Monday, July 13, 1998
Much-touted `Saral' tax formneeds to be simplified further
In the budget speech for 1998-99, finance minister Mr Yashwant Sinha, recognising the cumbersome nature of the income-tax form, coupled with the difficult procedure of filling it, introduced a single-page Saral (simple) form. Saral was meant to be an incentive to honest tax payers—to make it easy for them to fill the form and pay the due taxes on their income.
Good month for collectors of aero-philately
New stamp releases in June were characterised by se-tenant designs and a continuation of the nation's Golden Jubilee celebrations. The Department of Posts brought out commemorative stamps on the 50th anniversary of Air-India's maiden international flight and the setting up of the National Savings Organisation (NSO). The set of stamps, in denominations of Rs 11, Rs 6 and Rs 5, have two different designs linked by a continuing theme, making them a collector's item.
Going past creative accounting
In this age of creative accounting, accounting principles are changed, provisions are created or written back and generally accepted accounting principles are liberally interpreted or ignored by companies to show profits. Shareholders do not realise this when they look at the profits made as published in the financial statements. It comes therefore as a surprise when a regular profit making company suddenly downs its shutters and goes into liquidation.
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