No filing of tax returns if salary is only income

New Delhi:In a big relief from cumbersome tax filing process for the salaried class, Finance Minister Pranab Mukherjee proposed to exempt them from filing tax returns unless they have other sources of income.

The government will be issuing a notification exempting 'classes of persons' from the requirement of furnishing income tax returns, said the Memorandum to the Finance Bill 2011.The decision, which will come into effect from June 1, 2011, will reduce the compliance burden on small taxpayers, it added.

Salaried taxpayers who do not have other sources of income and whose incomes are subject to Tax Deduction at Source (TDS) will be excluded from filing returns.

"Therefore, in cases where there is no other source of income, filing of a return is duplication of existing information," the Memorandum said. jite
JITENDRA KUMAR SINGH
PGDM-2

Microsoft to go online to compete with Google Docs

On Tuesday, Microsoft Corp. revealed its plans to soon initiate Web-based versions of some of its most popular office software including Word, Excel and PowerPoint, providing users with the ability to work with documents through a Web browser or mobile phone whenever the PC is not available.
These Web-based programs, which are described as "lightweight versions"of the Microsoft Office programs that are installed on PCs, actually have been initiated to over show Google


From-pankaj choubey PGDM-2ND

Oil up above $112 as Middle East supply concerns dominate

Brent crude rose above $112 a barrel on Tuesday as continued unrest in the Middle East and North Africa threatened to further reduce crude supplies even as Saudi Arabia ramped up output to cover disruption to Libyan exports.



Gains were capped as February manufacturing growth in No. 2 oil importer China slowed to a six-month low. In top consumer the U.S., crude oil inventories likely increased for the seventh consecutive week last week on higher imports.
Brent futures for April rose 41 cents to $112.21 a barrel by 0736 GMT. The contract gained over 10 percent in February, its biggest monthly percentage rise since May 2009. U.S. crude rose 33 cents to $97.30 a barrel.
Both benchmarks surged to their highest in 2- years last week as the revolt in Libya cut supply and spurred fears that tensions could spread to other oil producers in the region.
Demonstrators blocked roads into Oman's main oil product port on Monday, although exports were unaffected.
"There's a very large fear premium in oil prices due to the geopolitical situation," said Ben Le Brun, markets analyst at CMC Markets.
"The potential is there and the risk is very high if it (the unrest) spreads to countries such as Saudi Arabia," he said, adding that in that scenario prices could "rocket up."
Crude oil shipments from Libya are at a virtual standstill as reduced output and bad weather hamper exports from the world's 12th-largest producer, shipping sources said.
Bank of America Merrill Lynch said Libya's oil infrastructure on the eastern side of the country could be prone to attacks, "creating the risk of a prolonged output loss.
The bank added that the oil market's ability to deal with further unrest in the Middle East was limited. Still, a Saudi source said on Monday that the kingdom has another 3.5 million barrels per day (bpd) of spare capacity, even after it raised output to around 9 million bpd to plug the gap left by Libya.
OIL SPIKES TO HIT GROWTH
The IMF has warned that global economic growth could suffer if the price of oil stays at its current high level for an extended period.
"A steep rise in oil prices that is caused by a supply loss is likely to be more damaging than one that is driven by robust demand," JPMorgan analysts led by Lawrence Eagles said in a February 28 note.
In China, manufacturing growth slowed in February to a six-month low, according to an official survey, as the government's sustained campaign to tame inflation weighed on industrial activity.
A slowdown was expected, but China still has strong demand for crude and products to feed its expansion, said Yuichiro Sakaki, a Tokyo-based trader at Mizuho Securities.


Name - Rakesh prasad
PGDM - 2 nd sem

Income tax exemption limit raised to 1.8 Lakh

New Delhi: Finance Minister Pranab Mukherjee proposed to enhance the income tax exemption limit to 1.8 lakh ( 180,000 or $4,000) for the next financial year, from 1.6 lakh now.

He announced this while presenting the federal budget for the next fiscal.

The minimum alternate tax levied on the corporate sector has, however, been increased to 18.5 percent from 18 percent and the surcharge has been lowered to 5 percent from 7.5 percent. Mukherjee also said he was proposing a very senior category of income tax payers, above the age of 80, for whom the tax exemption will be up to 5 lakh. The qualifying age limit for senior citizens was being lowered to 60 years from 65 years.

JITENDRA KUMAR SINGH

PGDM SEM-2

N C Jha appointed acting CMD of Coal India

State-run Coal India said that Director (Technical) N C Jha will hold the additional charge of Chairman and Managing Director of the firm till further orders.

"... N C Jha, Director (Technical), Coal India Ltd (CIL), has assumed the additional charge of Chairman-cum-Managing Director (CMD) of Coal India Ltd with effect from March 1, 2011, for a period of 3 months, or till regular appointment is made or until further orders, whichever is earlier," the company said in a filing to the Bombay Stock Exchange.
Jha took over after Partha S Bhattacharyya stepped down from the post on February 28 on attaining superannuation, the company said.
"Partha S Bhattacharyya, on attaining the age of superannuation, relinquished the charge or the office of Chairman-cum-Managing Director of the company with effect from February 28, 2011," it added.
Before assuming the charge of the CMD of CIL in 2006, Bhattacharyya was the CMD of Bharat Coking.
NAME- DEEPAK KUMAR JHA
ROLL. PG/10/06
PGDM(2010-12)

Silver futures hit record Rs. 52,200