Top List of Pharma Companies in India, Best Pharmaceutical Companies in india

Dr Reddy’s Laboratories
Cipla
Ranbaxy
Lupin Labs
Aurobindo Pharma
Sun Pharma Industries
GlaxoSmithKline Pharma
Cadila Healthcare
Aventis Pharma
Ipca Laboratories
Aurobindo Pharma Ltd
GlaxoSmithKline Pharmaceuticals Ltd (GSK)
Nicholas Piramal India Ltd
Sun Pharmaceutical Industries Ltd
Zydus Cadila
Aurobindo Pharma Ltd
Abbott Laboratories
Alkem Laboratories Ltd
FDC Limited
Glenmark Pharmaceuticals Ltd
Intas Pharmaceuticals
Lupin Limited
Matrix Laboratories Limited
Merck Ltd
Orchid Chemicals & Pharmaceuticals Ltd
Pfizer India
Torrent Pharmaceuticals Ltd
Wockhardt
The UB Group
Divis Laboratories Ltd
Haffkine Bio-Pharmaceutical Corporation Ltd
Jubilant Organosys
Mankind Pharma Ltd
USV Limited
Wyeth India
Aarti Group
Ajanta Pharma Limited
Alembic Limited
AstraZeneca India
Dishman Pharmaceuticals & Chemicals Ltd
Elder Pharmaceuticals Ltd
Eli Lilly and Company (India) Pvt Ltd
Fresenius Kabi Oncology Ltd (formerly Dabur Pharma Ltd)
Ind-Swift Laboratories Ltd
Jagsonpal Pharmaceuticals
Kopran
MicroLabs Ltd
Panacea Biotec
Paras Pharmaceuticals Ltd
Sanofi-Aventis India
Shasun Chemicals & Drugs Ltd
Strides Arcolab Ltd

Microsoft boosts mobile app development and brings Unity3D to Xbox One

Microsoft today released new Windows Azure development tools for building mobile apps and websites, and it made a few other announcements including the arrival of the Unity3D game engine on the Xbox One.

Windows Azure Mobile Services, a tool for building mobile backends for iOS, Android, and Windows Phone, became generally available today. Windows Azure Web Sites, a tool for building "business grade Web applications," is also now generally available.

Both can be used for free, with limitations on sites, storage, and data transfers for Web Sites and limits on API calls, devices, and jobs for Mobile Services. Once your mobile app has more than 100 users, you have to pay. Paying customers get a 99.9 percent monthly uptime guarantee, according to Microsoft's Azure blog. The tools were previously available in public previews.

"Mobile Services makes it fast and easy to create a mobile backend for every device. Mobile Services simplifies user authentication, push notification, server-side data, and business logic so you can get your mobile application in the market fast," Microsoft said. "Mobile Services provides native SDKs for Windows Store, Windows Phone, Android, iOS, and HTML5 as well as REST APIs."

Windows Azure Web Sites is used to provision Web applications from the Azure Management Portal, from an IDE, "or from scripts using PowerShell in Windows or CLI tools running on any OS," Microsoft wrote. "Developers can create new applications from scratch or deploy existing ones built in ASP.NET, PHP, Node.js, Python, or even Classic ASP. You can include a database when you provision a new site with a choice of SQL database or MySQL. Alternatively, developers can start by choosing from over 30 open source applications, frameworks, and templates from the Web Application Gallery including WordPress, Umbraco, DotNetNuke, Drupal, Django, CakePHP and Express."

With the move from preview to general availability, Web Sites gained updates such as access to memory dumps through a REST API (useful for debugging) and support for 64-bit processes.

Also available in a preview are new Azure features for monitoring the health and availability of applications, with notifications and automatic scaling to match demand. At the keynote of its Build conference, Microsoft also showed a sneak peek at future improvements to Windows Azure Active Directory that will allow single sign-on with third-party services like Box. Azure also now features virtual machine images for preview versions of SQL Server 2014 and Windows Server 2012 R2.
Beyond Azure: Unity3D and more

Microsoft also announced a "strategic collaboration" with Unity Technologies, maker of the popular Unity3D engine for creating video games. This will "make it easier for developers to bring popular games, entertainment, and apps to Windows, Windows Phone, Xbox 360, and Xbox One for Microsoft Studios publishing partners," Microsoft said.

