WEB EXTRAS
MODERNISATION
Textile industry happy with extension of TUFS
Absence of deep cuts in excise duties worrying
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ESOPS
`Move to tax ESOPs a regressive step'
The Budget proposal to levy fringe benefit tax (FBT) on ESOP has not gone down well with the IT sector in Kolkata. Representatives of the IT sector here have dubbed the proposal as "a regressive measure" and said it would have an adverse impact ...
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BUDGET
Flattering to deceive
For the salaried, the second slab rate of 20 per cent should have started after Rs 1.6 lakh and the maximum marginal rate of 30 per cent after Rs 2.6 lakh.
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The `direct' impact
The Income-Tax Department boasts of having nearly three crore individual taxpayers on file. The raising of tax exemption limit by Rs 10,000 across-the-board for all non-corporate taxpayers will bring down the number of taxpayers on file. ...
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`Source rule' reaffirmed
The Finance Bill, 2007 proposes to insert an explanation in Section 9 to provide that where income is deemed to accrue or arise in India under clauses (v) [interest], (vi) [royalty] and (vii) [fees for technical services] of Section 9(1), such ...
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On the reform path
The overarching theme of Budget 2007 is substantial long-term investment in agriculture, infrastructure and education, and reining in inflation by easing supply-side constraints through duty reductions. The Government has demonstrated its ...
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`No change in STT is positive'
The Chairman of Karvy Group, the country's leading stock broking firm, Mr C. Parthasarathy, said: "From a capital market perspective, let me focus on the positives of the Union Budget first.'' The decision to maintain the levels of capital ...
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ECONOMY
`Net govt borrowing to be higher'
The net government borrowing next year will be higher at Rs 1,09,579 crore against Rs 1,07, 453 crore this year. "There is nothing surprising about the government borrowing programme for 2007-08. It reflects fiscal consolidation," said Dr ...
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Central Plan outlay up 26% at Rs 3.19 lakh cr
The Central Plan outlay for the next financial year proposed in the Union Budget today showed a step-up of 26 per cent at Rs 3,19,992.08 crore, as compared with Rs 2,54,041.48 crore in the budgeted amount for the current fiscal. Of the Rs ...
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INFRASTRUCTURE
Chidambaram dwells on making Mumbai a global financial hub
The idea of Mumbai as a global financial centre is now firmly on the drawing board of the Finance Minister, Mr P. Chidambaram. Today, in the Lok Sabha, he spoke long and passionately on the concept. The first mention came in the Budget speech. ...
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TAXATION
Tax disadvantage after Rs 5.10 lakh
Budget 2007 provides for increase in basic exemption limit of Rs 10,000 for personal income tax. The basic limit for women assessees has been enhanced to Rs 1.45 lakh and for senior citizens the limit has been pegged up at Rs 1.95 lakh. For ...
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Drugs sector unhappy with lukewarm treatment
Finance Minister Mr P.Chidambaram has not managed to seize the moment, according to heavyweights of the pharmaceutical industry. Though happy that Budget 2007-08 has extended the 150 per cent weighted deduction on expenditure incurred on ...
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SOFTWARE
IT left hanging
A first reading of the fine print of Budget 2007 seems to suggest that a number of provisions have been proposed which would have an impact on the growth of the IT/ITeS sector itself. The industry was expecting an extension of the tax ...
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HOUSING FINANCE
Housing finance cos may gain from reverse mortgage
Housing finance companies will enjoy a greater breadth of operation if reverse mortgage products are introduced and mortgage guarantee companies allowed. "The latter guarantee repayment of loans and can enable us to lend to riskier segments ...
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GENERAL INSURANCE
Health insurance sector receives a boost
The health insurance sector has received a boost from the Union Budget. The tax deduction limit with respect to medical insurance premium under Section 80 D has now been increased from Rs 10,000 to Rs 15,000 and for senior citizens it has been ...
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COMMODITY MARKETS
Pepper futures rule steady
The pepper futures market ruled steady on Wednesday with limited buying activities and marginal fluctuations. The March contract on the NCDEX moved up by Rs 20 a quintal on Wednesday to close at Rs 12,365. The April contract improved by Rs 2, ...
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EXPORTS & IMPORTS
`Proposals will give an edge to agro exports'
The budget proposals to reduce import duty and excise concessions on some agriculture inputs and food processing sector would help sharpen competitive edge of Indian agro exports, according to Mr Walter D'Souza, Convenor of the FIEO (Federation ...
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