NATIONAL Software exporters sore over tax on fringe perks Indian software exporters have expressed anguish over Finance Minister's proposal to levy 30 per cent tax on fringe benefits incurred by companies on employees fearing it may have an impact on their profitability.
RBI unveils road map for foreign banks in India Unveiling the roadmap for banking sector reforms today (Feb 28, 2005), the Reserve Bank of India (RBI) has laid out a two-phase programme for presence of foreign banks in the country through wholly owned subsidiary (WOS) or conversion of existing branches into a WOS and acquisitions.
We are on a good wicket - India Inc on Budget Sounding upbeat about the Budget 2005-06, India Inc today (Feb 28, 2005) welcomed its focus on infrastructure, textiles, manufacturing and rural development, saying it would help sustain the growth momentum, but was apprehensive of the move to levy Rs 10 on withdrawals of Rs 10,000 on a single day.
Union Budget: What is costlier, what is cheaper? You will have to pay more for cigarettes, pan masala, tobacco products and branded jewellery, but housewives will be a happier lot with the relief offered on edible oil, vanaspati, match boxes, tea and some other kitchen items in the Union Budget for 2005-06.
Bourses welcome budget; Sensex leaps by 114 points Buoyed by pragmatic budget, the Sensex today (Feb 28, 2005) surged by a whopping 114 points to end at lifetime high of 6713.86 on the Bombay Stock Exchange (BSE) on across-the-board buying spree.
Government hikes Defence Budget to Rs 83,000 cr Signalling that current modernisation drive in the Armed forces would continue, the Government today (Feb 28, 2005) hiked the country's Defence Budget to Rs 83,000 crores for the year 2005-06 from Rs 77,000 crores, an increase of 7.8 per cent.
Service Tax net widened to mop Rs 17,500 crore Taking advantage of the boom in services sector comprising half of national output, Finance Minister P Chidambaram today (Feb 28, 2005) extended the tax net to 21 more areas for mopping up Rs 17,500 crore next fiscal, up from Rs 14,150 crore to be mobilised during 2004-05.
IT industry welcomes proposals of Union Budget The IT industry welcomed the budget proposals saying there was an impetus for growth of the domestic hardware industry with the announcement of zero duty on components for computer and electronics equipment and providing a level playing field by levying a four per cent counter veiling duty (CVD).
Govt to provide equity support to public sectors Government would provide an equity support of Rs 14,040 crore and loans of Rs 3,554 crore to Central Public Sector Enterprises, including Railways, Finance Minister P Chidambaram today (Feb 28, 2005) announced.
Subsidy bill up 9 per cent to Rs 47,432 cr in FY06 Amid fiscal reforms, Government today (Feb 28, 2005) hiked the provision of subsidies by nearly 9 per cent to Rs 47,432 crore in 2005-06 from the budgeted figure of 2004-05 as part of social welfare measures to provide cheaper food and fuel to the poor and fertilisers to farmers.
Industry, banks slam taxation of cash withdrawals From "impractical" to "ludicrous" were some of the adjectives used by the captains of industry and bankers to describe the budget proposal to levy 0.1 per cent tax on withdrawals of more than Rs 10,000 from a bank in a day.
Budget: Cess on petrol and diesel to be increased Cess on petrol and diesel will be increased by 50 paise per litre in the coming fiscal to raise additional resources for National Highways Development Project, Government said in the Lok Sabha today (Feb 28, 2005).
0.1 per cent tax on cash withdrawals of Rs 10,000 To check tax evasion, Government today (Feb 28, 2005) proposed a tax at the rate of 0.1 per cent on cash withdrawals of over Rs 10,000 or more from banks on a single day.
BSE Sensex opens high; shows irregular movements The Sensex resumed on a promising note and later witnessed irregular movements in a small range in morning trading on the Bombay Stock Exchange (BSE) today (Feb 28, 2005) as investors made cautious deals ahead of the presentation of the budget during the day.
INTERNATIONAL Caparo is very bullish about India: Lord Paul The 640 million pounds London-based Company Caparo is very bullish about India, which is changing very fast and has started enjoying globalisation and its benefits, Chairman of the group Lord Swraj Paul said today (Feb 28, 2005).
