The Hindu Business Line : Thursday, February 28, 2008

NRIS
Federal Bank’s money transfer facility for NRIs in US
Kochi, Feb. 27 Federal Bank, on Wednesday, launched Fed-India remit service (FIRSE), the Web-enabled money transfer facility between the US and India, targeted at the NRI population. The facility is expected to shrink the time required for ... More

BUDGET
Section 80C needs revision
Tax slab rates should be rationalised. As the slab rates have remained unchanged for the last three years, it is reasonable and justified and suggested for a change as follows. The implementation of Sixth Pay Commission report as well as growth ... More

Tier-II cities need more exemption
Introduce provision for tax exemptions for corporates and individuals, if they invest in making country green / taking steps towards prevention of global warming. As Tier-1 cities are getting cramped and land/real estate cost is going high, more ... More

FM must please salaried class
With the tremendous hike in almost all consumable items, denial of tax cut orhike in ceiling would hit hard the common man. While VAT, rise in indirect tax of many a commodity, cess and all directly affect terribly the middle class ... More

Reduce excise duty on compact fluorescent lamps
To promote usage of energy efficient compact fluorescent lamps (CFLs) and save power , we would appreciate if the Government reduces excise duty rate on CFL to 4 per cent from current 8 per cent. The excise duty on all raw materials for CFL need ... More

Industry expects declared good status for ethanol
For ensuring uniform levy across the country More

Eliminate duty on life-saving drugs
To facilitate the quick movement of drugs, importation law for FDA approved drugs should be eased such that they can be freely imported out of any Indian port. This will remove the limitation of being able to import only through the four ports ... More

Inflation woes could play spoilsport on B-day
More

Simplify personal, corporate tax policies
Both the personal and corporate tax policies and rates should be simple. At present, both individuals and corporates are eligible for certain incentives and that makes the tax regime complex and so consultants step in. The rates should be reduced ... More

Liberal taxation policy will fetch more revenue
It is gratifying to note that the Finance Minister has thought of giving some relief to income-tax payers in the light of substantial tax collections during the past three years. It has been reported that the threshold limit is likely to be ... More

Cement industry needs more attention
I request the Finance Minister to bring major changes to the cement industry, in terms of tax structure. The industry has witnessed a remarkable change in the last six months. Cement prices have gone up significantly and even the Govt allowed ... More

Reduce duty on manmade fibres
The duty structures of cotton and manmade fibres (PSF & VSF) should be brought on par or the duty on manmade fibres should be reduced by at least 4%. Duty on new textile machinery should be reduced to encourage upgradation. Ceiling of ... More

Extend benefits to smaller apartments
The Finance Ministry should bring back Section 80 IA and extend the benefits to smaller apartments. Today with steep increase in input costs and no tax benefits, people are constructing more large sized expensive apartments. If these benefits are ... More

Make it a common man’s Budget
I wish to see the 2008-09 Budget as a common man’s Budget. Last four years’ budgets were not encouraging to common man, farmers and the unemployed educated mass in the country. Of course, the high level economics theory would not have ... More

Fix minimum deposit rates for senior citizens
The rate of interest from banks also keeps on varying depending upon several factors like PLRs, CRRs etc. Further, the rates vary from bank to bank. We suggest that there should be a minimum deposit rate of 9 per cent and this should be ... More

Contain inflation by fiscal measures
Bring down the fiscal and revenue deficits to level envisaged in the FRBM Act, especially revenue deficit which should reach zero revenue deficit by 2008-09. Contain inflation by fiscal and monitory measures. Ensure gainful deployment of foreign ... More

Spare senior citizens from filing returns
Many senior citizens have appealed in the past and I add my voice to it that at least senior citizens, say those above 75 or so years of age, should be exempted from filing Income-Tax return. No TDS should be deducted from payments made to senior ... More

Scrap service tax on medical equipment
The Government should grant infrastructure industry status to healthcare as it is a key driver for the growth and development of the country. Rationalise import duties across all medical equipment at a standard rate of 5 per cent bringing it in ... More

Promote public-private partnerships in hospitals
We expect the Budget focus to be on increasing coverage for health insurance and promoting public-private partnerships in hospitals. Import duty reduction will directly benefit the industry as most of the large pharma companies have a large ... More

Find means to reward energy savings
Scrap the excise duty on energy efficient motors, fridges, CFL lamps etc; and increase the excise duty sharply on other types of high energy consuming devices. Reduce duty on LED monitors and LED TVs. Form departments and committees to implement ... More

Extend Sec 80 C limit to Rs 3 lakh
Extend the limit of Section 80 C of the Income Tax Act from Rs 1 lakh to Rs 3 lakh. Section 80 L exemption of interest on bank deposits should be restored. A special incentive should be given for personal expenditure made through credit or debit ... More

Give Rs 1 lakh exemption for investments in ULIPs
This Budget should give some room to retail investor mainly salaried person as they are the direct tax payers.I would like to suggest for Rs 1 lakh tax exemption exclusively for the investments in unit-linked insurance plans. To support my ... More

Subsidies must reach farmers directly
Agriculture land is becoming increasingly scarce and there is ready market from the manufacturing sector at attractive prices. The advantage of subsidies provided in the Budget should reach the farmers directly. The NFSM launched last year aiming ... More

Ease certification procedures for importers
It is common knowledge that supply of goods including plant and machinery equipment etc does not attract any income-tax/withholding tax. The innocuous inclusion of these goods under Para 7 the importers are required to provide a certificate from ... More

Reintroduce standard deduction
Various exemptions given in Section 10 (14) (eg. transport allowance, hill compensatory allowance etc.) to be increased to match with the current cost of living. Standard deduction should be re-introduced to those who are getting salary ... More

