After firing its first salvo on potential income- tax assessees, the Revenue Department is now training its guns on corporates evading the tax net. Highly-placed sources said the Department has already compiled a list of ‘missing’ companies — those firms which are registered with the Registrar of Companies but have not been filing any tax returns. “On the lines of updating the database on potential I-T assesses, we are enriching our information bank on all corporates. The Department is obtaining details of economic transactions of cdmpanies, particularly those who have not been coming clean under the I-T provisions, from all concerned agencies.

UTI puts off schemes till after polls

The Unit Trust of India has postponed the launch of new schemes till the elections are over in order to take advantage of the upswing in the market expected after the elections and to avoid any logistics problems during elections. The schemes that, are planned to be launched after the elections are: UGS-10,000, a sector specific scheme targeted at the banking and technology sector, an open ended debt fund, an infrastructure fund and a turnaround fund. The trust has a target of Rs. 12,000 crores for the current financial year, which ends in June.

NTT rethinks RPG’s Basic Teleservices

The South-East Asian crisis’ first victim in the telecom sector could well be RPG promoted Basic Teleservices. RPG’s partner, Nippon Telephone and Telegraph has indicated that it would either scale back or completely withdraw its exposure in the company, which has a mandate to lay the first basic private network in Tamil Nadu. NTT, primarily owned by the Government of Japan, and Itochu of Japan hold a 49 per cent in Basic Teleservices.

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