R Balakrishnan
The Joys of Uncertainty

The market is riding high on optimism. It’s time to be cautious

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Direct tax collections up 14% in Apr-Aug

New Delhi: Direct tax collections shot up by 13.91% to Rs1,00,112 crore in the first five months of the 2010-11 financial year till August, reports PTI quoting the finance ministry.

During the corresponding period (April to August) last fiscal, direct tax collections stood at Rs87,888 crore.

As per data released by the Central Board of Direct Taxes, corporate tax collections grew by 17.05% to Rs57,750 crore in April-August, 2010, from Rs49,339 crore in the corresponding five-month period a year ago.

Meanwhile, personal income tax (PIT) collection - including securities transaction tax, residual fringe benefit tax and banking cash transactions tax - rose by 9.68% to Rs42,217 crore from Rs38,491 crore.

The Patna region, comprising Bihar and Jharkhand, led the growth in PIT collections, registering a 90% jump in PIT.

In comparison, the Lucknow region (UP-East) registered a growth of 70% in PIT, while the Guwahati region (North-East) saw a 48% growth and the North Western region (Chandigarh) witnessed a 42% jump in PIT collections.

Growth in corporate income tax collection was highest in the Bhopal region (MP-Chhattisgarh) at 185%, followed by the Delhi region (at 63%), and the Nagpur and Pune regions (parts of Maharashtra) at 61% and 52%, respectively.

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SBI may continue with teaser rates post September

Kolkata: The country's largest lender State Bank of India (SBI) might continue with its 8% concessional home loan rate even after September, reports PTI quoting a top official of the bank.

"Eight per cent rates is a viable proposition and there is no reason why it should not continue," managing director of the bank S K Bhattacharya said.

"A decision will be taken at the bank's ALCO meeting next," Mr Bhattacharya told reporters on the sidelines of a Ficci meet here today.

On the proposed rights issue, he said that it was likely to hit the market by the end of the current financial year. Government holding in the bank stood at 59.41%.

Mr Bhattacharya said that by 2013, 20% of the bank's income would come from overseas operations.

He said that the bank was having 70 overseas branches, out of which 20 were in Singapore.

"The response in Singapore is great," he said.

Asked about the credit offtake, he said that it would be good in the coming months.

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