Unity3D provides a development environment for building games, and handles technology aspects like graphics, audio, physics, animations, and more. While it has been most successful on mobile devices, Unity3D works across the major consoles, PCs, Macs, and Linux. In its own announcement, Unity said its Xbox One tools will include "support for many next-generation features such as enhanced Kinect gestures and recognition, multiplayer matchmaking, [and] SmartGlass. ... Developers who build games published by Microsoft Studios will have access to Unity tools for Xbox 360 and Xbox One free of charge."
Read more here

List of top and Best Mobile apps development companies in india

1. www.queppelin.com
2. www.rossitek.com
3. www.openxcell.com
4. www.riktamtech.com
5. www.arthisoft.com
6. www.prismetric.com
7. www.innovativepeople.com
8. www.ispg.in
9. www.ibee.in
10. www.kcspl.co.in
11. fugenx.com
12. www.mobileappsdevelopmentteam.com
13. www.vrinsofts.com
15. www.techjini.com
16. www.defuzed.in
17. www.mobile-app-development-india.com
18. www.netsolutionsindia.com
19. www.incarnate.co.in
20. www.rossitek.com

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PAN Card:Getting a PAN set to be tougher as govt plans more stringent verification

Ministry officials say there are gaps in the current process and the idea is to make the system foolproof

Getting a Permanent Account Number (PAN) is going to get a bit tougher, with the income-tax (I-T) department gearing up to make the verification process more stringent, after some cases of fraud came to its notice.

Ration cards and rent receipts might no longer be accepted as proofs of identity and address. The tax department might also ask for proof of date of birth for issuing a PAN card.

Instead of a rent receipt, a rent agreement along with proof of address of the owner would be accepted. Aadhaar number, gas connection documents, and a certificate issued by the employer in a prescribed format would be accepted as identity/address proof after changes to the income tax rules are made shortly.

The proposed move comes after the Economic Offences Wing found some foreign nationals, particularly from Afghanistan, were using fake PAN cards as proof of identity. In most of these cases, a fake certificate of identity and address signed by a Member of Parliament (MP) was issued.

Finance ministry officials said there were some gaps in the current process and the idea was to make the system foolproof and robust. A notification to this effect could be issued next week and the new rule would come into effect immediately after that. It will apply only to fresh applicants.

According to rule 114 of the I-T rules, depository account statement, bank account statement /passbook, ration card, passport, voter identity card, driving licence, property tax assessment order and a certificate signed by an MP or a member of Legislative Assembly or a municipal councillor or a gazetted officer are accepted as proof of identity as well as address.

 “Currently, there is no prescribed format for the certificate issued by these authorities. Now, we will prescribe a format for PAN verification and issued of such certificates. It will be similar to the procedure followed in KYC (know your customer),” said an official who did not wish to be identified.

Currently, about 140 million people in India have PAN cards, while only 34 million of them file an income tax return. Many people who don’t file tax return get  PAN cards as they work as identity proof at many places.

About 1.3-1.4 million new PAN cards are issued every year by the tax department and the details of just 0.2 per cent of applicants (200 per 100,000) are verified by the I-T department. 

According to officials, in most cases of fraud, people furnished fake bank accounts, ration cards or certificates issued by gazette officers.

In March 2011, after finding a huge mismatch between the number of PAN holders and the number of tax return filings, the comptroller and auditor general had asked the I-T department to ensure that a single taxpayer was not issued multiple cards.

As part of the government’s drive against fake PAN, in order to verify the genuineness of KYC documents, third-party field verification is conducted after allotment of PAN.

Of the total PAN allotments, 96 per cent are under the category of individual applicants and a large number of fake PANs are also observed under this category.

For uniquely identifying the PAN allotted and to overcome the problems of fake PANs, issue of more than one PAN to an individual and to clean up the PAN database duplicates, capturing of Aadhaar in revised PAN application form 49A has been started on a voluntary basis. About 304,452 unique Aadhaar numbers have been seeded/incorporated into the PAN database.

How to file income tax return online for individual in india 2013


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Income tax department may allow e filing of returns without digital signatures


You may soon no need digital signatures to file income-tax returns. The income-tax department is looking at giving electronic pin (personal identification numbers) to taxpayers, which will make electronic return filing a hassle-free task.

The new system, which will benefit over two crore taxpayers in the country, would require a change in the Information Technology Act.

"The proposal is in advance stage... We are hopeful that it could begin from the second half of this year," said a senior income-tax department official said.

