The Hindu Business Line : Saturday, December 29, 2007

EDITORIAL
Of schedules missed and met
As many as 301 projects have been delayed by up to 96 months, with the cumulative cost overrun being Rs 48,961 crore — a sum no country can afford. More

TAXATION
Beg to differ, my lord!
A trust publishing books such as Ramayana, Mahabaratha, Bhagavatha and other maha kavyas was denied exemption under Section 80G of the Income-Tax Act for the donations it received. The ... More

GST — the road ahead
For GST to be implemented, uniform registration across States needs to be created, and based on online network, the goods can be tracked from the origin to the destination. More

FBT on ESOPs clarified
Though the recent CBDT circular on fringe benefit tax on employee stock options is welcome, a few issues require further clarification. More

RBI & OTHER CENTRAL BANKS
US Fed needs global watch
After the Cold War ended, the US promoted globalisation in a big way. It opened its markets, cut tariffs and promoted cheap imports. The Fed also cut rates and printed more dollars. It thus promoted a global financial architecture by which an unwritt en ‘safety rule’ has been enforced on central banks of other nations to hold their reserves in US securities. This structure is clearly unsustainable, argues S. GURUMURTHY. More

INCOME TAX
Tax bouncer from Down Under
Prior to the commencement of the ongoing Indian cricket tour of Australia, taxation issues grabbed almost equal attention as the series itself. Apparently, Australian tax authorities, through Cricket Australia (CA), have asked the Board of ... More

Tax deduction on estimated income
Giving the legal requirement that tax should be deducted on the “estimated income of the assessee,” if tax is not deducted at source by the employer, he would be deemed to be an assessee in default. More

BOOKS
BOOK PROFIT
Effectiveness of tax concession wars
Can aggressive tax concessions effectively attract foreign investors? An answer to this question may lie in the China example, discussed in Globalisation and Development edited by Ashwini Deshpande (www.oup.com). In the `dragon land' local ... More

LETTERS
Benazir assassination
The unfortunate assassination of Pakistan Opposition leader and former prime minister Benazir Bhutto is shocking and distressing and has all but dashed the hopes of the Pakistani people that free and fair elections will take place in Pakistan ... More

Gas conversion
Car sales are booming to reflect the life-styles of people in the upper middle-class and above, and are a sign of booming economic growth. Hindustan Motors, which makes the popular workhorse Ambassador cars, is going to add LPG /CNG versions ... More

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