No need to file tax returns if salary not exceeding Rs5 lakh

 

Earlier, it was obligatory for all salaried persons to file income tax returns under the Income Tax Act, 1961

New Delhi: Salaried employees earning up to Rs5 lakh a year need not file income tax (I-T) returns from this year, the finance ministry said today, reports PTI.
 
The exemption from filing I-T returns is applicable only if “the total income of the employee does not exceed Rs5 lakh ... (and) the annual interest earned from savings bank account is less than Rs10,000” for assessment year 2012-13.
 
Filing I-T returns is, however, necessary to claim refunds. The last date for filing tax returns is 31 July 2012.
 
There are about 85 lakh salaried persons in the country whose yearly income, including earnings from other sources like bank deposits, does not exceed Rs5 lakh.
 
The exemption will be permitted only if the assessee has received a certificate of tax deduction in Form 16 from the employer. The employees have to report income from interest on savings bank account to the employer to become eligible for exemptions.
 
Earlier, it was obligatory for all salaried persons to file income tax returns under the Income Tax Act, 1961.
 
Meanwhile, the tax department said special counters will be set up in Delhi and “Tax Kiosks” in various parts of Mumbai to assist people in filing income tax returns.
 
Unlike the previous years, the tax department will not set up any return receipt counters are at Pragati Maidan in New Delhi.
 
Instead, returns will be received at Civic Centre, opposite Ramlila Ground, New Delhi, from 26-31 July 2012.
 
The Mumbai Income Tax Department will set up “Tax Kiosks:, manned by Tax Return Preparers, at various locations in city to assist individual and the Hindu undivided family (HUF) taxpayers in preparation and filing of the returns. A tax payer will have to pay Rs250 to avail services of TRPs.
 
“Tax Kiosks” will be functional in certain residential areas on 22 July 2012 and in certain offices on 24th and 25th July 2012.
 
At present, income of Rs2-Rs5 lakh attracts 10% tax, Rs 5-Rs10 lakh 20% and above Rs10 lakh, 30%.

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Maruti’s Manesar plant closed for third day

 

The production loss has so far mounted to about Rs210 crore. The plant rolls out about 1,600 units per day. In terms of value, the per day loss is about Rs70 crore 

Manesar (Haryana): Maruti Suzuki India’s Manesar plant will remain closed for the third day on Saturday after the violence on Wednesday in which one senior company official was killed, while the police has said, most of the workers who instigated the incident have been identified, reports PTI.
 
“The plant will remain closed today,” a company spokesperson said.
 
The production loss has so far mounted to about Rs210 crore. The plant rolls out about 1,600 units per day. In terms of value, the per day loss is about Rs70 crore.
 
Meanwhile, the police said it has identified most of the workers who instigated the violence.
 
“No further arrests have been made so far but we have identified majority of the workers who instigated other workers and committed the crime,” DCP Gurgaon Maheshwar Dayal told PTI.
 
He said most of them are union leaders and executive members of the workers union who were having negotiations with management officials prior to the incident.
 
Already 91 employees, who were arrested, have been remanded to 14 days’ judicial custody on Thursday by a local magistrate.
 
On Friday, the company management had said it would not compromise on violence and was considering lockout of the plant as one of the options for now.
 
“Suzuki Motor Corp has asked us not to compromise on violence... we are cooperating with the police and district administration in the investigations...  if this is found to be planned and orchestrated from outside, I can’t accept this,” Maruti Suzuki India (MSI) managing director Shinzo Nakanishi had said.
 
However, MSI chief operating officer (administration) SY Siddiqui said while in the long term the company was committed to the smooth operations of the plant at Manesar, “in the short term we are considering various options, including a lockout”.

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On the verge of a fall as the bulls begin to falter?

Unless and until the 5,350-5,400 point’s area is taken out there is no cause for bullishness. Sell in rallies and stay away if you are only inclined to the bullish side 


S&P Nifty close: 5,205
 
 
Market Trend
 
Short Term: Sideways              Medium Term: Down                   Long Term: Down
 
After a flat open, the Nifty fell in the first half of the week into the “gap area” between 5,159-5,189 points when it hit a low of 5,169 points, but did not close the gap. On the 19th it opened with an upside gap but on the very next day the gap was closed, thus implying that it was just a flash in the pan. The Nifty finally ended below last week’s low, down 22 points (-0.42%) in the red. Volumes were, however, lower than last week implying that the bulls’ hopes are still alive, though barely. 
 
The sectoral indices which outperformed were CNX Media (+0.93%), CNX MNC (+0.66%), CNX Consumption (+0.57%), CNX FMCG (+0.53%) and CNX Pharma (+0.33%) while the gross underperformers were CNX PSU Bank (-3.09%), CNX Realty (-2.62%) and CNX Auto (-1.60%). The histogram MACD has moved marginally lower but is still above the median line. One has to watch this closely, especially when it drops below the median line as the bulls will then be under tremendous pressure.
 
Here are some key levels to watch out for this week 
 
• As long as the S&P Nifty stays below 5,211 points (pivot) the bears can breathe a bit easy. The trend seems to have turned sideways now.
 •Support levels in declines are pegged at 5,163 and 5,122 points. 
• Resistance levels on the upside are pegged at 5,252 and 5,299 points.
 
Some Observations
 
1. The Nifty has completed the targets of 5,098 (38.2%), 5,200 (50%) and 5,301 (61.8%) points retracement of the decline from 5,629-4,770 points. 
 
2. After falling below 5,263 points the bears are finding it difficult to regain this level despite the international markets being in fine fettle.
 
3. We have completed 20 weeks from the recent high of 5,629 points. 21 weeks is a Fibonacci number hence it’s a make or break week for the bulls and one has to closely monitor the market from around the 21st of this month. 
 
Strategy
 
The Nifty is finding it difficult to regain the 5,263 points levels in rallies despite the international markets doing well. Now it seems that the US markets are also on the verge of topping out and hence the coming week will be a break-or-make week for markets worldwide. The strategy to books profits in rallies has proved to be wise and one should continue with this. Unless and until the 5,350-5,400 point’s area is taken out there is no cause for bullishness. Sell in rallies and stay away if you are only inclined to the bullish side. There is a strong possibility that we could be in for some troubled times in the markets in the weeks ahead.
 
(Vidur Pendharkar works as a consultant technical analyst & chief strategist at www.trend4casting.com.)

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