The department expects changes in the Information Technology Act by September, the official said. However, individual taxpayers will not be able to benefit from this facility in the current year as their deadline for filing returns is July 31.

At present taxpayers have to submit a paper verification form ITR V if they do not have digital signatures even if they have filed electronic return to validate their return.

A return is considered filed and processed only after the verification form is received at the Central Processing Centre in Bangalore. Taxpayers have 120 days to send their verification form but as many as 10% of taxpayers fail to do so. Moreover, sometimes forms also get lost in the transit.

Under the proposed system, the department will generate an EPIN as soon as income-tax return is filed by a taxpayer sans a digit signature. The EPIN generated will have to be communicated to the Central Processing Centre, which will then process the return.

E-filing is mandatory for taxpayers having annual income of more than 5 lakh. Electronic filing has caught on with taxpayers and the department expects 2.75 crore returns this year. There are 3.4 crore income tax assesses in the country.

In keeping with the growing popularity of e-filing, the department is also introducing a new feature in electronic returns that allow taxpayers to get details of tax deducted at source once they feed in their permanent account number. Moreover, the department would also validate private software available in the market to ensure that returns are filed in proper format to ensure speedy processing and faster refunds.

In India How to File Income Tax Returns without using any softwares


The new facilities on income tax e-filing portal, one can file his/her income tax returns directly on the department website without using any software.

Steps to file Income Tax Returns without using softwares.
1. Log on to www.incometaxindiaefiling.gov.in
2. Click on login option
3. Once you click the login option, you will be asked to provide User ID, password and Date of Birth for login into your account.
4. Once you login into your acount, you will find an option called “e-File” on the menu.
5. Under the “e-file” menu, select the option called “Prepare and Submit online ITR”

6. Once you select the above option, the following detailes will be displayed on the screen;
i. PAN No.
ii. ITR form Name: Here you need to select the ITR form applicable to you, as of now two ITR forms are available for efiling (ITR 1 and ITR 4S).
iii. Assessment year: Here you need to select the Assessment year for which you are filing the return.
iv. Address: Here you need to select one of the option out of 3 options( 1. Address from PAN Database, 2. Address from previous year return and 3. New address).
v. Digital Signature: Select “YES” if you want to file your return with digital signature otherwise “NO”
vi. After filling the above details, then click on SUBMIT button.
vii. After clicking the SUBMIT button, the system will take you to ITR form.

7. Once the ITR form got opened then you need to enter your details in the ITR form.
8. Once all the details in the ITR form are filled then you need to click on “SUBMIT” option for filing the return.

Note: 1. While filling the details in the ITR, please DON’T click on BACK button or BACKSPACE . If you click on BACK Space or BACK button, then you will be logged out.
2. After entering the data in each screen of ITR form, please click on “Save’ button to save the data.


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Correction in pan card application form, changes in pan card online form


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Biocon interview questions and answers, Best biocon interview questions and answers


Biocon interview questions:

1. Tell me about yourself?

2. Do you know anyone who works for Biocon?

3. Why should Biocon hire you?

4. What can you do for this company?

5. How would your past experience translate into success in this job?

6. Why do you want to work for Biocon?

7. What can you do for Biocon that other candidates can’t?

8. Explain how you would be an asset to Biocon?

9. What do you know about Biocon?

10. Please tell me some products/services of Biocon in the market? What are likes/dislikes of them?

11. If you worked for Biocon, what are you doing?

12. Please tell me some products/services that are competitors of Biocon’s in the market? And what are differences?

13. Do you think you are overqualified for this position?

14. How do you propose to compensate for your lack of experience?

15. What qualities do you look for in a boss?

16. Tell me about a time when you helped resolve a dispute between others.

17. What position do you prefer on a team working on a project?

18. What has been your biggest professional disappointment?

19. Tell me about the most fun you have had on the job?

20. What do you do to keep learning and developing your skills in this area?

You may not have to post paper copy of online tax filing Soon

Millions of taxpayers filing electronic income-tax (I-T) returns will soon get relief from sending by post the mandatory paper verification form as the CBDT has decided to soon stop this practice.

The Central Board of Direct Taxes (CBDT), administrative authority of the income-tax department, will now instead introduce electronic verification of these online returns.

The new measure, expected to be operational within this financial year, will save the taxpayer from the hassle of sending the paper document (called ITR V) by post and tracking its acknowledgement.

