Civil Aviation Minister Praful Patel on Thursday said he would request the finance ministry for extending tax exemption on leased aircraft, scheduled to be implemented from April 1, 2005.
In the 'Additional guidelines for quarantine of returnees from abroad/contacts/ isolation of suspect or confirmed cases in private facilities', released on Thursday evening, the ministry said there are large number of facilities such as hotels, service apartments and lodges which are "unoccupied due to impact of COVID-19 on travel and tourism".
Mahindra & Mahindra Ltd, the country's largest utility vehicle maker, will roll out a sub-four metre compact model of Verito, the rechristened Mahindra Logan, which is expected to attract only 10 per cent excise duty instead of the earlier 22 per cent. Also, it will have a lower price tag.
At a meeting with the Reserve Bank in Mumbai, builders are understood to have demanded 'more measures' from the central bank to provide relief to the cash-starved realty sector through proactive actions from banks. More than 10 leading developers met a group of top RBI officials, comprising executive director of the apex bank, in Mumbai on Tuesday to discuss the prevailing issues in the industry.
The Indian textile industry, hit hard by recession in the United States and the European Union, said a steep 20 per cent rupee depreciation and the Rs 1,400-crore (Rs 14 billion) package has not helped in boosting sagging exports and demanded that the government should do more to help it come out of the woods.
IT companies would be entitled to the same tax benefits as SEZ developers.
The new DDA flat buyers, who will pay between Rs 700,000 and Rs 77 lakhs (Rs 7.7 million), will gain from the 9.25 per cent interest rate ceiling on new home loans of up to Rs 20 lakhs (Rs 2 million). But a majority of the existing borrowers of private and public sector banks and housing finance companies will miss out on the government-driven initiative.
Union Health Secretary Rajesh Bhushan reviewed the status of passengers coming from the UK to India and found positive in Maharashtra, Karnataka, Telangana, Tamil Nadu, West Bengal, Goa, Punjab, Gujarat and Kerala and their response measures in a meeting held through video conferencing.
The ministry of home affairs on Tuesday clarified India's stand of giving Asylum to Myanmar refugees, saying that the country is not a signatory to the 1951 UN Convention relating to the Status of Refugees and the 1967 Protocol thereon.
The Delhi government has allowed reopening of bars, public parks and gardens from Monday under a phased easing of restrictions, which were imposed due to the second Covid wave.
Union IT and Communications Minister Dayanidhi Maran has sought fiscal incentives from the finance minister to increase broadband penetration in the country.
Investors are apprehensive about the draft Direct Taxes Code.
The broad idea was endorsed by the DoT's internal panel in its report on the Telecom Regulatory Authority of India's recommendations last year on spectrum management and other licensing issues.
The official said that media would be allowed to cover both the Tests from the press box at the stadium.
The Malaysian government has said that the plight of the minority ethnic Indians in the country was being seriously looked into by a special cabinet committee to ensure that the community had participation in the national economy and equity.
Defending champions Saurashtra will start their Ranji Trophy preparations with a training camp in Rajkot from the first week of November by strictly following all the state government and BCCI guidelines on COVID-19 pandemic.
The government had earlier said it would give incentives of around Rs 12 per unit of solar power sold. Companies have, however, already lined up capacities to the tune of 3,000 Mw involving investments of around Rs 48,000 crore (Rs 480 billion). This means that of the total planned solar power capacity, only 50 Mw will be incentivised, while the rest will continue to be very expensive.
Faced with the threat of losing tax holiday due to the delay in starting operations, COAI has sought a year's extension upto April 2005 for the unified access service licencees, who got the licences in the first quarter of 2004.
A Muslim cleric in northwest Pakistan has been arrested under the tough anti-terrorism act for threatening to kill Malala Yousafzai in a suicide attack and instigating people against the Nobel Laureate for her recent comments on marriage, police said.
The officials said Pakistani intelligence operatives have adopted the modus operandi of investing in illegal call exchanges that switch Voice over Internet Protocol (VoIP) calls to normal Indian mobile calls.
Both CSK and RCB are based out of Dubai while the Rohit Sharma-captained Mumbai Indians are camping in Abu Dhabi.
the limit for investors wanting to invest in RGESS has been raised to Rs 12 lakh from Rs 10 lakh earlier.
Separate investment limits have been proposed for life and health insurance premium.
The finance minister's tax giveaways are what have saved tax-payers from the impact of inflation and higher home loan rates.
The objective of Section 72A is to make business operations tax-neutral encourages the amalgamation and restructuring of a company or firms by allowing set-off or carrying forward of unabsorbed depreciation and accumulated business losses.
The government is all set to roll out another package of concessions to take the feel-good factor to a political peak, while seeking the vote-on-account in a special session of Parliament in the first week of February.
The government on Monday said low-cost housing loans of Rs 15 lakh will be eligible for one per cent interest subsidy, which will help in increasing the demand for such housing.
Power developer Reliance Power on Monday sought tax concessions from the government to spur investment in the sector even as it doubted if the target of providing power for all by 2012 could be achieved.
Make the Income Tax Act work for you by using its tax saving provisions to fund the purchase of not only your first house, but also of the second one.
The commerce ministry will approach the 13th Finance Commission next month suggesting measures to reduce the incidence of local taxes on exports. With the state levies accounting for 6 per cent of the cost of exporters' consignments, the ministry wants to ensure that these taxes are rebated on the lines of refund of Central levies through different schemes.
Relief for exporters, additional incentives for export of farm products other than those in short supply and more steps to check inflation through hassle-free and cheap imports are likely to be announced on Friday in the last review of Foreign Trade Policy by the UPA government.
Taking yet another measure to check inflation through improving domestic supplies, the government today stopped export incentives on basmati rice. "Export of basmati rice shall not be entitled for DEPB (Duty Entitlement Pass Book) benefits," the Directorate General of Foreign Trade said in a notice. Government has already banned export of non-basmati rice & revised upward the minimum export price for basmati rice. Inflation for the week ended March 22 has touched the 7% mark.
"If the tax holiday is withdrawn, STPIs will lose the level-playing field vis-a-vis special economic zones. We have recommended that the government either withdraw the tax holiday to SEZs or continue the incentive to IT companies," an official with knowledge of the deliberations told Business Standard. STPIs enjoy direct tax exemption under sections 10A and 10B of the Income-Tax Act, 1961. The benefits are scheduled to expire on March 31, 2009.
The bench said that there are reports coming that many areas doctors are not being paid. "We saw report that doctors went on strike. In Delhi, some doctors have not been paid for past three months. These are concerns that should have been taken care off. It should not require court intervention."
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