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Who needs to file a tax return?

1. Irrespective of the profit or loss earned a company has to file a tax return.

2. Irrespective of the profit or loss earned a partnership firm has to file a tax return.
3. For a person apart from company and firm, filing taxes is necessary for income in excess of the amount not chargeable to tax.
4. If you have a receipt of an income derived from the property which has been held under religious or charitable purposes and if the income without giving exemption under Section 11 or 12, exceeds the maximum amount not chargeable to tax.
5. A Chief Executive Officer of a political party, if the income without providing any exemption under Section 13 A exceeds the maximum amount not chargeable to tax.
6. For a scientific research association, news agency, association/institution for control/supervision of a profession, institution for development of khadi and village industries, fund institution, educational/medical institution, trade union – if the income, without giving exemption under Section 10, exceeds the maximum amount not chargeable to tax.


2013 BMW F30 3-Series

F30 BMW 3 Series

The BMW 3-Series may not be the best seller in India but it does account for a big chunk of its sales at the end of the month. The car has been with us for years now and has also undergone a facelift during its lifecycle. The model that followed the original E90 BMW 3-Series had a redesigned front bumper and bonnet while at the rear new tail lamps gave it a fresh look. With the next generation of the 3-Series BMW might go the 5-Series way in the design department.

F30 BMW 3 SeriesThe first prototype has been spotted under heavy disguise and from what we could make out, the new 3-Series does share fair bit of its styling cues with the new 5er. First of all the headlamp cluster with its twin corona lights is more elongated and resembles that of the F10 BMW 5-Series. The twin kidney grille is more upright and wider, very much like that of the BMW 6 Series convertible which was launched a few months back.

F30 BMW 3 SeriesThe overall proportions of the car look similar to the current 3-Series but with added character lines running down its body. At the rear too, the tail lamps are very much similar to those on the F10 BMW 5 Series. Although, you cannot see the rear lamps in detail, the way they have been disguised gives away much of their shape. Also, the rear end, especially the boot lid with its prominent crease on the top has a hint of the F10 BMW 5 Series.

F30 BMW 3 SeriesIn India, BMW offers two petrol and one diesel option on the BMW 3-Series. The 3.0 litre engine on the 330i puts out 190 KW while the 2.0 litre version on the 320i puts out 115 KW of power. The 320d which is the best seller among the BMW 3-Series models, puts out 135 KW and 380 Nm of torque from its four cylinder diesel engine. The F30 BMW 3-Series is expected to come with new greener and fuel efficient engines along with BMW’s EfficientDynamics technology.

E-Ticket Racket – IRCTC Cracks Whip on Agents

Booking made easy
It’s the great Indian Railways e-ticketing ripoff. An illegal network of agents who not only plough in profits to the tune of lakhs by conning passengers to cough up five times the e-ticketing fee, but also hacking into the IRCTC website to corner tatkal tickets in bulk.

So, if you wondered why a confirmed tatkal ticket is so difficult to get, you have got your answer. Also, when you are being charged Rs 100 by a travel agent for a confirmed ticket, you are being duped. The actual fee is Rs 20.

The Indian Railways Catering and Tourism Corporation (IRCTC), the principal agency for ticketing, has recently stumbled upon this scam. Sources said sub-agents have developed a software package through which they hack into the IRCTC website during the opening hours of 8am to 9am and book tatkal tickets .

These shocking revelations have prompted IRCTC to set up an anti-fraud squad at the internet ticketing centre.

In the past three months, the vigilance department has launched surprise raids on about 150 sub-agents. Now, it has fixed the rules for booking e-tickets. First, only a single user can register on one email ID to book tickets. And agents will not be permitted to book tatkal or normal tickets between 8am to 9am when the IRCTC website opens.

Second, registration of all new principal and sub-agents has been stopped.

The department has also found that travel agents have created several IDs to apply for e-tickets, which were later de-activated. In June alone, the department deactivated around 2,831 multiple user IDs used to issue e-tickets. An IRCTC official said, “It has been found that passengers are charged somewhere between Rs 100 and 200 for every e-ticket, but no acknowledgement slip or receipt is given. Instead passengers are told these charges are included in the price of the fare. Also, agents are supposed to charge a fee for every PNR number, but they charge for every passenger on a particular ticket. Agents also don’t ask passengers to fill up requisition forms before issuing tickets nor do they display ticket charges anywhere in their offices. This is in gross violation of rules.”

New CB Unicorn 150 cc Motorbike

If you are looking to buy yourself a new 150-cc CB Unicorn motorbike, you should keep in mind that Honda Motorcycles and Scooters India has increased the waiting period for its flagship model to six months on account of huge demand.

The company, after entering India, introduced the Unicorn in 2005. Built by Honda’s R&D team in Japan and internally called the CBF150M, it was made to order for Indian road conditions.