“E-filing is meant to help the taxpayer (by making it easier to pay taxes). But compulsory dispatch of paper documents by post to the Bangalore-based central processing centre (CPC) of the department or procuring a digital signature was undoing this. Hence, the department has decided to end this soon,” a senior official said.

“The department has been receiving a number of complaints from taxpayers with regard to following these rules and also was getting suggestions to do away with paper documents and make e-filing more user friendly,” he said.

When taxpayers file returns online, they are required to send a mandatory ‘ITR V’, under ordinary post to the I-T department’s CPC, based in Bangalore. It then sends an electronic acknowledgement to the tax return filer.

In case of digital signatures (used by corporate entities), a bonafide statement that verifies the identity of the sender, are required to be created by paying a fee and requires regular renewal.

CBDT, according to the official, has decided to stop the practice as it wants more and more people to file e-returns and it is also bolstered by the huge spurt in e-filing numbers being recorded every year.

During the financial year 2012-13, a 31 per cent jump was seen in e-filings by taxpayers as 2.14 crore entities filed returns online, compared with 1.64 crore in the financial year 2011-12.

Recently, CBDT has made e-filing mandatory for those with an annual income of Rs 5 lakh or more for the financial year 2012-13 and assessment year 2013-14 and with the addition of this category of taxpayers the department expects a huge surge in the number of internet-based filers.

The department, according to a blueprint prepared in this regard, also wants to introduce new concept of third-party validation of utilities developed for e-filing that will avoid mistakes in returns and bring uniformity in the interpretation of tax laws in filing of returns.
Read more here

How Many People Pay Income Tax In India, How Many People filed income taxes in india?

Tax evasion by the wealthy has been cited as a central element in the financial collapse of Greece, while not paying income taxes is also a major problem in Italy and various other debt-wracked nations. However, when it comes to not paying taxes, Indians are in a category of their own.

According to various media reports, only 2 to 3 percent of Indians pay any income tax at all. In December, India’s finance minister, Palaniappan Chidambaram, said that 2.89 percent of the population (about 36 million people) filed income taxes. (In contrast, in the U.S., about 45 percent of the population pays taxes, which means that, despite India’s much-larger population, more Americans than Indians actually pay taxes.)

There are many reasons for this. Part of it has to do with the fact that many Indians do not earn enough annual income to even qualify to pay, but a larger factor has to do with India’s huge rural and underground economies, which present severe logistical issues with respect to collecting tax revenues.

Like virtually everything else in India, the tax system is ludicrously complicated, confounding, contradictory and wracked by corruption, inefficiency and incompetence. However, for the purposes of simplification, under terms of the 2012-2013 government budget, Indians earning below 200,000 rupees annually (the overwhelming majority of the country) are exempt for paying any income tax. Those making between 200,000 and 500,000 rupees are subject to a 10 percent tax; those earning between 500,000 and 1 million rupees, 20 percent tax; and those above 1 million, a 30 percent rate.

Compounding things is that, like their counterparts in Europe, India’s new wealthy do anything they can to avoid paying taxes. According to the Credit Suisse Global Wealth Report, India now has some 1,500 ultra high net worth individuals with wealth of at least $50 million and 700 who have more than $100 million of assets.

The Wall Street Journal reported that India currently has about 125,000 millionaires. (On the other side of the wealth spectrum, reflecting India's immense income inequality, 95 percent of the country has assets below $10,000.)

In March of this year, as part of the new government budget, Chidambaram proposed a temporary 10 percent surcharge that would be applied to people with annual income of at least 10 million rupees (about $176,000). However, that new tax would only apply to about 43,000 people in the whole country, Chidambaram told parliament --- despite the fact that at least three times that many people are believed to be millionaires.

To address these discrepancies, the government has been trying to widen the tax base by citing what people spend, not so much on what they claim they earn -- in February, the Finance Ministry said it plans to probe the finances of about 1.2 million people who did not file tax returns last year but who appeared to possess enough wealth to require paying taxes. That is, they made significant payments on credit cards or bought or sold properties worth at last $55,000 or purchased bonds and or mutual funds.

“Basically, very few people pay income tax,” Sonal Varma, executive director and India economist at Nomura, told the Journal.

“If you can’t capture their income, you have to capture their expenditure. Look at those people who are spending over a certain limit or have a certain lifestyle, and see if they are paying tax. If not, bring them into the system.”

