Flat steel prices set to go up
New Delhi: For the third time in the last four months, steel companies plan to increase prices of hot rolled flat products. The hike would be in the range of Rs 500-700 from August onwards across a product range. However, the possibility of an increase in long products is unlikely this month, sources said. Hot rolled coils are priced in the range of Rs 26,000 to Rs 28,500 per tonne including excise duty of around Rs 2,000. With this round of increase, the prices are likely to cross Rs 29,000, industry sources said.

The companies had increased the prices in the range of Rs 1,000 to Rs 1,500 per tonne in early July.

Industry sources pointed out that if the public sector Steel Authority of India (SAIL) increases its prices in the Rs 500-700 range, then private companies would increase the prices by a few more hundreds. The hike may go up to Rs 1,000 by some producers.
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New e-return forms available from CBDT
New Delhi: The Central Board of Direct Taxes (CBDT) has notified new set of tax return forms including the one for corporate taxpayers, who would now be required to compulsorily file their return of income electronically.

The CBDT has come up with a new return Form No 1(for corporate taxpayers), Form No 2 (for non-corporate taxpayers having business income) and Form No 3 (for non-corporate taxpayers not having business income). It has also notified a Form 3B for fringe benefits. The new Forms 1, 2 and 3 substitute the existing Form Nos 1, 2 and 3 and come into force immediately.

The new return Form Nos 2, 3 and 3B can be filed in the same manner as corporate tax returns. However, it is optional for the taxpayer to file the return electronically.

The new return forms would be available on the Web Site http://www.incometaxindiaefiling.gov.in.

However, the software for electronic filing of tax returns in form 1, 2, 3 and 3B would be available on the same Web Site from the middle of September.

To provide some time for the taxpayers to get themselves familiarised with the new forms, the CBDT has extended the due date for furnishing of return of income and return of fringe-benefits for assessment year 2006-07 from July 31 to October 31 in all cases of non-corporate taxpayers (including partners of firms and charitable trusts and institutions).

In the case of individuals and HUFs not having income under the head "profits and gains from business or profession", the due date for filing of return of income would continue to be July 31. For salaried people who have already filed their return, the tax department would go by that return only.
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I-T department readies for strike
Hyderabad: The Income Tax department is gearing up to receive the annual returns to be filed by individuals, in view of the strike notice given by its employees between July 25 and July 31.

According to a press release from the Department, all the assesses/tax payers are requested to file their IT returns during July 25-28, to avoid inconvenience due to the last minute rush on July 31, 2006.
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File your IT returns at the post office
New Delhi: Income tax assessees can now file their returns in designated post offices across the country from Wednesday. About 2,000 post offices will now accept income tax returns and the taxpayer will not be required to come to the income tax office for filing his return.

The returns would be accepted only in designated post offices within the area where the assessee is currently assessed and the CBDT will soon put out on its Web site the list of such designated post offices. The list of designated post offices can also be obtained from the Head Post office in the region.

A taxpayer submitting his return in a post office would be required to enclose his return in a 10-inch by 12-inch envelope (not to be sealed) to ensure the safety of annexures, if any. On the envelope, the assessee would have to give details such as name and address of the assessee, PAN, assessment year and ward/circle where his assessment is made.
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Half of sea trade may halt from August 1
Mumbai: The Centre's directive to all major ports to ban from August 1 the entry of vessels which do not have a Protection and Indemnity (P&I) cover from government-approved clubs is likely to hit sea trade.

More than half of the vessels calling at 12 major ports are not covered by government-approved P&I clubs.

The move will hit the small players in tankers, bulk carriers, barges, and other small container vessels, who operate without a cover from the approved agencies and carry nearly 50 per cent of the cargo.

Government officials said the ruling has been given to regulate the entry of vessels to check pollution damage caused by spillage of oil or other hazardous and noxious substances. There are over 30 to 40 wrecks lying on the Indian coast which can cause severe damage to plying vessels.

Significantly only 13 P&I clubs in the world are approved by the Indian government.
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