New I-T return form for assessment year 2006-07
New Delhi: The finance ministry has notified a new four-page return (Form-2F) for assessment year 2006-07 for resident individuals and Hindu undivided family (HUFs) who do not have profits and gains of business or profession or capital gains or agriculture income or more than one house property.

However, individuals/HUFs having long-term capital gains from transactions in securities on which securities transaction tax (STT) has been paid could also use this form.

To allow sufficient time to taxpayers to become familiar with the new return form, the Central Board of Direct Taxes (CBDT) has now said that the existing one-page Naya saral form 2E could also be used up to July 31, 2006. After July 31, the Naya saral Form 2E would be scrapped.

The new form 2F would make return filing easier, according to Govt. officials as one of the major advantages of the form was that no annexures (including Form 16A) are required to be attached with it.
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DRDO, NIMS in joint effort to develop nano-materials lab
Hyderabad: A hi-tech laboratory geared to making medical devices from nano materials will come into existence as a joint venture between the Defence Research & Development Organisation (DRDO) and the Nizam's Institute of Medical Sciences (NIMS).

The two organisations will blend their research and medical expertise in the venture.

Stating this, Dr Sivathanu Pillai, chief controller (R&D), DRDO, and Dr D. Prasada Rao, Director of NIMS, said the laboratory should be ready in a year. The DRDO-NIMS joint effort will also rope in the University of Arkansas, where Prof. Vijay Varadan a well-known expert on nano-materials, has expressed willingness to collaborate.
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Cabinet to revive Tungabhadra Steel through JVs or disinvestment
New Delhi: The Union cabinet on Friday approved the revival of Tungabhadra Steel Products Ltd either through joint ventures with public sector enterprises or through disinvestments in favour of private parties. This was stated by the parliamentary affairs minister, Priyaranjan Dasmunshi, after the cabinet meet.

The cabinet also approved opening up of a voluntary retirement scheme for the company's employees in order to make it more attractive to prospective buyers.

It also gave in principle approval for carrying out of joint venture exercise with private partner with 74 per cent shareholding and management control, if necessary and for getting an enabling legislation to cover such possibility, Dasmunshi said.

The cabinet committee on economic affairs (CCEA), which also met here on Friday, approved the Jute Technology Mission at a cost of Rs355.55 crore.
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Draft policy to boost semiconductor sector soon
Bangalore: The communications and IT minister, Dayanidhi Maran has said that the draft policy proposing incentives for the semiconductor industry should be released in a "matter of weeks." Speaking at the inauguration of a new campus of Software Technology Parks of India (STPI), Maran said that the policy was in the final stages of preparation.

The policy will cover various aspects related to the industry such as fabs, assembly and testing units, solar cells, flat panel displays and storage devices.

"This, along with a proactive and industry-friendly hardware policy, will make the Indian electronics/hardware manufacturing industry globally competitive and ensure more inflow of investment, including FDI, into this sector," he said.
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Inflation up on costlier food, energy prices
New Delhi: The annual wholesale price index-based inflation rose 4.74 per cent during the week ended May 20, higher than the previous week's annual rise of 4.32 per cent.

The increase in the year-on-year inflation rate was mainly on account of higher food, energy and manufactured product prices, according to data released here today by the ministry of commerce and industry.

The wholesale price index (WPI) ended the latest reported week at 201.1 points. The index was at 192 points during the same period a year ago. The inflation rate was 5.38 per cent during the corresponding week of the previous year.
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