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D-Street’s bull run to continue
United Stock Exchange opens today
ICICI among top 10 firms
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CWG village
Tax Advice
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D-Street’s bull run to continue
New Delhi, September 19 "With the positivity from the global front, we are steadily approaching near the all-time high zone and are likely to extend the up move in the coming weeks with required consolidation for the sustainable move," Jain added. In the past week, Indian markets continued their strong momentum and scaled new highs. The Sensex and Nifty reached levels last seen in January, 2008, backed by robust inflows from FIIs. "The momentum of the market has been very strong. It is likely to remain so unless there is any significant negative development in the global space," brokerage firm ICICIDirect said. Equity analysts, however, also said that profit-booking cannot be ruled out in the coming days, as the market has risen very fast in recent sessions and many blue-chip stocks are trading at lifetime high levels. "Due to very fast movement, some profit-booking cannot be ruled out. However, those corrections should be taken as an opportunity to get into the market. Investors should maintain caution at higher levels," a broker said. Some analysts also said that on Friday, the market sentiment would also be somewhat influenced by the judgement in the Ramjanambhoomi-Babri Masjid dispute.The Allahabad High Court will deliver a judgement in the Ramjanambhoomi-Babri Masjid case on September 24. Analysts also said the market would be keenly watching the meeting of the US Federal Reserve scheduled on September 30. The US Federal Reserve is expected to launch a stimulus package at its meeting, seeing the worrisome situation of high unemployment and weakness in construction activity as indicated by the latest Fed Beige book finding. According to ICICIDirect, "Though any rate hike is not expected, assessment of the economy and indication of future steps would be important for market direction." The market remained positive in four out of five trading days in the previous week. The Sensex ended the week at its best level since January 17, 2008. "The market is sustaining the rally as inflows from overseas investors is coming in relentlessly and in the coming days too, this rising spree is likely to continue," Geojit BNP Paribas Research Head Alex Mathews said.
— PTI |
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United Stock Exchange opens today
Mumbai, September 19 USE will commence operations in all four currency pairs currently allowed by SEBI, namely the dollar-rupee, euro-rupee, yen-rupee and pound-rupee. The exchange will offer a better platform to corporates and SMEs for managing forex risk, he said. The exchange was formed through a unique public-private partnership, with equity participation by both PSUs and private sector banks. Among the 21 public sector banks which have a stake in the USE are Allahabad Bank, Andhra Bank, Bank of Baroda, Bank of India, Canara Bank, IDBI Bank and State Bank of India, among others. In addition, five private sector banks -- namely Axis Bank, Federal Bank, HDFC Bank, ICICI Bank and J&K Bank — also have equity participation in the new exchange. Apart from banks, Jaypee Capital, MMTC and Indian Potash also have a stake in the United Stock Exchange. The Bombay Stock Exchange is a strategic partner of the USE, as it holds a 15 per cent stake and all of
its members are connected to the new USE platform. — PTI |
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ICICI among top 10 firms
New Delhi, September 19 With a market capitalisation (m-cap) of 1,28,016 crore, ICICI Bank now features at tenth rank in the list, knocking state-run BHEL out of the prestigious club. During the past week, ICICI Bank added Rs 10,809.4 crore to its m-cap. Analysts said a sharp rise in financial stocks during the past week pushed up the m-cap of most banks. "Banks led from the front on optimism that lending will pick up in a fast-growing Indian economy and that they are well capitalised," a broker said. Though the rush for banking stocks helped ICICI Bank make an entry into the top-10 club, its rival, HDFC Bank, is still lagging behind and is ranked at thirteenth, whereas mortgage lender HDFC is seventeenth in terms of market capitalisation.
— PTI |
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CWG village
Chandigarh, September 19 In a press note issued here today, Surjit Singh, Managing Director, Sagri Foods, said a team of food safety had inspected the dressing plant of the company at Chanalon, Kurali, near Kharar. After visiting the plant, the team had approved the company for supplying chicken during commonwealth games and the process had already commenced from September 10.
