred for earn...
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