Housing sales across top eight cities rose 51 per cent last year, even as the office market continued to slump due to the Covid pandemic with gross leasing witnessing a 3 per cent fall, according to Knight Frank India. Housing sales increased to 232,903 units during last year, from 154,534 units in 2020, but demand was down 5 per cent from the 2019 pre-pandemic levels and 37 per cent lower than the 2011 peak numbers. In the office segment, the gross leasing of office space fell to 38.1 million square feet in 2021, from 39.4 million square feet in the previous year, due to the adverse impact of the second wave of the Covid pandemic.
BCCI is planning aggressively to have an IPL in the United Arab Emirates provided the central government green-lights their request for a shift due to the rising cases of COVID-19.
Retailers are also demanding that home delivery across all forms of retail should be allowed to ensure a level playing field.
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 words 'industry', 'industrial development', 'jobs', and 'employment' have been ringing with higher frequency since Mamata Banerjee stepped into her third term with landslide victory after a high-octane election last year. "Our government's next target is industrial development," the chief minister (CM) had been heard stating at different public meetings in the past few months - perhaps setting the tone for the sixth edition of the Bengal Global Business Summit (BGBS) slated for later this month. Investor summits by any state are about intent, big numbers, and tall claims. Yet in competitive federalism, its importance as a marketing tool is undeniable.
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.
the limit for investors wanting to invest in RGESS has been raised to Rs 12 lakh from Rs 10 lakh earlier.
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.
Separate investment limits have been proposed for life and health insurance premium.
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.
Payments to farmers in the form of subsidies tend to encourage the production of food, fibre and biofuels, under-valuing the beneficial services that the farmers can render in fields such as carbon storage, flood control, water conservation and biodiversity protection. The farm sector can sequester and store over two billion tonnes of carbon in 50 countries till 2012, when the tenure of the present Kyoto pact on climate change comes to an end.
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 finance ministry, in the explanatory memorandum to the Finance Bill 2008-09, proposes to withdraw the tax holiday which has been a window the petroleum ministry has been using to market the oil and gas exploration blocks under the New Exploration and Licensing Policy (Nelp) since 1999. The commitment to give a 7-year tax holiday to companies producing gas from Nelp blocks was finalised by the Union Cabinet after consultation with the finance ministry.
The finance ministry has initiated an internal survey of the faceless regime to examine its effectiveness.
Ruling out the implementation of value-added tax from June 1, Finance Minister Jaswant Singh on Wednesday announced several excise duty concessions on edible oil and textiles.
The Finance Ministry may introduce a proposal in Budget 2008-09 to allow urban cooperative banks to get tax deductions up to a specified limit for the amount they set aside as provisions for bad loans.
Universities and schools across the country have been closed since March 16 when the Centre announced a countrywide classroom shutdown as part of measures to contain the spread of the novel coronavirus.
There was no relief for existing home buyers who are stuck in stalled projects and are paying both rent and EMI on their home loans.
"The two-wheeler industry is one of the very few industries which has witnessed a degrowth during the last fiscal due to lack of funding options in rural areas," Hero Honda Managing Director Pawan Munjal said on the sidelines of Hero Mindmine Summit.
Job-oriented sectors such as tea, cashew, apparel, carpets, leather, textiles and handicrafts continue to face weak demand in traditional markets such as Europe and the US.
The measures are part of a package of nine concessions that were suggested by the commerce ministry around eight weeks ago and are awaiting cabinet approval.
The committee on financial inclusion, headed by C Rangarajan, the chairman of Prime Minister's Economic Advisory Council, has recommended that the profits transferred to their reserves by such banks should be exempted from tax till the banks achieve the standard capital adequacy ratio (CAR).
Lifting the ban on the yatra, a division bench of the court comprising Chief Justice R S Chauhan and Justice Alok Kumar Verma said the pilgrimage will start with restrictions like a daily limit on the number of devotees visiting the temples.
Export-Oriented Units (EOUs) in the country are likely to continue to enjoy income-tax benefits even after the ensuing deadline of March 2009.
Sugar mills may get some relief from the government following a proposal to raise the interest rate subsidy on loans against excise duty paid by the mills during the last and current financial years.
No physical offerings such as 'prasad' distribution or sprinkling of holy water will be allowed inside the religious place.
The decision came just ten days after his two-year-old government announced it will provide compensation to 128 families of the infamous 1989 Bhagalpur riots, who were till now denied compensation.
The government gives transport assistance for export of flowers while floriculture is yet to be defined as agriculture denying the growers several benefits available to farmers. It said Indian Council of Agricultural Research and state agricultural universities should increase their efforts in developing elite varieties and production technology suitable for the domestic climate.
The Commerce Ministry, according to an official, has proposed interest subsidy for different sectors like engineering which are reeling under the impact of global economic slowdown.
