Month: August 2016

Understanding Unified Payment Interface (UPI)

Payments get simpler as the much-awaited Unified Payment Interface goes live. Customers of 21 banks can now use a mobile app to make and receive payments through multiple banks, 24 hours a day. AP Hota – MD & CEO of NPCI and Jitendra Gupta of Citruspay share more details on this edition of Startup Central. Tune in.

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Is This The End Of Diet Soda?

 Huge Study Links Aspartame To Major Health Problems; Sales Drop…

Is-This-The-End-For-Diet-Soda

As concerns about health epidemics plague the nation, demand and sales of diet soda have plunged as consumers try to make better choices. As WeSupportOrganic.com reported recently, Aspartame (the main sweetener for diet soda – check the labels) is regarded by scientists as one of the most dangerous ingredients used in our food supply, who have linked it to seizures and a host of other major health issues including fatal cardiovascular events.

In a newly published study [1] (presented in 2014 at the American College of Cardiology, Washington D.C.), 60,000 women were sampled over ten years. It was shown that women who drink two or more diet drinks a day have much higher cardiovascular disease rates and are more likely to die from the disease.

“30% more likely to have a heart attack or stroke, 50% more likely to die from related disease…”

In the largest study done of its kind, The University of Iowa concluded:

“…Compared to women who never or only rarely consume diet drinks, those who consume two or more a day are 30 percent more likely to have a cardiovascular event [heart attack or stroke] and 50 percent more likely to die from related disease.

This is one of the largest studies on this topic, and our findings are consistent with some previous data, especially those linking diet drinks to the metabolic syndrome,’ says Dr. Ankur Vyas… the lead investigator of the study.

…The association persisted even after researchers adjusted the data to account for demographic characteristics and other cardiovascular risk factors, including body mass index, smoking, hormone therapy use, physical activity, energy intake, salt intake, diabetes, hypertension, high cholesterol, and sugar-sweetened beverage intake. On average, women who consumed two or more diet drinks a day were younger, more likely to be smokers, and had a higher prevalence of diabetes, high blood pressure, and higher body mass index.”

Soda sales slipping… Thankfully this study comes on the heels of reports of already slipping sales of diet soda, one of the largest aspartame markets.

According to Time Magazine’s 2014 report “Soda Sales Drop to Lowest Point Since 1995”:

“One reason for the decline could be a growing awareness of the obesity epidemic in the US and growing health concerns surrounding sugar-sweetened beverages. According to Reuters, industry experts say the beverage industry is shrinking under the scrutiny. Even diet-branded drinks have suffered a loss of sales with concerns over artificial sweeteners.”

Whatever the reason for the decline, this new study should only add fuel to the movement away from artificial sweeteners. There are plenty of natural sweeteners that people can choose that are regarded as much healthier than aspartame.

Another important note is that the overall sales of soda going down also means that less people are being exposed to (mostly GMO) high fructose corn syrup which carries a whole host of other health risks as well.

Super Tip: We also have an awesome guide to making your own refreshing drinks using all natural, healthy ingredients: Check it out here – 10 Healthiest Drink Recipes In The World.

Article from WeSupportOrganic.com, lic. under Creative Commons.

References:

[1] http://now.uiowa.edu/2014/03/ui-study-finds-diet-drinks-associated-heart-trouble-older-women

http://www.herbs-info.com/blog/is-this-the-end-of-diet-soda-huge-study-links-aspartame-to-major-health-problems/

Can’t tax redevelopment payment to flat owner

ITAT: Can’t tax redevelopment payment to flat owner
Compensation received by a flat owner of a cooperative housing society , from a redeveloper cannot be taxed in his hands, according to a recent order of the Income-tax Appellate Tribunal’s (ITAT) Mumbai bench.

The ITAT noted this compensation was towards the hardship which the flat owner would face owing to the redevelopment. It held such compensation to be in the nature of a “capital receipt“, which “is outside the scope of income that can be chargeable to tax“. In other words, such compensation cannot be subject to income-tax.

This landmark order, whi ch relates to the I-T implications for a flat owner, will help taxpayers facing similar litigation. Management committees of co-operative societies, especially in Mumbai, will also find it easier to persuade their members (flat owners) to agree to undertake redevelopment, as I-T-related anxieties will ease. However, the ITAT held that another sum of money rece ived by the flat owner for payment of rentals while the redevelopment work was ongoing would not be taxed only to the extent it was actually utilised for rent payments. Any surplus would be treated as `income from other sources’.It would be added to the taxable income of the flat owner and the applicable I-T slab rate would apply (for income above Rs 10 lakh, the current rate is 30% plus surcharge and cess).

Jitendra Kumar Soneja had received a sum of Rs 22 lakh as compensation from the redeveloper and also another sum of Rs 8.55 lakh for paying rent as he had to vacate his flat while the redevelopment work was ongoing. Both these amounts were credited to his bank account.

As he was unable to satisfactorily explain the reason for not disclosing this sum of Rs 30.55 lakh in his I-T returns for the concerned financial year 2006-07, the I-T officer treated it as `undisclosed income’ liable to I-T. Having lost the case at the Commissioner of I-T (Ap peals) level, Soneja appealed to the ITAT.

Soneja’s counsel submitted to the ITAT that Rs 22 lakh was received as compensation owing to the hardship caused to the taxpayer on account of redevelopment. It was received as a corpus fund, which was a capital receipt and was not taxable. The ITAT took note of this contention and the fact that the compensation relates to a flat, which is a capital asset.

The ITAT did not agree with the views of the I-T department that such compensation was the flatowner’s share in the profits earned by the redeveloper. “One has to see what is the nature of income in the hands of the receiver and not the payer (redeveloper),“ ITAT held.

Going a step further, ITAT stated that while the compensation was a capital receipt and not taxable, it would be reduced from the cost of acquisition of the flat. This would have a tax impact, in case the flat (or rather the redeveloped flat) was subsequently sold.

Capital gains, on which capital gains tax is levied, is the difference between the sale price and the cost of acquisition (or purchase price).If the cost of acquisition is lower, it would result in a higher capital gains base and thus a higher incidence of capital gains tax.

As Soneji had incurred a rent expenditure of only Rs 6.80 lakh as against Rs 8.55 lakh received for this purpose, the balance of Rs 1.75 lakh was held liable to I-T.

Lubna Kably Mumbai: