Crackdown on co.s avoiding I-T on perks

The Finance Ministry has decided to come down on companies continuing to offer perquisites in the garb of "tax-free allowances" and bring them in the tax net. In a communication to the Chief Commissioners of Income-Tax (CCITs), the Revenue Secretary, Mr. M.R. Sivaraman, has said that all emoluments, including amounts paid under the guise of various allowances, are to be brought under the 'salaries' fold and subject to income-tax at source.

Manmohan’s ‘commitment and rethink’

At the meeting of the Parliamentary Consultative Committee attached to his Ministry, the Finance Minister, Dr Manmohan Singh, is understood to have made an apology of sorts to members for not being able to keep his promise of releasing the RBI report containing the list of bank loan defaulters as on March 31, 1994. The list contains the names of all those industrialists who owe more than Rs. 1 crore each.

New AP industrial policy

The Andhra Pradesh Government has announced a new industrial policy retaining the draft proposals in toto and rejecting the suggestions made by some of the representative organisations of industry. The policy, which aims at achieving an annual growth rate of 20 per cent in industrial production and an investment of Rs. 1,00,000 crores in the next five years, has given a major thrust to private investments in key infrastructure areas. The Chief Minister, Mr. N. Chandrababu Naidu, spelling out the highlights of the policy at a press conference, said it would be followed by a micro-level study of each district.

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