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Salaried taxpayers may be spared filing returns

Tax

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Salaried taxpayers with no other income could get a respite from filing tax returns. The income-tax (I-T) department is open to examining a proposal to exempt them from the annual chore.

Asked whether the department would think about doing away with income-tax returns for employees, who had no other income apart from salaries in a financial year, Central Board of Direct Taxes (CBDT) Chairman Sudhir Chandra said the department would certainly consider the proposal.

He agreed that for a substantial chunk of salaried employees, savings bank interest is the only additional income and that in most cases, this not substantial. This proposal, if approved, will benefit a large section of people and would reduce the I-T department's workload in a big way.

Of the country’s 35 million taxpayers, roughly half are salaried employees.

The proposal to do away with returns for salaried taxpayers was earlier internally mooted within CBDT a few years ago. The argument in favour of the proposal was that income records for this class of taxpayer were available with both employers and banks.

Source : Business Standard

Good idea, indeed.

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Bombay Stock Exchange-IPF Sponsored Research Reports

Nakoda Ltd_Buy for 154% appreciation : Ventura

Suzlon Energy’s arm RE POWER bags largest onshore project

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As per the contract, REpower will deliver, install and commission 54 MM82 turbines and 96 MM92 turbines

Suzlon Group announced that REpower Systems AG - in which Suzlon Energy is the majority shareholder with a holding of over 90% and Saint-Laurent Energies (SLE) have concluded a contract for the delivery of 150 wind turbines. In two phases, REpower will deliver, install and commission 54 MM82 turbines and 96 MM92 turbines. The turbines have a total power of 300 megawatt (MW) and are destined for the Lac Alfred wind farm project in the Canadian province of Quebec. This contract marks the largest onshore project to date for the company.

Lac Alfred will be installed in two phases -- the first 75 turbines are to be commissioned by December 2012, while the remaining 75 turbines will enter operation in 2013. The turbines are from the MM series with a hub height of 80 meters and a rated power of 2.05 megawatts (MW) each.

But we don’t know how the company is going to meet it’s working capital requirements to execute this order

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Aircel ties up with Facebook for voice status updates

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Aircel subscribers can now update their status messages on popular social networking site Facebook using their voice.

“Facebook Voice Updates on Aircel will allow people to connect to their friends on Facebook in their own voice without internet access on their mobile phones, which makes it an easy access for a large audience anytime anywhere,” Aircel said in a statement.

Using a short code to record your voice message, the subscriber can post the voice message as their status message on Facebook.

The user’s friends then receive an SMS alert about the new status update, to which they can reply with their own voice updates on Aircel.

“Today, over 15 million people are actively using Facebook in India, where mobile devices are an important tool to stay connected. This collaboration will offer our Indian users an opportunity to easily connect and share with their friends on Facebook,” Facebook Head (Mobile Business) Henri Moissinac said.

Source : News Papers

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20 Top Picks for 2011 by Value Research’s Wealth Insight

Attention! Your Axis Online Banking Account ha...

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Value Research’s Wealth Research has selected 20 stocks to watch in 2011 and invest in dips. They are

  1. Amar Raja Batteries
  2. Axis Bank
  3. Balakrishna Industries
  4. Bharti Airtel
  5. Birla Corporation
  6. Blue star
  7. Corporation bank
  8. Exide Industries
  9. Graphite India
  10. Gujarat Flurochemicals
  11. Indraprasatha Gas
  12. Jyoti Structures
  13. Maharashtra Seamless
  14. Mahindra & Mahindra
  15. Nava Baharat Ventures
  16. NIIT Technologies
  17. Tech Mahindra
  18. Torrent Pharmaceuticals
  19. UNCHEM Laboratories
  20. WIPRO
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40 Good Dividend Yielding Stocks by Religare

Dividend yield is one of the main factors to consider when investing in dividend-paying stocks. It is an indicator of the return that the investors are earning on their shares. In this list Religare have selected 40 stocks based on their performance. The Yield is calculated on the latest dividend but we have also taken consideration of the past two year’s dividend. Investors interested in dividend income can consider the stocks in this list.

Enter PIN for every ATM Transaction

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In order to check misuse of ATM cards by unauthorised people, RBI has asked banks to allow only one transaction at ATM machines for one entry of PIN. Previously, customers were allowed to conduct multiple transactions through the ATM by punching in their PIN only once in a single session.
However, the practice was vulnerable to misuse by unauthorised people, especially in case authorised customers forgot to collect their ATM card after conducting the transaction.There have also been cases when some people tamper with the ATM machines in a way that a customer cannot collect the ATM card after conducting the transaction. Once the customer moves out of the ATM machine thinking that the withheld card needed to be collected from the bank, the fraudster goes into the ATM and withdraws money as previous session remains active with the PIN already punched in.
Having received several complaints about the vulnerabilities of the existing practice, RBI has asked the banks to make changes in their systems to allow only one transaction for every entry of the PIN.RBI had asked all banks to follow these guidelines with effect from January 1, 2011.

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