INDIAN MARKET RATES FOR GOLD & SILVER- I
Given below are the gold & silver rates of 10 years from 1956- 1965 required for valuation purposes and calculating tax. This is contributed by CA Final Student Arti Patrikar.
|
Valuation Date |
standard GOLD 24 carats |
SILVER 9960 touch |
||
|
|
Rate |
Per |
Rate |
Per |
|
|
|
|
|
|
|
02.11.56 |
106.13 |
Tola |
173.88 |
100 Tolas |
|
31.12.56 |
104.44 |
“ |
173.69 |
“ |
|
31.03.57 |
105.69 |
“ |
179.88 |
“ |
|
23.10.57 |
107.59 |
“ |
181.75 |
“ |
|
31.12.57 |
107.56 |
“ |
186.38 |
“ |
|
31.03.58 |
111.13 |
“ |
195.75 |
“ |
|
12.11.58 |
111.56 |
“ |
187.00 |
“ |
|
31.12.58 |
114.53 |
“ |
192.56 |
“ |
|
31.03.59 |
119.53 |
“ |
199.94 |
“ |
|
31.10.59 |
124.00 |
“ |
209.75 |
“ |
|
31.12.59 |
125.44 |
“ |
210.25 |
“ |
|
31.03.60 |
130.34 |
“ |
216.56 |
“ |
|
20.10.60 |
113.65 |
10 Grams |
193.10 |
1 Kg |
|
31.12.60 |
114.05 |
“ |
194.90 |
“ |
|
31.03.61 |
119.35 |
“ |
202.10 |
“ |
|
08.11.61 |
124.25 |
“ |
207.15 |
“ |
|
31.12.61 |
119.50 |
“ |
211.70 |
“ |
|
31.03.62 |
119.75 |
“ |
219.55 |
“ |
|
28.10.62 |
117.10 |
“ |
223.20 |
“ |
|
31.12.62 |
104.75 |
“ |
209.30 |
“ |
|
31.03.63 |
166.29 |
“ |
238.00 |
“ |
|
17.10.63 |
102.85 |
“ |
238.00 |
“ |
|
31.12.63 |
102.85 |
“ |
250.50 |
“ |
|
31.03.64 |
108.43 |
“ |
260.00 |
“ |
|
04.11.64 |
114.86 |
“ |
259.50 |
“ |
|
31.12.64 |
119.57 |
“ |
267.50 |
“ |
|
31.03.65 |
123.00 |
“ |
280.50 |
“ |
LAST DATE OF FILLING OF VAT AUDIT REPORT HAS BEEN EXTENDED
The dealers having gross purchases or sales more than Rs.40.00 Lakhs during the F.Y 2007-08 should get their books of Account audited by Chartered Accountant or Cost Accountant and will have to submit VAT Audit Report to Sales Tax Department by 02/03/2009 earlier it was 31/01/2009.
The dealers holding license under Foreign & Country Liquor Regulations should also get their accounts audited and should submit VAT Audit Report to Sales Tax Department by 02/03/2009 irrespective of their gross purchase & sales exceeds Rs.40.00Lakhs.
LAST DATE OF FILLING OF MONTHLY RETURNS
The registered dealers having MVAT liability for F.Y 2007-08 (01/04/07-31/03/08) more than Rs.10.00 Lakhs or Refund more than Rs.1.00 Crore should file monthly return. As per circular 17T (08) DT. 05/05/08, MVAT monthly returns should be filed electronically in Form 231(Form IIIE for CST) within 21st day of the next month. Last date of filing of the return for the month of Dec. 08 is 21/01/2009.
Those who have adopted the Composition scheme should file the return in Form 232, Works contract & leasing dealers in Form 233 & Package scheme dealers in Form 234. As per Sec.41 (4) oil companies should file monthly returns in Form 235 within 15th day of succeeding month.
SATTYAM: AN INDIAN VERSION OF WORLDCOM
I am of the veiw that we should not panic by the exaggeration of the Satyam issue made by media and wait till any official statements from SEBI, Ministry of Company Afairs, The Institute of Chartered Accountants of India.
Satyam is the country’s fourth largest IT firm and has over 51,000 employees. B. Ramalinga Raju
Chairman, Satyam Computer Services Ltd (now resigned) in his letter to Board Members expressed that it had a great burden on his conscience. Through this letter he brought the following fact into limelight.
1. The balance sheet carries as of September 30, 2008
a) Inflated (non-existent) cash and bank balance of Rs 5,040 crore (as against Rs 5361 crore reflected in the books)
b) An accrued interest of Rs 376 crore which is non-existent
c) An understated liability of Rs 1,230 crore on account of funds arranged by me
d) An over stated debtor position of Rs 490 crore (as against Rs 2651 reflected in the books)
2. For the September quarter (Q2) we reported a revenue of Rs 2,700 crore and an operating margin of Rs 649 crore (24 per cent of revenues) as against the actual revenues of Rs 2,112 crore and an actual operating margin of Rs 61 crore (3 per cent of revenue). This has resulted in artificial cash and bank balances going up by Rs 588 crore in Q2 alone.
The gap in the balance sheet has arisen purely on account of inflated profits over a period of last several years (limited only to Satyam standalone, books of subsidiaries reflecting true performance). What started as a marginal gap between actual operating profit and the one reflected in the books of accounts continued to grow over the years. It has attained unmanageable proportions as the size of the company operations grew significantly (annualized revenue run rate of Rs 11,276 crore in the September quarter, 2008 and official reserves of Rs 8.392 crore). The differential in the real profits and the one reflected in the books was further accentuated by the fact that the company had to carry additional resources and assets to justify higher level of operations – thereby significantly increasing the costs.
Raju further said he or the company’s MD did not take “even one rupee/dollar from the company and have not benefited in financial terms on account of the inflated results.”