Personal finance Monday

L&T Mutual Fund introduces 15 months scheme; Deutsche MF floats 91 days scheme; Principal MF launches Fixed Maturity Plan-367 Days; Reliance MF launches Fixed Horizon Fund-XVII-Series 13; Religare MF introduces 368 days plan; L&T Mutual Fund unveils 90 days plan

L&T Mutual Fund introduces 15 months scheme

L&T Mutual Fund has launched L&T FMP-II (January15M A), 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 debt/fixed income securities maturing on or before the maturity of the scheme.
The minimum investment amount is Rs5,000. Tenor of the scheme is 15 months.
CRISIL Short Term Bond Fund Index is the benchmark index. Bekxy Kuriakose is the fund manager.

Deutsche MF floats 91 days scheme

Deutsche Mutual Fund has launched DWS Fixed Term Fund-Series 79 (DFTF-79), a close-ended income scheme.
The objective of the Fund is to generate income by investing in debt and money market instruments maturing on or before the date of the maturity of the scheme.
The new issue opens on 24th January and closes on 31st January. The minimum investment amount is Rs5,000. The tenor of the scheme is 91 days.
CRISIL Liquid Fund Index is the benchmark index. Kumaresh Ramkrishnan is the fund manager for the scheme.

Principal MF launches Fixed Maturity Plan-367 Days

Principal Mutual Fund has launched Principal Pnb Fixed Maturity Plan-367 Days- Series III, a close-ended income scheme.
The investment objective of the scheme is to build an income oriented portfolio and generate returns through investment in debt/money market instruments and government securities.
The new issue opens on 24th January and closes on 7th February. The minimum investment amount is Rs5,000.
CRISIL Short Term Bond Fund Index is the benchmark index. The scheme will be managed by Shobit Gupta.

Reliance MF launches Fixed Horizon Fund-XVII-Series 13

Reliance Mutual Fund has launched Reliance Fixed Horizon Fund-XVII-Series 13, a close-ended income scheme.
The primary investment objective of the scheme is to seek to generate regular returns and growth of capital by investing in a diversified portfolio of central and state government securities and other fixed income/debt securities normally maturing in line with the time profile of the scheme with the objective of limiting interest rate volatility. The tenor of the scheme is 24 months.
The new issue closes on 4th February. The minimum investment amount is Rs5,000.
CRISIL Short Term Bond Fund Index is the benchmark index. Amit Tripathi is the fund manager.

Religare MF introduces 368 days plan

Religare Mutual Fund has launched Religare Fixed Maturity Plan-Series V-Plan A to F-Plan A (368 Days), 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 normally maturing in line with the duration of the scheme.
The new issue opens on 24th January and closes on 27th January. The minimum investment amount is Rs5,000. Tenor of the plan is 368 days.
CRISIL Short-Term Bond Fund Index is the benchmark index. Nitish Sikand is the fund manger for the scheme.

L&T Mutual Fund unveils 90 days plan

L&T Mutual Fund has launched L&T FMP-II (January90D A), 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 debt/fixed income securities maturing on or before the maturity of the scheme.
The new issue opens on 24th January and closes on 27th January. The minimum investment amount is Rs5,000.
CRISIL Liquid Fund Index is the benchmark index. Bekxy Kuriakose is the fund manager.

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Consensus on GST may take time: Pranab Mukherjee

New Delhi: Finance minister Pranab Mukherjee today said the Centre is working at a "political level" with states for countrywide roll-out of Goods and Services Tax (GST), but it may take some time to arrive at a consensus on the new indirect tax regime, reports PTI.

"I am hopeful that it would be possible to achieve the success in bringing the consensus though it may take some time," Mr Mukherjee told reporters here.

Once implemented, GST will subsume indirect taxes like excise duty and service tax at the central level and VAT on the state front, besides other local levies.

"At the political level, we are working on it (GST) to evolve the consensus in close cooperation with the Empowered Committee of State Finance Ministers," Mr Mukherjee said.

The Centre has proposed a three-tier GST structure. As per the proposal, GST will be levied at two rates on goods-a concessional 6% on essential items and 10% for others-while services will attract 8% GST. These will be collected by both the Centre and the states.

The original deadline of 1 April 2010, for roll-out of GST has already been missed and the Centre has said it will make efforts to roll it out from 1 April 2011. However, due to the lack of consensus between the Centre and states on the issue, it is likely this target will also be missed.

The proposal for roll-out of GST, touted as the most significant indirect tax reform since the introduction of state-level VAT, has been hanging fire on account of persisting differences between the Centre and states on the GST Constitution Amendment Bill.

Amendment of the Constitution is required to enable the Centre to impose tax on activities other than manufacturing and for the states to levy service tax, under the GST regime.

In a meeting of state finance ministers and Mr Mukherjee last week, the states had asked the Centre to allow them to levy taxes on 33 services.

Currently, the Centre cannot impose tax beyond manufacturing activities and states do not have the power to levy tax on services.

However, after GST is implemented, both the Centre and the states will have the power to levy taxes on goods and services.

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Tax collection to exceed target by Rs37,000 cr during 2010-11

New Delhi: Tax collections during the current fiscal are likely to exceed the budgetary target by about Rs37,000 crore, at Rs7.82 lakh crore, in light of robust growth of the economy, reports PTI.

"The budget target of tax revenue has been revised upward to Rs7.82 lakh crore from Rs7.45 lakh crore for the current fiscal," revenue secretary Sunil Mitra told reporters here today.

While the target for direct tax collection has been raised from Rs4.30 lakh crore to Rs4.46 lakh crore, the indirect tax collection estimate has been hiked from Rs3.15 lakh crore to Rs3.36 lakh crore, he added.

The upward revision in the tax collection target comes in the wake of 8.9% economic growth during the first half of the current fiscal. According to estimates, the economy is likely to expand by about 9% during the current fiscal, as against 7.4% a year ago.

The buoyancy in the indirect tax collection during the current fiscal can also be attributed to partial withdrawal of economic stimulus measures in last year's budget.

In his 2010-11 budget, finance minister Pranab Mukherjee raised excise duty by 2% to 10% as part of a plan to gradually withdraw the incentives given to industry to combat the impact of the global financial meltdown.

While direct taxes include income tax and corporate tax, the indirect taxes levied by the government are excise, customs and service tax.

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