 |
Thursday,
January 16, 2003, Chandigarh, India  
|
20 pc growth
in income tax collection Make Saral
more Saral: minister IDBI
Bank net leaps 207 pc
|
|
|||||||||||||||||||||||||||||||||
HDFC
Bank net up 31 pc Union Bank
net rises Equity
linked savings schemes: an assessment Timing can be advantageous Rabi
crop to exceed kharif output Punjab offers
VRS to PTDC employees Bajaj Auto
net spurts SBP hi-tech
branches
|
|
20 pc growth in income tax collection Chandigarh, January15 Talking to the TNS here today, Mr Vijay Khanna, Chief Commissioner, Income Tax, North-West region, claimed that the department was all set to cross the annual target of Rs 3329 crore by March 31, 2003. All this have made possible, he said, by clubbing the loopholes of tax evasion, and through stringent monitoring of tax collections. The department is already processing over 25 lakh income tax returns filed in the region. Referring to wide spread tax evasion, he said,‘‘ There is still a great scope to increase in tax collections by around 50 per cent, since a large section of small scale industries, trading community, self-employed professionals are involved in tax evasion. It is mostly the salaried class, that is depositing their tax in a honest manner. Now onwards, we would focusing on other sections of tax assessees, to increase the revenue.’’ He disclosed that department was now conducting street wise survey in major towns to assess the potential of income tax collection. For instance, he said, a small survey of marriage palaces and tent houses in and around the Chandigarh, has helped unearth undisclosed income worth crores of rupees. IT officials have been instructed to prepare a data base of coaching institutes, private nursing homes, clinics, and other trades in the region. Appealing to the IT assesses to cooperate with the department, Mr Khanna said, ‘‘We are making every effort to provide required facilities to deposit tax and other information. About 99 per cent of the applicants, who had applied for the PAN, have been issued these
cards. The powers to conduct surveys and search have been given to designated officials. But public should also consider it their duty to pay the tax in time.’’ |
|
Make Saral more Saral: minister New Delhi, January 15 These issues need to be addressed at both policy level as well as the level of tax administration. He said if a change of mindset had to come at the level of the policy maker, at the level of government, and at the level of the corporate sector, then, it must also descend at the level of those who administer taxes. The minister highlighted the need for India to upgrade technology. He said that the tax regime must spur the role of technology in our development process and also called for an R&D-friendly tax regime saying that R&D had been ignored for a long time. In her presentation, Ms Lalita D Gupte, Joint Managing Director, ICICI Bank Limited, said strong economic fundamentals and key strengths of the economy had provided a strong base for the Indian corporate sector to succeed in the new global competitive environment. |
|
IDBI Bank net leaps 207 pc Mumbai, January 15 Total income of the bank has increased from Rs 149.76 crore in the December 2001 quarter to Rs 214.91 crore in the quarter ended December 31, 2002. The bank’s board also granted approval to raise Tier II capital up to Rs 40 crore in one or more branches at appropriate times.
UNI |
|
HDFC Bank net up 31 pc HDFC Bank Ltd has posted a 31 per cent rise in its net profit at Rs 98.88 crore for the third quarter ended December 31, 2002 compared to Rs 75.45 crore in the same period last fiscal. The total income for the period under review grew by 23.08 per cent to Rs 646.28 crore as against Rs 525.07 crore in October-December 2001, the private sector bank said in a release here today. The net interest income grew to Rs 204.8 crore in the third quarter (Rs 160.1 crore). The net Profit and total income for the nine months ended December 31, 2002 stood at Rs 270.98 crore (Rs 206.8 crore) and Rs 1,810 crore (Rs 1,470.22 crore) respectively. Provisions and contingencies for the quarter were Rs 36.06 crore, comprising specific and general loan loss provisions of Rs 24.5 crore. Net non-performing assets stood at 0.7 per cent of customer assets while Capital Adequacy Ratio was 13 per cent. The bank’s customer assets including advances, corporate debt and investments grew by 43.6 per cent to Rs 12,675 crore (Rs 8,824 crore as on December 2001), it said. The retail loans grew 129.8 per cent to Rs 2,502 crore.
