Bartronics India Q3 net profit stands at Rs9.93 crore

In the December 2010 quarter, Bartronics net sales increased to Rs163.99 crore from Rs145.53 crore in the corresponding quarter last year

Bartronics India Ltd, one of India's largest bar code and RFID technology companies, said that its net profit for the third quarter ended 31 December 2010 increased to Rs9.93 crore from Rs9.90 crore in the corresponding quarter last year.

In the December 2010 quarter, the company's net sales increased to Rs163.99 crore from Rs145.53 crore in the corresponding quarter last year.

On Wednesday, Bartronics ended 2.28% up at Rs64.95 on the Bombay Stock Exchange, while the benchmark Sensex gained 0.15% to 18,300.90.

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Hexaware Q4 net profit rises at Rs39.60 crore

In the December 2010 quarter, Hexaware total income stood at Rs299.62 crore compared to Rs252.04 crore in the same quarter last year

Hexaware Technologies Ltd said that its net profit for the fourth quarter ended 31 December 2010 increased to Rs39.60 crore from Rs36.03 crore in the corresponding period last year.

In the December 2010 quarter, the company's total income stood at Rs299.62 crore compared to Rs252.04 crore in the same quarter last year.

On Wednesday, Hexaware ended 3.07% up at Rs110.65 on the Bombay Stock Exchange, while the benchmark Sensex gained 0.15% to 18,300.90.

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Insurers seek separate tax exemption limit for policies

Life insurance companies have recommended a standalone additional exemption of Rs 50,000 for life insurance premiums under the Income Tax Act. They also sought the Exempt, Exempt, Exempt (EEE) bracket for life insurance policies

New Delhi: The insurance industry wants the government to create a separate tax exemption limit of Rs50,000 for life insurance premium in the forthcoming budget to encourage more individuals to buy such policies, reports PTI.

"It is suggested that a standalone additional exemption limit of Rs50,000 (over and above the already existing limit of Rs1,00,000) be specified for (life) insurance premiums alone under the Income Tax Act," Canara HSBC OBC Life Insurance chief financial officer Anuj Mathur said.

Currently investment in saving instruments, like risk cover, pension products, PF contributions, National Savings Certificates and others, are eligible for aggregate deduction of Rs1 lakh.

Besides, investments in infrastructure bonds up to Rs20,000 also qualify for deduction.

"We recommend a separate limit for tax exemption for long-term saving instruments like life insurance or increasing the limits on life and health insurance premium could be looked at," Max New York Life Insurance MD & CEO Rajesh Sud said.

Industry experts said changing lifestyle made necessary an assurance for future income generation, thereby increasing the need for a life insurance policy.

Mr Mathur said in order to ensure better insurance penetration, life insurance companies should be allowed to come under the Exempt, Exempt, Exempt (EEE) bracket.

Under EEE, a policy holder gets tax exemption at various stages during the term of the policy.

The insurance sector needs capital on a periodic basis for expansion and experts hope that the budget session would also see passage of FDI bill in insurance sector to 49%, from the current 26%.

"There is a need for more proactive regulatory architecture for insurance. Foreign insurers could be allowed to set up under a wholly-owned subsidiary with 100% FDI. The life insurance industry is very capital intensive and companies need huge capital to fund growth," KPMG executive director Naresh Makhijani said.

Life insurance companies currently pay tax of 12.5% and the Direct Taxes Code, which would replace the archaic I-T Act from 1 April 2012, does not specify any specific limit for the same. This would mean being taxed at 30%.

"A significant portion of funds of life insurance companies are invested in infrastructure projects. Also companies incur huge losses initially due to long gestation period. With higher tax rates, it will be unattractive proposal for new investors to invest in the sector," Max New York Life's Mr Sud said.

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