However, after the launch of its first edition, the company silently revamped it with minor changes and termed it

“CB Unicorn” to comply with Euro III norms.

Unicorn competes in the fiercely fought 150-cc segment, which has Pulsar from Bajaj Auto Ltd and the Apache 160-cc of TVS Motor Company.

A senior company official confirmed that the waiting period has been increased to six months due to the unprecedented demand.

BMW 335is Sedan | BMW 335is,335i,335Xi Sedan

E90 ZMZ is basically the sedan version of the 335is.

So apparently I’m out of the loop, but I didn’t realize that BMW was making a sedan version of the 335is. Okay, so it’s not called the 335is – it’s called the BMW Performance Edition 335i.

 It’s even available with four-wheel drive, as the 335i xDrive Performance Edition. To get it, you need to order your 335i sedan with either the Sport Pack (ZCP) or the M Sport Pack (ZMP) and then add ordering code is ZMZ. So add “E90 ZMZ” to your internal lexicon of cool BMW codes along with things like the old E46 ZHP .

Anyway, it gets 20 hp and 17 lb-ft of torque more than the regular 335i (or 32 lb-ft if you’re nuts and buy the automatic.) According to BMW, that’s good enough for 0.2 seconds off the 0-60 mph sprint.

Best of all, the ZMZ package adds only $550 to the MSRP. Okay, so that’s not quite as potent as the 335is’ engine (which gets temporary overboost for another 37 lb-ft of torque – on top of the 32 lb-ft – with the stick) but the 335i sedan uses the new N55 single-turbo engine. The 335is uses the old twin-turbo unit. Whatevz, either way, it’s hot.

The only problem? Where is the damn 335i Touring? I’m so sick of people asking me why BMW won’t build one — and I used to be able to answer “because the company doesn’t want to step on 5-series wagon sales.” Well, now there is no 5-series Touring! I’ve heard company spokespeople pull every excuse out of their hats, but if BMW wants to sell 3-series wagons to enthusiasts, it’s going to have to put the “big” engine in there. Don’t believe me, BMW? Make a 335i or 335Xi Touring and watch your 3-series wagon sales double.

So yes, I’m thrilled that 335i sedan buyers can get a couple extra horsepower from the factory. But come on BMW, pay attention! Nobody asked for (and nobody’s buying) the 5-series GT. Your old wagon customers are walking over to the Mercedes dealer and buying E-Class wagons. So how about you through your 3-series Touring buyers a bone?

Mobile Ticketing Makes Life Easy For Indian Railways

Booking made easy
Indian Railways have certainly made life a whole lot easier for commuters by introducing the new mobile ticketing application for mobile phones. Although the application is still in the development stage, it is being ascertained that commuters would no longer have to wait in long lines and wait for printouts of their tickets. All the customer has to do is download the application on their mobile phone and carry some kind of identification proof. The ticket will be sent to them via SMS on their mobile phone through the same application. This mobile ticket cannot be forwarded.
Elimination of the ticket printouts has certainly made the Indian Railways more modernized and a lot more accessible. Other than making it easy for commuters to book their tickets, it also helps them to make their own reservations without going to the reference of a travel agency. This feature will definitely help commuters in the rural parts of the country. Since most travel agencies often block tickets and sell them at a higher price, this will  prevent ticketing fraud. However, the introduction of the mobile ticketing application will not completely rule out the presence of travel agencies; but it will make it more organized.

 Earlier, travel service agents (RTSA) used to sell tickets and make reservations for the customers without actually registering them on the IRCTC website. It will now be mandatory for individuals as well as travel agents to register themselves before making any further reservations. S. S Mathur, GM-IT reports that ‘there will be no additional charges and that they were planning to stick to their current prices”.

Honda Motorcycle and Scooters India to 500cc and 1000cc Motorbikes

Honda Motorcycle and Scooters India are all set to bring in 500 cc and 100 cc bikes to the Indian two wheeler market.  Speaking on this exciting prospect, Mr. Makato Yoshii, Operating Head of South and West region for Honda Motorcycle and Scooter India said ‘We will do a lot of activities on corporate identity and branding. The changes will be more visible across the dealer network,”

No details about investments have been divulged by HMSI which separated from Honda Group early this year as the company is strategically contemplating launch of new and improved models for its Indian customers. Though the company has plenty of models with varying displacement between 50cc to 1800cc range, the company finds no preference for 50cc here, and more demand for 500cc and 1000 cc bikes which they are planning for Indian two wheeler market.

Piling up of orders, the company has over 150,000 orders pending over last four months that need to be tended to immediately.  The Rajasthan plant that went into prouction last month is expected to go full steam to reach maximum capacity by December this year.  The company is also planning to set up third plant in Karnataka with investment of Rs. 1,300 to Rs. 1,400 crores and annual capacity of 1.2 million units.