What is evident in the CSO data for GDP growth and fiscal deficit forecast for the current year, it appears certain fiscal deficit management and measures to push growth beyond 7% will be on top of the agenda. This could mean policy makers shall take a hard look at concessions, an impact thereof on the macroeconomy and of course, strategies for greater tax revenue mobilization.
The CBI on Sunday arrested three income tax (I-T) officials and two of their accomplices in connection with a Rs 3-crore fraudulent tax refund scam. The arrested I-T officials are inspector Pramod Prabhakar, tax assistant Raju Nagpure and senior tax assistant Rajesh Pillai. Another I-T official Shrikant is on the run. The others who have been arrested are Dilip Vyas and Manoj Sangtiyani, a little known television actor.
Class 8 and 9 students at 26 schools all over the country are taking lessons in investor education these days, courtesy the capital market regulator. The optional three-month course teaches these students the importance of money, how to manage it and concepts of budgeting and saving.
The Income-Tax (I-T) department in Mumbai is summoning CEOs and CFOs of mid-size companies with the objective to communicate to them that anything less than the full payment of advance taxes will not be acceptable. I-T department sources said a face-to-face interaction helps in gauging the exact amount of tax payable by companies.
The Income Tax (IT) department’s decision to collect IT from the land losers getting compensation above Rs one lakh from Essar Steel for the company’s pelletisation project at Paradeep has paralyzed the land acquisition process. Land losers have threatened not to concede even an inch of land if the collection of IT is not stopped.
Many of the biggest names in Corporate India are telling the Reserve Bank of India (RBI) not to clamp down on currency derivatives — financial products that have baffled firms that never understood the risks and sparked court feuds with banks which sold them.
Shield Plus is a fixed term, 10-year, single premium, unit-linked insurance plan (Ulip) that gives a choice of six fund options. Quite like, most other products in the same genre. The main difference here is that this plan also has a fund called Shield Plus-I, which offers a guaranteed minimum unit price on maturity. The sum assured can be 1.1 or five times the single premium paid.
Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on February 12, 2010, Government has approved 12 Proposals of Foreign Direct Investment amounting to Rs. 1045.611 Crore approximately.
The ESI Corporation has approved to enhance wage ceiling from Rs 10,000 per month to Rs15,000 per month for coverage of employees under the ESI Scheme in its 149th meeting held on Friday under the chair- manship of Union Minister of Labour and Employment Mallikarjun Kharge.
We would recommend a separate limit for deductions under Section 80C for long-term saving instruments such as life insurance. Currently, the deduction under Section 80C also includes short-term saving instruments such as mutual funds and fixed deposits. Life insurance and pensions are the only segments of financial services that address the needs of individuals in the long term.
