ML sectoral trends

Shares of garments companies and non-ferrous metals companies advanced 5% each. Stocks of healthcare companies and energy companies declined 5% each. Stocks of office equipment companies and education companies fell 4% each. However, stocks of trading companies and retail companies rose 2% each. 

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Food Inflation

Combined food inflation was 6.20% for March 2015, compared to 6.76% recorded for February 2015. For rural and urban areas, food inflation was 5.85% and 6.72%, respectively, in March. Inflation in vegetable prices was at 11.26% in March, compared to 13% in February. Inflation in fruit prices was 7.41% in March, while pulses were dearer by 11.48% year-on-year. Inflation for cereals stood at 2.32% and inflation for milk products was 8.35%. Price rise on non-vegetarian items, such as meat and fish, was 5.11% in March compared to 4.95% in February 2015. 

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New income tax return forms to be modified: Jaitley

The Central Board of Direct Taxes had notified new norms and the attendant forms that, among other issues, requires an assessee to furnish all bank details, accounts opened or closed in the year with the closing balance, as also the sources of funds for expenses in an overseas travel

 

The government has decided to modify the new Income Tax Return (ITR) forms following concerns raised over them last month, Finance Minister Arun Jaitley told parliament on Tuesday.
 
"The government has received representation on the new return forms notified on April 15, 2015 and taking into account concerns raised, the government has decided to modify the return forms," Jaitley told the Rajya Sabha in a written reply.
 
The Central Board of Direct Taxes had notified new norms and the attendant forms that, among other issues, requires an assessee to furnish all bank details, accounts opened or closed in the year with the closing balance, as also the sources of funds for expenses in an overseas travel.
 
While in the US last month, Jaitley spoke to his officials and asked them to review the forms, and on his return, met industry representatives for their views on the matter.
 
The purpose of asking details relating to foreign travel was in order to tackle black money Jaitley said, adding that these details are not required in ITR-1 or ITR-4S which is filed by majority of individual taxpayers.
 
The finance minister also said the process of electronic filing had been made simpler over the years, while during the last fiscal, 3.41 crore returns were filed electronically which constituted 87 percent of the all the returns.
 
The government has also provided free ITR preparation software with the facility of pre-filled tax payment and tax deduction columns in the form to avoid data entry and mistakes.

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