Income tax department has finally released much awaited return preparation software for ITR-1, ITR-2, ITR-3, ITR-4, ITR-4S, ITR-5 and ITR-6. The software’s released by Income Tax department are free and much better than any other private software available. Due Date- The last date for Filing of ITR in respect of Assessees who are liable to Audit is 30th September and for Non-Audit cases it is 31st July. Due date for filing of Return in respect of Individual and HUF who are Partner in a Partnership which is liable to audit is 30th September. In case of Corporate Assessees who are although not liable to tax Audit but has to get their accounts audited under the Companies Act, 1956 also the due date is 30th September.
Following 40 per cent decline in cotton prices during the past one-and-a-half month, industry body ASSOCHAM today called for lifting the ban on raw cotton exports to protect interests of farmers across the country. Cotton prices have tumbled from Rs 59,000 to Rs 65,000 per candy on March 31 to Rs 38,000 earlier this month.
The government will begin tomorrow its consultations with various stakeholders regarding a new set of rules on how stock exchanges should be owned and run, proposed by a Sebi-appointed committee last year. Besides the exchanges, new ownership and governance rules have also been proposed by the committee, chaired by former RBI Governor Bimal Jalan, for other market infrastructure institutions like depositories and clearing corporations.
Industry body CII today said competition watchdog CCI’s approval should not be made mandatory for mergers and amalgamations between group companies. While acquisitions of control or shares or voting rights or assets within the same group have been exempted from the notification requirement, mergers or amalgamations have not been specified, which appears to be an oversight, CII said in a statement.
The International Accounting Standards Board (IASB) has requested the government to adopt the global accounting standards IFRS in toto or at least allow companies to voluntarily do so and not go ahead with the convergence approach.Stating it is in India”s own interest to adopt the International Financial Reporting Standards (IFRS, as India”s problems will soon be the problems of the global community too, IASB Board member Prabhakar Kalavacherla said we (IASB) strongly encourage adoption as against convergence.
Making out a case for extension of the popular incentive scheme – DEPB – for Indian exporters, Commerce Minister Anand Sharma today said he will take up the issue with Finance Minister Pranab Mukherjee on his return to New Delhi. I am one who is not subscribing to this view that our exports have reached a stage where we can do away with some of the incentives…I am going to discuss DEPB and interest rates with the Finance Minister.
Agriculture Minister Sharad Pawar today said the government will take a final view on lifting the export ban on wheat and non-basmati rice after assessing foodgrains requirement under the proposed National Food Security Act.Last month, Pawar had said that the government should give a serious thought on allowing export of wheat and non-basmati rice, banned in February 2007 and April 2008, respectively, as FCI has foodgrains stock higher than the buffer norm.
Market regulator Sebi today directed Purshottam G Budhwani , a broker involved in the infamous IPO scam of 2003-05, to deposit over Rs 9.39 crore on unlawful gains made by him. In case of failure to deposit the amount within 45 days, Budhwani shall be barred from the securities market for nine years, the Securities and Exchange Board of India (Sebi) said in an order.
Due to paucity of accommodation in some Zones opted by the candidates in the cities of Chennai, Indore, Bangalore and Hyderabad some of the candidates have been allotted examinations centres in other zones of the said cities where the accommodation is available. In view of this, it is not possible to accede to the requests of the candidates for transfer to an examination centre in a particular zone of the city opted by them.
Union Finance Minister, Shri Pranab Mukherjee has said that the counterfeiting of our currency is a matter of great concern for the Government. The Finance Minister said that with a view to check this menace of fake currency, an exercise for introduction of security features in all denominations of Indian Bank Notes is under way. This is being piloted by Directorate of Currency, Ministry of Finance, the Minister added. Shri Mukherjee urged all concerned to have this task completed at the earliest in a given time frame.
