As per the ‘toolbox’ to check black money, payments made to entities located in countries and tax jurisdictions that refuse to share tax-related information will attract a withholding tax, or tax deducted at source, of 30% or more
New Delhi: Under pressure from civil society to take concrete action on black money, the government today said it has enough tools to deal with transactions arising from non-cooperative jurisdictions and would take action as and when necessary, reports PTI.
“We have developed a toolbox... We have enabled ourselves to declare (tax havens) as non-cooperating jurisdiction and countries as and when the situation arises. We will take appropriate steps,” finance minister Pranab Mukherjee told reporters here today.
However, he added that as of now, ‘no country’ has been put in the category of a ‘non-cooperating jurisdiction’.
India, the minister said, is negotiating Double Taxation Avoidance Agreements (DTAA) with several countries and also entering into Tax Information Exchange Agreements (TIEA) with tax havens.
‘We are getting substantial co-operation,’ he said.
The government, the minister further added, has developed a ‘toolbox’ to deal with non-cooperative jurisdictions by making appropriate changes in the Income Tax Act, 1961.
As per the ‘toolbox’ to check black money, payments made to entities located in countries and tax jurisdictions that refuse to share tax-related information will attract a withholding tax, or tax deducted at source, of 30% or more.
The G-20 leaders had asked each country at the Seoul summit last year to develop a toolbox of counter-measures against non-cooperative jurisdictions.
Under the proposed provisions, the government will notify the countries and jurisdictions that are reluctant to share banking information and other details with it.
Ansal Properties has sold nearly Rs400 crore worth projects, comprising 2.93 million sq ft of spaces in May this year
Witnessing robust demand, realty firm Ansal Properties & Infrastructure has sold nearly Rs400 crore worth projects, comprising 2.93 million sq ft of spaces in May this year.
According to an operational update sent to its investors, the company has sold nearly Rs700 crore of projects in the first two months of this fiscal.
In May 2011, the company booked sales of 2.93 million sq ft, aggregating to sale value of about Rs397.7 crore, the presentation said.
The major chunk of this sale was contributed by two of its residential projects in Gurgaon-Esencia and Fernhill, it added.
"Consequently, the total area sold in two months in FY12 increased to 6.43 million sq ft, aggregating to sale value of about Rs698.9 crore," the company said.
Out of its different residential projects, group housing scheme received highest demand by registering Rs195.05 crore worth sale.
It was followed by villas with Rs94.44 crore sales and plots with Rs62.93 crore sales, Ansal Properties said in the presentation.
Besides, the company told its investors that it had collected Rs147.2 crore from its customers in May. Following this collection, the National Capital-based firm has generated Rs295.7 crore in this fiscal.
Earlier, Ansal Properties had said it planned to reduce its debt by about Rs350 crore in 2011-12 through its cash flows, which was expected to be around Rs2,000 crore in this fiscal.
The company has a net debt of Rs1,484 crore as on 31 March 2011. It has come down from Rs1,630 crore a year-ago.
The real estate developer at present has a net land bank of over 8,500 acres in various locations across the country.
The company had reported a consolidated net profit of Rs13.55 crore for the quarter ended 31 March 2011, compared to a loss of Rs31 lakh in the year-ago period due to robust demand. The net sales increased by 61.32% to Rs330.16 crore from Rs204.66 crore in the same period last year.
For the entire 2010-11, the consolidated net profit of the company soared by 52.16% to Rs108.05 crore from Rs71.01 crore in the previous fiscal. The net sales in FY11 jumped by 48.68% to Rs1,287.82 crore from Rs866.14 crore in FY10.
On Monday, Ansal Properties ended 0.84% down at Rs41.10 on the Bombay Stock Exchange, while the benchmark Sensex declined 0.01% to 18,266.03.
The progress of southwest monsoon and its spread across the country is ‘perfect’ till date, agriculture secretary PK Basu said, adding that he hoped that the area under paddy and other kharif crops will be better than last year
New Delhi: Buoyed by initial progress of monsoon, the government expects to achieve a record rice production of 102 million tonnes in the 2011-12 crop year, reports PTI quoting a top official of the agriculture ministry.
“This year, the starting of monsoon rains have been damn good. If this kind of rains continue, I am confident that the country’s rice production will touch 102 million tonnes,” agriculture secretary PK Basu said in an interview to PTI.
The progress of southwest monsoon and its spread across the country is ‘perfect’ till date, he said, adding that he hoped that the area under paddy and other kharif crops will be better than last year.
However, he said, “But we have to watch rains in July month as they are very important for sowing of kharif crops.”
The agriculture ministry has fixed a target of 102 million tonnes for the 2011-12 crop year (July-June). Bulk of the paddy is sown in the kharif season, which has already started from the current month.
Mr Basu further said the sowing of kharif crops is not in full swing and the announcement of hike in the minimum support price (MSP) will help farmers to take a considered view on what to plant in the current season.
The government announced a hike of up to 16% in the MSP of kharif crops. MSP of paddy (common) has been fixed at Rs1,080 per quintal, while that of cotton (long length staple) at Rs3,300 per quintal.
Southwest monsoon set in over Kerala on 29th May, two days earlier than the forecast made by the India Meteorological Department (IMD).