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Govt taking steps to spur investment: PM
S&P rules out rating upgrade
investor guidance |
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Govt taking steps to spur investment: PM
New Delhi, May 4 “I understand that the level of lending that the ADB can sustain is projected to come down. At this juncture, ADB should take the initiative to find innovative ways to channelise global savings into infrastructure projects in Asia Pacific. Pooling investments across various countries can mitigate risk which can be further reduced through credit enhancement by the ADB”, the Prime Minister said while addressing the annual meeting of the ADB. Singh said the regional cooperation and integration among countries in Asia and the Pacific can play a critical role in accelerating economic growth, reducing poverty and economic disparity. He stressed on the importance of building cross-border infrastructure, eliminating trade and investment barriers, and cooperation, including transfer of technology. “India is a firm believer in the benefits of regional integration and is committed to promoting it. We stand committed to deep engagement with the countries of East and Southeast Asia,” the Prime Minister said. He pointed out that resurgence of Asia is part of a process where economic power has been shifting to emerging economies in recent years. On Purchasing Power Parity, he said, emerging economies accounted for 80 per cent of the world growth in 2012, with emerging Asia accounting for a majority of it and China and India accounting for 35 per cent and 10 per cent of world growth, respectively. Prime Minister added that the government was taking steps to make India a more attractive investment destination with a view to achieve over 8 per cent economic growth in the 12th Five-Year Plan. “We are initiating measures to spur investment and to make India more attractive to investors both at home and abroad. We have taken steps to fast track major infrastructure projects,” he said. Singh also assured the international audience, comprising Finance Ministers and central bank governors of several countries, that India is taking strong measures to achieve fiscal consolidation and high economic growth. “India has set itself a target of over 8 per cent annual growth for the 12th Five-Year Plan, which runs from 2012 to 2017. This is the rate of growth that the country achieved over the past decade,” he said.
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Noida, May 4 "...a rating upgrade at this point is not on the cards," said Elena Okorochenko, S&P managing director (Sovereign and international public finance ratings - Asia Pacific) at an ADB seminar here. She, however, indicated the improvement in rating outlook was something which could be considered by the rating agency. "If you think the rating is on negative outlook, it is highly improbable that an upgrade follows from a negative outlook. Usually, the outcomes from a negative outlook is downgrade or stable outlook", she explained. S&P currently rates India as 'BBB-', lowest in the investment grade, with a negative outlook. It had also not ruled out downgrading India's rating to junk status if it did not improve its financial position. India, however, has been pitching for a rating upgrade on the back of bold and tough decisions which the government announced in the budget for 2013-14 to contain fiscal deficit and promote growth. The representatives of S&P had recently met Finance Ministry officials, including Economic Affairs Secretary Arvind Mayaram, to review public finances. Mayaram had earlier said "there is a case for an upgrade because we have taken the kind of decisions that most of the countries in the world have not been able to take. This country has shown its determination to put the economy back on track. We believe it will happen and there is no doubt about it." Finance Ministry officials held similar meeting with another rating agency Fitch. — PTI
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TDS on medical reimbursement
AN Shanbhag Q: I am working in a bank and have got reimbursement of Rs 24,000 as domiciliary treatment from the bank for the heart ailment in this financial year. As this amount is more than Rs 15,000 p.a., will it be included in my income for this year? My employer is deducting TDS on Rs 9,000 which is the amount over and above Rs 15,000. — Lubana A: U/s 17, some of the perquisites are either totally exempt or exempt up to prescribed limits. The following are the perquisites related with health: i) Medical facility provided to an employee or any family member in hospitals, clinics etc., maintained by the employer ii) Reimbursement of expenditure incurred by an employee or any member of his family in hospitals, dispensaries etc., maintained by the government, a local authority or in other approved hospitals iii) Payments for prescribed ailments by the employer directly to any non-government hospital approved by a CIT. The employee should attach with his returns a certificate from the hospital specifying the ailment and also the receipt for the amount paid. iv) Group medical insurance for employees under any scheme approved by the Central Government or IRDA or reimbursement of insurance premium to the employees who have taken such medical insurance for themselves and their families. Only the amount received by an assessee under the health insurance policy taken by his employer is taxable as perquisite u/s 17(2v), not the contributions made by the employer towards other insurance policies. The assessee has not acquired any vested right over the contribution and the policy’s benefit is contingent in nature, being dependent on the relevant insurance plan. [JCIT vs T. Adachi FY 1995-96]. v) Reimbursement up to Rs 15,000 in a year for medical treatment for himself and his family members from any doctor If your case falls in any of the above mentioned categories (except the last one), you are entitled to get the benefit. Otherwise, your case is governed by the last category and your employer is justified in deducting tax on the extra Rs 9,000.
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Gold falls by Rs 120 Iran’s offer to India Consumer confidence slips
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Prime Minister Manmohan Singh today said the Asian Development Bank (ADB) should look at enhancing the level of lending by finding innovative ways to channelise global savings for development of infrastructure projects in the region.
Q: I am working in a bank and have got reimbursement of Rs 24,000 as domiciliary treatment from the bank for the heart ailment in this financial year. As this amount is more than Rs 15,000 p.a., will it be included in my income for this year? My employer is deducting TDS on Rs 9,000 which is the amount over and above Rs 15,000.