However, that may not be easy in a country where 75 to 80 percent of the labor market comprises the “informal sector” (that is, anyone who works for themselves). “We should not assume that the informal sector is all poor; there are very rich people in the informal sector,” Samiran Chakraborty, head of regional research in South Asia for Standard Chartered, told the Journal. “Data collection for the formal sector is quite good, but the informal sector is a big area of leakage.”

The only people who do regularly file income taxes are believed to be salaried employees at big companies whose bosses file for them.

Sonu Iyer, a tax expert at Ernst & Young in New Delhi, told the Associated Press that in India tax evasion is “rampant.”

Untold billions of dollars are believed to be kept in banks in Switzerland and Singapore by very wealthy Indians who refuse to hand over one rupee to the New Delhi taxman.

Arun Kumar, a professor at the Centre for Economic Studies and Planning at Jawaharlal Nehru University in Delhi, explained that the wealthy in India use provisions within the law to avoid paying taxes.

“The more property you have and the richer you become, the less and less tax you pay, because you can take things like dividend income from shares and property away from taxable income,”  he said. “Then there are those who use illegal methods like taking all the costs of the home and treating them as company costs, which are tax-deductable like phone bills, the servants’ wages, airfares for holidays. They take out a lot of money [from the system] through inflated expenses.”

Even more astounding, India’s largest industrial sector by far, agriculture, which employs literally hundreds of millions of people, is completely exempt from paying income tax.

“[But] even in farming, there are a lot of very rich people. But finding out who they are is a matter of changing the tax law, which would be very difficult,” Chakraborty added. “Better data collection and changes to the tax laws need to happen if India is to widen its tax base.”

It is impossible to ascertain how much revenue India loses through tax evasion. But Kumar estimated that perhaps one-fifth of India’s annual gross domestic product (almost $1.9 trillion as of 2011) is lost due to unpaid taxes on the "black economy."

“Of course, I don't pay all my taxes," a New Delhi businessman told AP. “Why should I pay my taxes while the politicians are getting richer and richer every day?"

Finland tata consultancy job cuts, Tata Consultancy may cut up to 290 jobs

Tata Consultancy Services Ltd (TCS.NS), India's top outsourcing services exporter, could cut up to 290 jobs in Finland, it said on Wednesday, as part of a business restructuring due to changing market conditions.

Tata Consultancy Services (TCS) said it expects to know the final number in eight to 10 weeks when a new organisational structure, agreed to after negotiations with staff representatives, is implemented, a company statement said.

TCS, whose Finnish customers include Nokia Oyj (NOK1V.HE), has 800 employees in Finland, a company spokesman said.

Efforts to "significantly reduce" the job cuts will include encouraging affected staff to apply for suitable vacancies in other Nordic countries and overseas, the spokesman said.

cipla interview questions and answers, marketing sales, technical

Interview questions below for all divisions of Cipla India such as Cipla sales, Cipla marketing, Cipla admin, Cipla purchasing, Cipla IT, HR etc

Examples of Cipla interview questions:

1. Tell me about yourself?

2. Why do you want to work for Cipla?

3. What can you do for Cipla that other candidates can’t?

4. Do you know anyone who works for Cipla?

5. Explain how you would be an asset to Cipla?

6. What do you know about Cipla?

7. Why should Cipla hire you?

8. What can you do for this company?

9. How would your past experience translate into success in this job?

10. Please tell me some products/services of Cipla in the market? What are likes/dislikes of them?

11. If you worked for Cipla, what are you doing?

12. Please tell me some products/services that are competitors of Cipla’s in the market? And what are differences?

13. How would you know you were successful on this job?

14. Would you be willing to relocate if required?

15. Are you willing to put the interests of the organization ahead of your own?

16. How do you describe your management style?

17. What have you learned from mistakes on the job?

18. If you were hiring a person for this job, what would you look for?

19. Do you think you are overqualified for this position?

20. How do you propose to compensate for your lack of experience?

MT CET 2013 exam Result, Mt Cet 2013 Result, Mt-cet Result 2013, MT CET 2013, Maharashtra CET 2013 results

MT CET 2013 results will be declared by the Directorate of Technical Education, Maharashtra today on June 5.

The Maharashtra CET 2013 results results will declared on the official website of the Directorate of Technical Education at http://dte.org.in.

The Directorate of Technical Education, Maharashtra had conducted the MT CET 2013 exam earlier this year on May 16 in which approximately 3 lakhs students appeared and were eagerly waiting for their MT CET 2013 results since then.