PTI
|
|
Union Bank net rises The Union Bank of India has recorded a net profit of Rs 143.58 crore for the third quarter ended December 31, 2002, an increase of 45.01 per cent over the net profit of Rs 99.01 crore in the corresponding quarter of the previous fiscal. The operating profit for the third quarter at Rs 299.60 crore was up by 33 per cent and for the nine-month ended December 2002 it was at Rs 800.10 crore, up by 53.8 per cent over the corresponding period last year while the cumulative net profit for the nine-month period during the current fiscal at Rs 350.85 crore was up by 74 per cent over the same period last year. The bank’s total income increased from Rs 1,174.86 crore in the December quarter of the previous fiscal to Rs 1,281.33 crore in the same quarter of the current fiscal.
UNI
|
|
Equity linked savings schemes: an assessment Trudging continually on the path to recovery is the Indian economy. What with strong half yearly results across sectors, an increase of 6.1 per cent in the Index of Industrial Production (IIP) during April-September 2002, strong infrastructure growth, rising retail consumer finance and improving macro variables, all reinforcing our belief in the same. No surprises then that the BSE Sensex pierced the 3,300 levels in December 2002. Statistics have proved that over the long term, equities are known to have outperformed other forms of investment. Some other tax savings instruments like PPF, NSC, NSS, bonds etc do offer tax benefits but now at lower returns. Hence ELSS is an attractive investment avenue for those who seek tax savings coupled with the potential of high returns. One interesting investment option that emerges for the great Indian middle class salaried Indian in these resurgent times are the Equity Linked Saving Schemes (ELSS) of Mutual Funds. ELS schemes offer tax rebate under Section 88 for an investment upto a maximum of Rs 10,000. These schemes typically bestow on their investors two distinct advantages namely — tax exemptions under Section 88 and capital
appreciation due to investment of at least 80 per cent of their corpus in the equities markets. An investment that could reap rich dividends in resurgent times! Timing can be advantageous
Since ELS Schemes invest primarily in the equity markets, timing can be a distinct advantage for any investor. At a time when equity markets are down, exposure can be made to these schemes to lower holding cost. Thus, an investor can put in money in these schemes even at the beginning of the financial year if, in his opinion, the equity markets at that moment present a good investment opportunity. For instance, many analysts feel that the current equity trend presents a good opportunity for those intending to use ELSS for tax saving purposes. The first advantage is that these carry a lock in of just three years compared to a much higher lock in other options like PPF, NSC and Life Insurance Policies among others. Moreover, in ELS Schemes the lock in period commences from the very day the money is invested on. So, for money invested on April 10, 2001, the lock in period will come to an end on April 9, 2004. The lock in is, therefore, independent of financial year squabbles. The situation turns even more advantageous when the concerned ELS Scheme decides to distribute a dividend or bonus during the lock in period. Dividends distributed and the lock in clause does not cover the units credited in the event of a bonus declaration. Furthermore ELSS or equity-linked-savings schemes are another class of equity investments with tax saving benefits. The only catch being that these schemes have a minimum lock-in period of three years. This is in sharp contrast to other open-ended schemes that offer a high degree of liquidity. Equity investment over the long term is regarded as a superior option (and even considered safe) because the short-term volatility smoothens out over time. Equities are a good hedge against inflation. Section 88 of the Income Tax Act for the Accounting Year 2002-2003, offers a 15 to 20 per cent tax rebate for incomes varying between Rs 5,00,000 to Rs 1,50,000 against investment up to Rs 70,000 in specified investments such as PF, PPF, NSC and LIC. An additional Rs 