Birla Sun Life Mutual Fund unveils 366 days plan

Birla Sun Life Mutual Fund new issue closes on 8th March

Birla Sun Life Mutual Fund has launched Birla Sun Life Fixed Term Plan-Series CS, a close-ended income scheme.

The scheme seeks to generate income by investing in a portfolio of fixed income securities maturing on or before the duration of the scheme. The scheme will have duration of 366 days from the date of allotment.

The new issue opens on 25th February and closes on 8th March. The minimum investment amount is Rs5,000.

CRISIL Short Term Bond Fund Index is the benchmark index. Kaustubh Gupta would be the fund manager of the scheme.

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SBI Mutual Fund launches Debt Fund Series 370 Days 10

SBI Mutual Fund new issue closes on 28th February

SBI Mutual Fund has launched SBI Debt Fund Series 370 Days 10, a close-ended income scheme.

The investment objective of the scheme is to provide regular income, liquidity and returns to the investors through investments in a portfolio comprising debt instruments such as government securities, PSU & corporate bonds and money market instruments maturing on or before the maturity of the scheme.

The new issue opens on 25th February and closes on 28th February. The minimum investment amount is Rs5,000. CRISIL Short Term Bond Fund Index is the benchmark index.

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I-T dept slaps Rs450 crore demand on Infosys

The software services major was slapped a demand of Rs657.81 crore for the assessment year 2007-08 for wrongfully claiming tax exemption on onshore services, which was revised to Rs456.38 crore in a rectification order

New Delhi: The Income Tax (I-T) department has slapped a tax demand of over Rs450 crore on software giant Infosys Technologies for wrongfully claiming tax exemption on onshore services by declaring them as software exports, Parliament was informed today, reports PTI.

Onshore software development is the practice wherein Indian companies send their software engineers on short assignments (3-6 months) to companies based in Europe, the US, and other nations.

"A notice has been issued to Infosys... for the assessment year 2007-08 as a demand of Rs657.81 crore was created... which was revised to Rs456.38 crore in a rectification order," minister of state for finance SS Palanimanickam said in a written reply to the Lok Sabha.

He further said, "Revenue from software development activity and technical manpower deputed abroad have not been considered as export income eligible for deduction under 10A/10B/10AA of the Income Tax Act, 1961." The sections pertain to tax-free income arising out of exports.

However, he added that the company has claimed the revenues generated from onshore software development activities and deputation of technical manpower abroad as related to business activities conducted out of its software technology park and special economic zone units in India and eligible for income tax deduction.

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