IDFC Mutual Fund launches 100 days fixed maturity plan

IDFC Mutual Fund new issue closes on 21st March

IDFC Mutual Fund has launched IDFC Fixed Maturity Plan-100 Days Series 3, a close-ended income scheme.

The investment objective of the scheme is to generate income by investing in a portfolio of debt and money market instruments maturing on or before the maturity of the scheme. The duration of the scheme is 100 days.

The new issue closes on 21st March. The minimum investment amount is Rs10,000.

Crisil Composite Bond Fund Index is the benchmark index. Anupam Joshi is the fund manager.

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BNP Paribas Mutual Fund unveils 369 days fixed term fund

BNP Paribas Mutual Fund new issue closes on 31st March

BNP Paribas Mutual Fund has launched BNP Paribas Fixed Term Fund-Series 21 I, a close-ended income scheme.

The investment objective of the scheme would be to achieve growth of capital through investments made in a basket of fixed income securities maturing on or before the maturity of the scheme. The tenor of the scheme is 369 days.

The new issue closes on 31st March. The minimum investment amount is Rs5,000.

CRISIL Short Term Bond Fund Index is the benchmark index. Alok Singh is the fund manager.

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Hassan Ali’s income multiplied in 6 yrs to Rs54,268 crore: CAG

Mr Khan, who is presently in custody of the Enforcement Directorate (ED), has not filed returns for several years despite earning crores, according to the Comptroller and Auditor General of India

New Delhi: Income of Pune-based stud farm owner Hassan Ali Khan multiplied by over 100 times in six years from Rs529 crore to Rs54,268 crore in 2006-07, reports PTI quoting the CAG report that was tabled in Parliament today.

Mr Khan, who is presently in custody of the Enforcement Directorate (ED), has not filed returns for several years despite earning crores, the Comptroller and Auditor General of India (CAG) said.

His taxable income, according to the assessment made by Income Tax (I-T) authorities, jumped from Rs528.9 crore in 2001-02 (assessment year) to Rs5404.7 crore in 2002-03. Thereafter, it soared to Rs54,268.6 crore in 2006-7.

The report further said that Hassan Ali did not file income tax returns for five assessment years from 2001-02 to 2003-04 and 2005-07.

However, he filed the tax returns for these years in May 2007 after IT notice following search operations.

The CAG also said "While computing his tax liability for the AYs (assessment years), the (I-T) department levied interest of Rs706.1 crore instead of Rs4,056 crore for default in furnishing returns and Rs10,033.3 crore instead of Rs9,756.9 crore for default in payment of advance tax."

The report said in 2008-09 out of Rs2 lakh crore that remained uncollected, "One group namely Hassan Ali alone accounted for Rs71,874 crore of uncollected demand."

Hassan Ali, 53, yesterday surrendered before the ED after the Supreme Court cancelled his bail and remanded him to four days' ED custody.

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