30,000 in infrastructure bonds is also allowed. Thus ELSS Mutual Funds have a limit of Rs 70,000, which is part of the Rs 1,00,000 limit max allowed for an individual under Section 88. An ELSS offers good potential for growth, since, of the original Rs 10,000 invested, Rs 2,000 is tax saved, and so effectively, your additional investment is only Rs 8,000. Well-managed ELSS schemes should consistently deliver about 20 per cent to 25 per cent tax-free returns per annum. In fact, some of the best performing ELS Schemes include the IDBI-Principal’s Tax Savings Fund, which offers a tax-free return of 25.44 per cent, and HDFC’s Tax Plan 2000 — Growth, which are two of the best performing ELS schemes in the market. |
|
Rabi crop to exceed kharif output New Delhi, January 15 “One thing is for certain, there is no doubt about it, rabi season foodgrain production to be harvested in April-May this year will be higher than the output in the drought affected kharif season,” Director-General, Indian Council of Agricultural Research Dr Mangala Rai said. The prolonged dry spell and late arrival of monsoons last year had resulted in drought in major agri-pockets of the country spread across 14 states. As a result, the kharif output is estimated to decline to 91 million tonnes this season — much lower as compared to 111 million tonnes in the previous year. The rabi crop produce clocked a figure of 99 million tonnes last year. Estimates of rabi crop during the current season has not yet been arrived at. Dr Rai further said that while the growth in rabi will offset the drop in kharif produce, there is no way to compensate for the 20 million tonne fall estimated in the kharif production, he added. Dr Rai said that extremely low temperatures could adversely affect crop output. |
|
Punjab offers VRS to PTDC employees Sangrur, January 15 Besides, the state government is also going to invite global tenders to sell all PTDC hotels to the private parties. These tenders will be issued shortly to complete the disinvestment process of the PTDC. The PTDC has 18 hotels in Punjab while it has five or six hotels in other parts of the country. The number of employees of the PTDC is about 500 who will certainly face a tough time in their adjustment in other departments in case they do not opt for VRS. In reply to a query by the mediapersons here today, Mr Ashwani Sekhri, Minister of State for Tourism and Cultural Affairs, Punjab, said Disinvestment Commission of the Punjab Government was making preparations for the disinvestment of the PTDC soon. He said the state government expected that it would earn Rs 150 crore from the sale of PTDC hotels.
TNS
|
|
Bajaj Auto net spurts Mumbai, January 15 Total turnover in the reporting quarter rose by 11.45 per cent to Rs 1,306.61 crore from Rs 1,172.32 crore in the corresponding quarter of the previous fiscal, the company said in a release here today. Profit for the third quarter could have been higher but for a higher VRS expenditure of Rs 19.3 crore as against Rs 2.5 crore in the corresponding period of FY’02.
PTI |
|
SBP hi-tech branches Chandigarh, January 15 SANGRUR:
State Bank of Patiala opened fully computerised branch at Khanauri (Distt, Sangrur) in the new premises today. Mr N.S. Deshpande. DGM Patiala Zone inaugurated the branch. BHAGTA BHAI KA (BATHINDA):
Mr D.J. Manked, DGM, State Bank of Patiala today inaugurated 736th branch here today.
|
bb
Spice GAIL Chief Wipro bags award Bombay Dyeing L&T Bank of Maharashtra Escorts |
 |
| Punjab | Haryana | Jammu & Kashmir | Himachal Pradesh | Regional Briefs | Nation | Editorial | | Business | Sport | World | Mailbag | In Spotlight | Chandigarh Tribune | Ludhiana Tribune 50 years of Independence | Tercentenary Celebrations | | 122 Years of Trust | Calendar | Weather | Archive | Subscribe | Suggestion | E-mail | |
Since all the returns are being processed on the computer network from this year, he said, the assessees would not be able to evade tax so easily. Though the department is facing ‘connectivity’ problem in the online processing of IT returns, but it is hopeful to clear all the refunds by the end of fiscal year. It has already cleared refunds worth Rs 459.57 crore by November 30, 2002 in North-West region.
