Number of IT returns filed nearly doubles
New Delhi: More and more people are paying taxes. This year over 1.26 crore individuals filed their income-tax returns as opposed to 77 lakh who filed returns last year. The facility to file returns through post offices was also used by people this year to file returns. Though there were only six days to the July 31 deadline, about 4 lakh individuals used this route to comply with tax laws.

According to the Central Board of Direct Taxes (CBDT) spokesperson, A.K. Sinha, these returns were only that of `individuals' and that most companies and businesses would have to get their books audited for tax purposes before filing their tax returns.

Informed sources, however, said that the increase in the number of returns filed could also be attributed to assessees' eagerness to escape the controversial `form 2F' where cash flow statements have to be given. The CBDT had specified that individuals filing returns after July 31 could not use `Naya Saral' (form 2E) and would instead have to file returns in Form 2F. The cash flow statement is a sore point with the critics of this form, though it was optional for returns filed for the assessment year 2006-07.
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Telecom FDI guidelines may be relaxed
New Delhi: The Department of Telecom (DoT) has proposed to relax some of the norms in Press Note 5 related to foreign direct investment in telecom sector. It has been proposed to do away with the need for an Indian promoter to hold at least 10 per cent stake in a telecom company and also allow remote access of equipment after intimating the Intelligence Bureau.

The proposed changes also allow companies with less than 49 per cent FDI to appoint foreigners in key positions such as the chief executive officer or chief technical officer. The DoT has now proposed to exempt companies which have less than 49 per cent FDI from the guidelines specified in Press Note 5. In November 2005, the Government had notified Press Note 5, which on one hand increased the permissible FDI cap in the telecom sector from 49 per cent to 74 per cent and on other, imposed restrictions to take care of concerns related to national security.
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Gold jewellery exports to touch Rs315-bn by 2010
New Delhi: India's gold jewellery exports will touch the Rs315 billion mark by 2010 and will further grow to Rs479 billion by 2015 against the current Rs175 billion according to a report prepared by apex industry body Assocham.

Domestic gold demand is expected to rise to 980.83 tonne by 2010, and 1152.64 tonne by 2015 against the current demand of 800 tonne.

The Assocham report said gold import would keep rising in India due to domestic demand and the country would remain the largest consumer of gold in the world.

Currently, the country estimated to have nearly 14,000 tonne of gold reserves, accounting for 9 pc of the world's cumulative production of around 153,000 tonne. India happens to be the largest purchaser of coins and bars for investments.

The Assocham paper also highlighted that India's production of gold was estimated at 3.05 tonne during FY 2006, as compared with 3.53 tonne during FY 2005.
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