Modify tax structure for real estate industry
Real estate industry is the second largest provider of employment after agriculture. We urge the Finance Minister to recognise this and accord the same consideration and treatment as other industries like software. Service tax should be ... More

Extend tax benefits to export-oriented units
The export industry, hard hit by the appreciating rupee against the US dollar and growing costs, is looking forward to extension of the tax benefits available to software technology parks (STPs) and export-oriented units (EOUs) beyond the sunset ... More

ECONOMY
Kerala’s revenue deficit falls in 2006-07
Revenue receipts up 18.9%; tax revenues rise 22% More

EXCISE AND CUSTOMS
Mangalore Central excise collection touches Rs 4,099 cr
Surpasses target by 3.78% More

PETROLEUM
Fall in Jan crude oil output
New Delhi, Feb. 27 The country’s crude oil and natural gas production in January was down when compared to the corresponding period last year. During the month, 2.89 million tonnes (mt) or 683,345 barrels a day of oil was ... More

ONGC to shut down South Bassein gas field for 15 days
Kolkata, Feb. 27 ONGC plans 15-day production shutdown of its giant South Bassein gas field beginning March 1 to operationalise new platform. This will be the second production shutdown in South Bassein since January. The field produces ... More

PHARMACEUTICALS
Pharma SMEs seek incentives for research
Hyderabad, Feb. 27 An incentive package for research and development and continuation of tax incentives to export-oriented units top the wish-list of small and medium enterprises the pharmaceuticals sector for the Budget ... More

POWER
TNEB will buy power from North
Chennai, Feb. 27 The Tamil Nadu Electricity Board will buy power from northern States to manage the anticipated power shortage during summer, according to the Electricity Minister, Mr Arcot N. Veeraswamy. The State Government also plans to ... More

TAXATION
CBDT into Singapore, Mauritius
Investors based in Mauritius and Singapore could soon get assistance on Indian direct tax related issues in their respective countries itself. The Central Board of Direct Taxes has decided to create a post of First Secretary in the Indian High ... More

FCEBs get legal sanctity under I-T law for taxation
New Delhi, Feb 27 The legal decks have been cleared for the taxation of exchangeable bonds issued under the foreign currency exchangeable bonds (FCEB) scheme 2008.The Centre has now said that the tax treatment spelt out for ... More

SSI
Lime Spot launches socially networked market place for talent
New Delhi, Feb. 27 Lime Spot, a Web company focusing on creating and delivering user-driven applications and services, on Wednesday announced the launch of ‘LimeExchange’.This is a programme for talent market place aimed at ... More

RADIO/TV
Radio City bets on reality shows
Bangalore, Feb. 27 After reality television, it’s now ‘reality radio’! And FM radio station Radio City believes this is a concept whose time has come. Says Mr Rana Barua, National Head, Marketing, Radio City 91.1 FM, ... More

EDUCATION
Dubai’s GEMS to corporatise school education
Setting up 200 schools with Rs 2,000-cr investment More

Over 200 firms eyeing ISB graduates
It’s placement time at Indian School of Business (ISB) and over 200 companies from diverse sectors have already commenced the process.“Placements at the ISB have started and we are greatly encouraged by the strong response ... More

‘Students should develop spirit of innovation’
Chennai, Feb. 27 Though Indian industry has made rapid strides in the past few years there is a lack of original, innovative work being done in the country, said Mr Jagannathan Vaman, Chief Executive Officer, Altrion Technologies Pvt Ltd, a ... More

International biz studies centre
The Justice K.S. Hegde Institute of Management, Nitte, will launch a ‘Centre for studies on international business’, at Nitte in Udupi district on February 29. A press release from the Director of the institute, Dr M.S. Moodithaya, ... More

Campus recruitments at B-schools off to a good start
While tech schools are already worrying about the impact of the sub-prime crisis on their campus recruitment plans, it’s been business as usual for B-schools in the country. The Manipal-based TA Pai Management Institute, for example, ... More

e-Learning For Kids to make new courseware
Pune, Feb.27 Aptara, Inc, a player in content transformation technology, today announced that a group of its employees working in Pune have helped expand educational opportunities for nearly 5 lakh children around the world. These children use ... More

GEMS & JEWELLERY
Benign I-T assessment plan for diamond biz
The Finance Ministry has introduced a ‘benign assessment procedure’ for income-tax assessees engaged in diamond manufacturing and trading business. Income-tax assessing officers would now be required to accept the trading ... More

MEDICAL INSTITUTIONS & HOSPITALS
Kalam rejoins CARE Group Board
More

INDUSTRY ASSOCIATIONS

Maditssia disappointed

SCIENCE & TECHNOLOGY
R. Chidambaram on IAEA panel
Hyderabad, Feb. 27 In the thick of negotiations for India-specific nuclear safeguards with the International Atomic Energy Agency (IAEA), India has got one of its top nuclear scientists, Dr R. Chidambaram onto a special commission of the ... More

GENDER
Edgy-buzzy gender stuff
Segmenting products by gender is in, signalling the evolution of a discerning consumer market. More

IPR
US plans to issue patents on ‘first-to-file’ basis
Chennai, Feb. 27 The US plans to bring in a major change in issuing patents for inventions. It plans to change the patent system to ‘first-to-file’ from the present ‘first-to-invent.’ In other words, if the Patent ... More

TOURISM
Singapore expects 1 m Indian tourists in ’09
Eyes growing affluent middle class from the country More

ECONOMIC OFFENCES
National Aviation Co joining PSUs in a bid to check fraud in tenders
Mumbai, Feb. 27 National Aviation Company of India Ltd (NACIL), the company formed after the merger of Air India and Indian, would soon be joining the 20 large public sector enterprises namely ONGC, SAIL, Concor, which have started taking ... More