Yesterday, the markets witnessed heavy gains in the initial
sessions where Nifty touched new highs and crossed 6000 mark. The whole session
was quite choppy with tqo times, the nifty slipping by about 50 points in the
red and then staging smart recovery.

The recovery was as swift as the fall. Many shares touched
new highs that were not thinkable about fortnight ago. RPL share crossed Rs 294
as open interest of more than 2  crores
shares were added to it.

At this level of sensex, one needs to invest very cautiously, even if it means not earning money. Losses, at this level can be enormous, especially for those who invest in MidCaps or Small Caps for better returns in short term.

Yesterday, the markets touched historic high and came out of teens with sensex touching 20000. Along with this, nifty touched 5900 and appears raring to cross 6000. The 700 point plus rally was one of the five biggest rallies in countries history.

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Here is gist of some important judgments on the subject of deduction of Tax at Source, which I particularly found educative enough or which need to be bookmarked to be referred For making understanding simple, I am also giving along with the impact that the judgment could have.

Of late the markets have registered quite steep growth which was unbelievable just 20 months before, when many reputed brokerage house and financial analysts were predicting the fall of sensex to 6000 levels. Volatility in any stock market world wide is a regular phenomenon but the market swings in India are for too trivial issues and to some extent predictable.

Quite often for business reasons, you may have to write off a creditor or some amounts which were otherwise payable by you. Now, strictly speaking this becomes your income and may be you would feel that you need to pay income tax on this income.

No, not any more. In fact any unilateral entry on the part of the debtor to write back the amount on the ground of limitation having expired would not tantamount to cessation of liability and, therefore, the provisions of section 41(1) would not be attracted.

SVPCL, a leading paper products manufacturer in South India, is open for subscription with a public issue of Rs 34.50 crore, till October 26, through a 100 per cent book-building process. The price band has been fixed at Rs 40-45 per equity share of Rs 10 each

Recently market has witnessed historic highs and historic volatility. Finance Minister, very rightly noticed on two occasions; on one he noticed that I am not concerned about the gamblers who enter a stock at 10 AM and tend to leave out at 10:10 AM and second when he cautioned against entering market at this stage.