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Next budget to prune wasteful spending, spur investment: FM
Inflation data key indicator as RBI policy review looms
investor guidance |
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Next budget to prune wasteful spending, spur investment: FM
Tokyo, October 13 "We must have a budget that emphasizes fiscal consolidation and incentivizes savings, promotes investment and cuts out wasteful expenditure," he told a TV channel here Friday. However, he added the government's key social welfare programmes would be fully protected. Chidambaram and Reserve Bank of India governor D. Subbarao are here for the IMF-World Bank meeting. In the face of rising food, fertilizer and fuel subsidies, containing high fiscal deficit is a key challenge for the government. Though the fiscal deficit target for 2012-13 has been pegged at 5.1% of GDP, economists feel that it may be difficult for the government to stick to the budget estimates. On the warnings by global agencies about the possibility of the country's rating being downgraded, Chidambaram said, he was "absolutely certain" that India's credit rating won't be downgraded. Earlier this week, Standard and Poor's had warned that India's sovereign credit rating may be cut to junk grade within two years if steps are not taken to check fiscal deficit and improve investment climate. In the backdrop of a slowdown and demand for cut in interest rates, the finance minister said: "Rates must come down and if the fiscal policy steps that we are taking encourage the central bank to take monetary policy action which will result in lower interest rates, I think that will be good". The RBI is scheduled to unveil its second quarter review of the credit policy on October 30. — PTI
IMF says global growth has decelerated
Global economic growth has decelerated and advanced economies need to step up the pace of policy reforms to rebuild confidence, the International Monetary Fund's steering committee said in Tokyo on Saturday. "Global growth has decelerated and substantial uncertainties and downside risks remain," the IMF's steering committee said in its communique. "We need to act decisively to break negative feedback loops and restore the global economy to a path of strong, sustainable and balanced growth." — Reuters |
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Inflation data key indicator as RBI policy review looms
OIS (overnight indexed swap) rates show investors are cautiously positioned for the RBI to cut key interest rates, but remain unconvinced it will happen this month. The 1-month OIS rate is trading at 7.92%, marginally below the RBI's 8.00% repo rate. The rupee is expected to resume its rally next week and rise towards 52 levels, though a broad range of 51.50 to 53.50 over the next month is expected to hold. Stock movements from corporate earnings results could impact foreign fund flows. Among the big companiess, Reliance Industries and Axis Bank will post earnings on Monday, while ITC and TCS will post results on Friday. — Reuters
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Sec 80D benefits on health cover
a.n. shanbhag Is Sec 80D tax deduction available if I buy an insurance policy that also covers my parents? — Mitul
The 5-year post office recurring deposit account I had invested in matured and I gave the money to my father, who is retired, asking him to open a one-year FD in his name. Since the funds were not credited in my bank account this year, do I have to pay tax on this additional income this fiscal? Also, when I get the money next year on maturity of the FD, how do I show it in my returns — as a gift or otherwise? — Maahi Whether you get the matured FD funds in cash or by cheque, it is your income and tax is payable by you. Since you have since given the money to your father for opening an FD this means you are gifting him the money. Later when he returns it to you, it will be deemed a gift. Such gifts between immediate family members are taxfree. However, the income from the FD will be added to your father's income.
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Rajat Gupta gets support IT services may hit $10.2 bn
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After announcing a slew of reform measures to revive growth, Finance Minister P. Chidambaram has indicated that the budget for FY2013-14 would focus on cutting wasteful expenses
and promoting investments.
Mumbai, October 13
Medical insurance premium up to Rs 15,000 paid by assessee for himself, spouse and dependent children are tax deductible. If the individual or spouse is a senior citizen, the limit is higher at Rs 20,000. Note this base excludes parents (senior citizens or otherwise) because an additional deduction up to Rs 15,000 has been extended to an individual on premiums paid for his parents. If the parent is a senior citizen, the enhanced limit of Rs 20,000 is applicable.
Rupee snaps 5-week gains