The declaration of Maharashtra Technical Common Entrance Test 2013 will open the gates for the students aspiring to take admission in Engineering/ Technical and Pharmacy to in any college of the Maharashtra.

To Check MT CET 2013 results: Click here

Andhra EAMCET results today 2013, Ap Eamcet results


Eamcet results will be announced at 4.30 pm on Wednesday and will be available on the following websites:

www.apeamcet.org,  www.vidyavision.com, www.manabadi.com, www.manabadi.co.in, www.results.manabadi.co.in www.schools9.com

www.indiaresults.com, www.apherald.com

eamcet.corecrux.com, www.betechs.com

www.nettlinxresults.net,   www.saagam.com

www.pratibhaplus.com, www.bharatstudent.com, www.eamcetadvisor.com, www.exametc.com

www.rediff.com/exams, www.results.sify.com, www.kabconsultants.com, www.iitjeeforum.com, www.ExamResults.net, www.educationandhra.com, www.resumedropbox.com,  results.educationandhra.com, www.oneindia.in

www.netbadi.in, www.ndtv.com, www.results.netcafe.in, www.netcafe.in, www.aksharam.in, www.totaleamcet.com, www.examresults.in, www.dialjunction.com,

www.asistmi.com/eamcetresults,www.edportal.in

Also, the ranks are available through Automated Voice Response System. Students can SMS ‘Eamcet Hall Ticket No.’ to 53346 and 53345 (from BSNL). The IVRS for BSNL is 1255225; for Airtel it is 550770; and for all operators it is 5664477.

Advantages of Filing Tax Returns Online, efiling income tax returns


1. The biggest advantage of filing returns online is that one doesn't have to run from pillar to post in income tax offices unnecessarily which consumes enormous time and effort.

2. The whole process of filing returns online takes only about 15 minutes provided the tax filer knows all the details of filling the forms.

3.Moreover the copy of the return is available instantly and the refunds (if any) are more readily disbursed by the income tax department in cases of e- filing of tax as compared to traditional method of filling returns.

4.Several problems arise because of the wrong addresses provided by the tax payers and this problem is eliminated in case of online tax returns.

Political parties, Companies to give other income details in I-T returns


After asking individual taxpayers to declare their assets and liabilities in the new Income Tax Return (ITR) forms, the finance ministry will now tell companies, firms, trusts, as well as political parties, to give more disclosures in the ITR forms to be notified soon for the 2013-14 assessment year.

For the computation of total income, in the column 'income from other sources', taxpayers will have to specify the 'other source' from which the income has come. If there are multiple sources, the break-up of incomes from each source will have to be provided.

According to the existing forms, 'income from other sources' is divided into income 'from owning race horses' and 'sources other than from owning race horses'. The government may not specify the other sources and the onus will be on taxpayers to make it clear at the time of filing returns to avoid any explanation to the tax department later.

"At present some companies don't make 'other sources' clear at the time of filing returns. When additional income is later detected by the tax department, they put it in the 'other sources' category. After the introduction of new forms, taxpayers will have to attribute every income to a source," said a finance ministry official who didn't wish to be named, as the forms had gone to the law ministry for vetting.

The new forms - ITR-5 and ITR-6 - will also require corporate taxpayers to provide their balance sheets according to the revised Schedule 6 of the Companies Act. At present, they follow the I-T Act. ITR-5 is used by firms, association of persons, and body of individuals, while ITR-6 is used by companies other than those claiming exemption under Section 11 of the I-T Act.

"If the balance sheet is provided under Schedule 6 of the Companies Act, there would no scope for the different interpretations that were coming up earlier. This will provide more clarity to taxpayers and bring in transparency. Details of 'other sources' will leave the tax department with more data to carry out further analysis," said Ved Jain, former president, Institute of Chartered Accountants of India.

The revised Schedule 6 has laid down a new format for preparation and presentation of financial statements by Indian companies from financial year beginning April 1, 2011. The changes were introduced to bring disclosures in financial statements, in line with international corporate financial reporting practices.

In ITR-7, filled by trusts and political parties, too, the tax department is seeking more information. Political parties will be asked to give their party registration number with the Election Commission of India in the new forms.

Jain, however, said there were enough disclosures for trusts in the current law, but a lot was needed to make norms stringent for political parties for whom "no penalty was prescribed for not filing a return".

Read more here