The suggestion is to introduce a "capital transaction tax" based on the "circle rate" of the state in which the deal is registered.
Rising compliance, buoyant collections may prompt this move
Debt conversion formula will increase govt stake.
The government may infuse about Rs 10,000 crore (Rs 100 billion) as equity capital in nationalised banks in addition to an identical amount in the country's largest lender, State Bank of India (SBI). Nationalised banks with the government holding closer to the floor of 51 per cent are likely to receive the capital infusion support.
Tax compliance in India is improving steadily. Four years ago, 76 per cent of the 28.8 million tax-payers (assessees) filed annual income tax returns. Since then, the number of tax-payers has been increasing and so is the compliance level. In 2004-05, the compliance rose to 78.2 per cent on a tax-payer base of 29.21 million. In 2005-06, this rose to 82.1 per cent on a base of 29.63 million. In 2006-07, this has risen to a new high of 85.3 per cent on a base of 29.79 mn.
Cement shipments from Pakistan will hit the Indian markets by the end of the month at prices that are up to a third lower than domestic prices.
Organised retail in India's rural hinterland is a very different ball game from what it is in urban centres.
The MEP has been raised from $225 a tonne in May to $495 a tonne in October. Despite this, domestic onion prices have risen sharply. They are currently available at Rs 24 -28 per kg at the retail level, compared with Rs 8-10 a kg in May.
ICICI Lombard has bagged a contract from the railways to provide personal accident cover at a premium of just 4.75 paise per passenger. The personal accident cover is for a year starting from September 20, 2007.
TDS collections stood at around Rs 37,500 crore (Rs 375 billion) during April-August, about 50 per cent of the gross direct tax collections of Rs 75,244 crore (Rs 752.44 billion).
The move would retain the public sector character of these banks, as the holding company will be wholly owned by the government, finance ministry officials said. This company, in turn, will own a majority stake in the banks.
The Reserve Bank of India is in favour of a cautious and gradual approach to financial sector reforms rather than a big-bang approach, as advocated by the Percy Mistry Committee report on making Mumbai an international financial centre.
If the valuation norms are not announced by then, the due date for paying advance fringe benefit tax (FBT) on ESOPs is likely to be extended beyond September 15.
The Indian Sugar Mills' Association, the industry lobby group, will take the proposal to Food & Agriculture Minister Sharad Pawar soon, sources close to the development said.
The guidelines on the valuation of employees' stock option plans (ESOPs) for calculating fringe benefit tax (FBT) will be issued by September 8.
A survey by market research firm IIMS Dataworks shows that Indian consumers rarely distinguish between banks in their decisions to opt for the one over the other. They go for the bank that comes their way, for one reason or the other.
Insurer divides country into three zones with varying premiums.
Groaning under the burden of huge arrears to sugarcane farmers and rising losses, leading sugar producers of Uttar Pradesh have begun filing cases against a December 2006 directive of the state government on sugarcane prices.
National Agricultural Cooperative Marketing Federation, the central government's procurement agency for non-cereal crops, is in talks with leading retail companies to serve as a back-end supply chain in agri-commodities.
Non-corporate assessees, whose accounts are audited under Section 44AB of the Income Tax Act, are expected to account for a bulk of these filings, with as many 2.5 million e-returns expected from them this year.
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