08 February 2008
ALL MAJOR CHANGES IN VARIOUS SECTIONS OF INCOME TAX AND CST NEED UPDATE AS AND WHEN CHANGES ARE MADE BY THE GOVT. ONE HAS TO KEEP EYES AND EARS OPEN FOR THE PERIODICAL CHANGES MADE BY GOVT DEPTS TIME TO TIME. FOR EXAMPLE INCOME TAX DEPT. UNDER MINISTRY OF FINANCE ISSUED A NOTIFICATION VERY RECENTLY THAT THOSE IT ASSESSEES WHO FILED IT RETURNS IN OLD FORMS HAVE TO FILE REVISED RETURNS AGAIN NOW. THE LAST DATE IS FEB OR MARCH 2008. SIMILARLY SERVICE TAX ACT ALSO BRINGS OUT PERIODICAL CHANGES LIKE LATEST CHANGES MADE IN SERVICE TAX IN RELATION TO WORKS CONTRACT . RBI THE OTHERDAY BARRED BANKS FROM DEALING IN EXOTIC FOREX DERIVATIVES AS INDIAN CORPORATE HAVE REPORTEDLY LOST MORE THAN RS 1000 CRORES(THE FACT IS THIS LOSS IS ATLEAST 10 TIMES MORE THAN WHAT IS REPORTED IN PRESS ). KEEP ABREAST OF ALL LATEST AMENDS IN ALL STATUTES IF YOU NEED UPDATE TO YOURSELF OR YOUR EMPLOYER OR CLIENT. R.V.RAO
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