Current news & Rumours in the mkt

[praveen taneja]

On 23rd April, 2010, the Govt. of India has notified the new Saral II form for salaried tax payers. The same can be downloaded from the following URL:



http://law.incometaxindia.gov.in/DITTaxmann/IncomeTaxRules/PDF/Ay2010-11/SARAL-II-ITR-1.pdf





There is a consequential amendment to Form ITR-V also. The same may be downloaded from the following URL:



http://law.incometaxindia.gov.in/DITTaxmann/IncomeTaxRules/PDF/Ay2010-11/ITR-V.pdf





In the year 2007, the Income Tax department of India has introduced a document useful for all tax-payers called the Citizens' Charter. This document mentions clearly the Mission, Vision & the Aim of the Income-Tax Department (ITD). The Charter is useful to note since it mentions certain time frame laid down by the ITD for its officers for certain activities. The Charter is uploaded onto the Income-tax Department's official website at the following URL:



http://www.incometaxindia.gov.in/citizenscharted.asp



As a taxpayer, if you have any grievances relating to your income tax matters, you may consider lodging your grievances with the Ombudsman appointed by the Govt. of India. The Ombudsman’s office is generally occupied by a senior retired tax official and such a person has independent powers. In the past, tax payers have been able to successfully redress their grievances by approaching the Ombudsman. To know more about how to approach the tax Ombudsman, please click on the below given URL:



http://www.incometaxindiapr.gov.in/incometaxindiacr/ombudsman.pdf



If a Mumbai based tax payer wishes to directly contact the Income Tax Ombudsman Mr. Askok Kumar Handa for any grievances, he may write to him on:



[email protected]



To know more about the Income-Tax Appellate Tribunal like formation of benches, qualifications for appointment of members, information on various benches throughout India, locations of ITAT throughout India, Forms to be used for filing appeals etc., please click on the following URL:



http://www.itat.nic.in/

 

[RSI]

Greece debt has been cut to junk status by S&P. Germany is still keeping mum on giving aid to Greece. Portugal, Spain, Italy etc. also see their bond spread widen rather wildly. Game is hotting up. The whole Europe is on tenterhooks.

 

[praveen taneja]

Results Today:



Alfa Laval,

Alstom Projects,

Balaji Telefilms,

Balrampur Chini,

Bharti Airtel,

Bank of Baroda,

Canara Bank,

Dabur India,

Eicher Motors,

Essel Propack,

Exide,

GHCL,

Ingersoll Rand,

JSL,

Kesoram,

LIC Housing,

Marico,

Mindtree,

Patni and

Shoppers Stop.

 

[praveen taneja]

India's most fiercely fought corporate battleReliance Industries (RIL) versus Reliance Natural Resources (RNRL) at the Supreme Court could reach a conclusion soon.

It is being learnt that the Supreme Court may pronounce a judgement on the case in the next few days,

 

[praveen taneja]

The Congress-led government sailed through a trial of strength in parliament on Tuesday, with smaller parties giving it a leg up to achieve a surprisingly strong victory despite a recent string of troubles.

Prime Minister Manmohan Singh's government was backed by 289 MPs in the 545-strong Lok Sabha, while the opposition managed 201 votes against. Two parties walked out on the vote, adding to abstentions.

Despite the handsome win, Singh and his reformist aides are not likely to move on major reforms to open up the economy, seen needed to sustain double-digit growth rates like in peer China.

The vote was demanded by opposition parties against an unpopular hike in fuel and fertiliser prices which they said stoked inflation and hurt the poor, but which the government say is needed to cut the fiscal deficit from a 16-year high of 6.9% of GDP

 

[praveen taneja]

'We Won't Let Greece Down': German Finance Minister

 

[praveen taneja]

NEW DELHI: Reserve Bank had declared 108 Non Banking Financial Companies (NBFCs) as vanishing companies during the last three years, Rajya Sabha
was informed today.

"Whenever a company is declared as vanishing the matter is referred to the Economic Offences Wing of the concerned state government," Minister of State for Finance Namo Narain Meena said in a written reply.

The onus is on the state police machinery to investigate the case and take legal action as deemed appropriate, including penal action as per Indian Penal Code or Criminal Procedure Code, he said.

It is mandatory that every NBFC should be registered with RBI to commence or carry on any business of non-banking financial institution, he said.

RBI has been empowered to impose penalty on NBFCs for violation of the provisions of the RBI Act 1934.

In order to protect the interest of investors, he said, RBI has strengthened market intelligence system for picking early warning signals about the health of a particular NBFC and take preemptive action.

 

[praveen taneja]

Punj Lloyd - Punj Lloyd bags Cuddalore refinery project from Nagarjuna Oil

 

[praveen taneja]

The yield on 2-year Greek bonds surged to 24.2 percent, while the spread between the Greek 10-year bond and German bunds rose to 847 basis points from Tuesday's 690 basis points.

 

[praveen taneja]

Corporate News Headline
• Bharti Airtel posted its first fall in earnings in three years as cut-throat competition dented margins leading to an 8% drop in net profit to Rs. 20.60 bn in the fourth quarter. (BS)
• Punj Lloyd said it has won a construction contract for the 6-million tonnes per year Cuddalore refinery in south India. The firm did not disclose the value of the order. (BS)
• Marico said its consolidated net profit rose by 15% to Rs. 510 mn for the quarter ended March 31, 2010. Total income rose to Rs. 6.07 bn for the quarter ended March 2010 from Rs. 5.69 bn in the same period in the previous fiscal. (BS)