News Feeder

Toshiba's Thrive tablet to go on sale in July

2011-06-06T22:21:00.000-07:00

San Francisco: Toshiba Corp is the latest company to jump into the rapidly growing tablet market with a 10-inch device called Thrive, priced slightly lower than Apple Inc's dominant iPad 2.

The Toshiba tablet goes on sale in the United States on July 10th. Other companies, including Research in Motion Ltd and Hewlett-Packard Co, are also entering the market.

Toshiba's Thrive, a wifi-only device with the base model starting at $429, is primarily aimed at consumers who use tablets at home, said Jeff Barney, general manager of digital products for Toshiba America.

he devices - which run on Google Inc's Honeycomb version of the Android platform - can be pre-ordered starting June 13 at retailers such as Best Buy Co Inc, Amazon.com Inc and other electronic retailers.

Global tablet sales are expected to explode to more than 50 million in 2011. Apple, which sold nearly 15 million iPads in nine months of 2010, is expected to continue to dominate the market in the near term.

And as in the smartphone market, Apple's chief rival is expected to be Android platform, which is free to license and is being used on a number of tablets.

Barney said that, while Apple does have the best-selling product in the space, there is plenty of demand for other models.

"In the smartphone arena somehow the Android handsets have found a way to compete," he said. "There is a market out there of folks who want to buy non-Apple products."

Thrive, which has a removable battery, plays high-definition videos and is designed for Web browsing, games and electronic books.

Toshiba plans to launch additional tablet models later this year and could include devices with a high-speed mobile connections, Barney added.

Didn't file tax returns for 7 yrs? Find out what to do

2011-06-06T22:08:00.000-07:00

anjana Dasgupta, 28, hasn’t filed her tax returns in the last seven years. Call it laziness or sheer ignorance, either way she didn’t see the need to file returns till date.

Sanjana’s reasons:

1. For the first three years, my salary was not taxable. So, why would I be expected to file returns?

2. In the fourth year, my salary came under the tax slab. My employer has been deducting tax at source from my salary ever since. So, what’s the point in filing returns when I am already paying taxes?

"All right, then why do you want to file tax returns, now?” I asked.

”I have to travel abroad in couple of months. During my visa interview at the embassy they asked me to produce my tax returns for three or four years. I didn’t even know I was required to submit these documents for visa purpose,” said Sanjana.

”What do you plan to do, now?”

”I don’t know. I am lost,” said Sanjana

Here's help for Sanjana and many others like here:

You need to file your income tax return if your income is higher than the exemption limit. For the assessment year 2008-09, the basic exemption limit is:

Men Rs 1.50 lakh

Women Rs 1.80 lakh

Senior Citizens Rs 2.25 lakh

If you earn more than the exemption limit, you have to file your returns. This holds true even if you are not eligible to pay tax.

Chartered accountant and a partner at Sudit K Parekh & Co, Ameet Patel says, “Sanjana has contravened the provision of Income-Tax by not having filed returns for the past many years despite earning income above the threshold limit. This, by itself, is enough to land her in trouble with the Income-tax Department. The assessment officer can reopen and scrutinise Sanjana's earlier assessment. If her stakes are very high, it could also lead to prosecution.”

What can Sanjana do now?

Patel says, “The best option would be to file the returns for the financial years ended March 2007 and March 2008 on an urgent basis. She can submit copies of the tax return along with a copy of the Form 16 for the year ended March 2006 for the VISA application. However, she cannot file the returns for any of the earlier years as they are time barred.”

Tax expert Sandeep Shanbhag confirms the same. He says, "As on date, she can file returns for a total of two years. If she files return after July 31, 2009 (the last date for financial year '08-'09 is July 31, 2009), it will be termed as a 'belated return' and the same can be submitted anytime up to March 31, 2011."

Reasons why you should file returns

”That’s not the only time you are required to produce copies of tax returns, you know?” I said.

”What?! There are more instances?” Sanjana asked.

Apart from the fact that it is legally binding on you and you might need it for your visa, returns come handy when you want to take a loan. Banks usually require you to submit income tax returns.

So, it is usually for your benefit that you file returns.

Filing late

These are the consequences of filing your returns late:

1. In case Sanjana doesn't file before March 31, 2009, she will liable for a penalty of Rs 5,000.

2. In case Sanjana owes taxes to the exchequer, she will have to pay interest at 1 per cent per month.

3. In case of refund, interest will be calculated from the date she filed returns instead of April 1.

4. In case of loss, she will not be allowed to transfer it to next year.

5. In case Sanjana has made a mistake in original return, she will not be allowed to revise her return.

Inflation in India-government policy

2011-06-06T22:05:00.001-07:00

Inflation in India touches 10.16% recently and this inflations spreads its hand on manufactured goods also(As per recent press release.) Situation is worrying the government. Government announced that RBI will take corrective measures to control the inflation. The inflation is increasing steadily at a higher rate. It seems to be the government is not seeing the situation in subtle and always ask RBI to take action.
Our inflation measurement is also not at par with the international standards. we have seen situation where inflationary conditions are existed in the market, in contrast govt. express deflationary conditions in the country by releasing negative figures.
whether altering the CRR and Repo rates is the only policy measure available to correct the inflation or deflation in the country. There are no other alternatives. Inflation may also be on account of demand and supply gaps, or black marketing. How this has to be identified and to be controlled. What should be the policy decisions or matter should be? What steps the government has to take?