— TNS |
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Tax Advice
Q. I have a query on the disability pension received by defence personnel from CDA. They claim the disability pension as exempted but I cannot find the exact section of the Income Tax Act or rules. Please clarify as soon as possible as return has to be filed by 31st July 2010.
— Tarun Airi A.
In accordance with letter F.No. 200/51/99-ITA-1 issued by the Government of India, Ministry of Finance, Department of Revenue, Central Board of Direct Taxes, New Delhi dated 6th May 2000, addressed to Sudhakar Shukla, Director (Pens), Govt. of India, Ministry of Defence, Department of Defence, New Delhi. The total disability pension admissible to Armed forces Personnel is exempted from Income-tax. Section 80G
Q. We will be grateful if you explain the exact items of I.T. Sec. 80G and 80GG for the purpose of I.T.deduction/exemption from gross income or the net liability of tax viz (i) Exemption from gross income (ii) Exemption from I.Tax liability (iii) Or some charitable institutions/organisations are defined for 100% exemption of donation amounts. — Bharat A. The deduction under Section 80GG of the Income-tax Act 1961 (the Act) is allowable in respect of rent paid by an assessee who is not having any income in the nature of house rent allowance. The deduction is allowable to the extent of Rs 2,000/- per month or 25% of the total income, whichever is less. The explanation to the said section clarifies that 25% of the assessee’s total income shall mean assessee’s total income before allowing deduction for any expenditure for rent paid under the aforesaid section. Section 80G of the Act provides for deduction of an amount equal to 50% of the aggregate of the sums specified in the section. A reference to ‘gross total income’ is contained in sub-section (4) of Section 80G of the Act where such deduction is limited to 10% of the gross total income. The ‘gross total income’ is a defined term under Section 80B of the Act and means the total income computed in accordance with the provisions of the Act before making any deduction under Chapter VI-A (which Chapter contains various deductions allowable against the total income such as deductions under Section 80C, 80G and 80GG of the Act). Section 80G of the Act also provides that a deduction of 100% of the sum paid would be allowable in respect of donations made to specified funds/institution. The limit of 10% of gross total income is not applicable to sums paid to such specified funds/institutions. I do hope this clarifies the issue raised by you. Tax liability
Q. I am a senior citizen of 70 years old. Kindly calculate tax liability financial year 2009-10, assessment year 2010-11. Details are as under: 1. Pension 1,91,0432. Post Office N.S.E. Interest 33,0553. Interest on Bank SB Account4,8984. Interest on Bank FDR4,82,4485. Medical Reimbursement (I remained in Hospital eight days)29,9736. Agriculture Income7,99,147 Moreover I deposited Rs.1,00,000/- in New York Max Life Insurance during financial year 2009-10. T.D.S. on FDR’s Rs.48,337/-, Advance Tax Rs,61,110/- during March 2010. But before this I did not deposit any Advance Tax during September to December 2009-10. So kindly advice me tax liability for 2009-10. — Harmail Singh A.
The tax on your total income after giving rebate for agricultural income would work out at Rs.1,14,775/-. After giving relief for tax deducted at source and advance tax paid, the net tax payable would be Rs.5,328/-. In addition you will be liable to pay interest under section 234C (for deferment of advance tax) amounting to Rs.1,844/-. You would also be liable to pay interest under section 234A of the Act for delay in filing return of income @ 2% every month or part of the month following 31st July 2010 till the date of furnishing the return of income. |
Connect launch Plan panel
website OBC raises ` 500 crNew Delhi: Oriental Bank of Commerce on Sunday said it has raised Rs 500 crore through the issue of bonds to fund credit expansion. The bank raised Rs 300 crore of tier I capital via the issue of perpetual debt instruments with an annual coupon rate of 9.05 per cent, Oriental Bank of Commerce said in a statement. In addition, Rs 200 crore was raised from upper tier II bonds with an annual coupon rate of 8.68 pc. — PTI KF to add flights
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