ECONOMY & NATION


India-based conglomerate Mahindra and Mahindra (M&M) on Thursday said it will acquire 33 percent voting stake in Mitsubishi Heavy Industries's subsidiary -- Mitsubishi Agricultural Machinery (MAM).   Under an agreement, Mahindra will invest three billion yen or $25 million for the...

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Operators of KG-D6 oil and gas blocks in the Bay of Bengal, Reliance Industries (RIL) and its British partner BP have surrendered two more blocks, reducing their specific assets to four exploration acreages from the original 21.   "During the year, RIL opted to relinquish two blocks...

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Budget passenger carrier SpiceJet on Thursday said one of its founders, Ajay Singh, has been appointed as chairman and that the low-cost carrier (LCC) has managed to garner Rs.300 crore funding.   According to the company, in a meeting held on Thursday its board of directors appointed...

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Justice TNC Rangarajan Retd 21 May 2015
There are obvious advantages in adopting the idea of diverting income at source or even in making the bank as the account keeper and remitting the tax after a proper assessment. This is the concluding part of the seven part series on tax reforms   Every taxation system basically...

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Moneylife Digital Team 21 May 2015
The forms 15G and 15H need to be submitted for tax exemptions on interest earned on bank deposits, preferably at the beginning of the new financial year but before June end   Many people prefer to keep their savings in bank fixed deposits (FDs), as such deposits earn higher rate of...

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Vatsal Srivastava (IANS) 21 May 2015
The dollar, however, finished higher against all major currencies except the pound, which meant that the currency market is factoring in a September rate hike   It would be hard to put the Federal Open Market Committee (FOMC) minutes released Wednesday night under the hawkish or...

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British bank Barclays announced on Wednesday that it has agreed to pay a total fine of 1.533 billion pounds (or $2.4 billion) to British and American regulators for the manipulation of foreign exchange and currency.   Barclays will pay $710 million to the US Department of Justice...

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The government on Wednesday constituted the three-member A.P.Shah Committee that will look into controversial minimum alternate tax (MAT) demand on foreign companies, it was announced here.   The panel also comprises former chief economic advisor Ashok Lahiri and renowned chartered...

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The basic rate currently is 12% and the education cess is at 3% of the basic tax, for a total of 12.36%   The currently levied education cess and secondary and higher education cess would become ineffective from June 1 as they would be subsumed in the service tax rate of 14 percent...

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Moneylife Digital Team 20 May 2015
Even as Tamil Nadu contends with rising electricity rates, the Cheyyur UMPP will place an upward pressure on electricity tariffs in the state, says a research report prepared by US-based IEEFA   The 4,000MW ultra mega power project (UMPP) worth Rs24,200 crore at Cheyyur in Tamil Nadu...

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 India, with a score of 130, ranked the highest in consumer confidence among 60 markets. The online survey released on Wednesday was measured by American agency Nielsen.   India's score of 130 was one point higher than the fourth-quarter of 2014, followed by Indonesia (123), the...

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Moneylife Digital Team 20 May 2015
Excerpts from a freewheeling conversation at Reddit, where Rahul Yadav, CEO, Housing.com, as usual, called various people names   Rahul Yadav, the 26-year old chief executive of Housing.com stirred up some fresh controversy Tuesday during an interaction on Reddit. Yadav answered all...

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Justice TNC Rangarajan retd 20 May 2015
Every time the I-T department talks of widening the tax base, they end up only squeezing those already in the tax net. Can we think about new, fresh ideas to widen the tax net?   To put first things first, we have to keep in mind that our economy is predominantly a cash economy. There...

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he UN has now raised its projections for the Indian economy's growth this year by 1.7 percent to 7.6 percent and by 1.4 percent to 7.7 percent next year from the estimates it made in January.   The Mid-Year Update to the World Economic Situation and Prospects 2015 released Tuesday...

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A close aide of ponzi scam tainted Saradha group chief Sudipta Sen, was arrested by the Central Bureau of Investigation from the bustling Sealdah station here on Tuesday, an agency official said.   Arindam Das, alias Bumba, was alleged to be mentoring the "illegal" operations of the...

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Modi, who arrived at Ulsan from Seoul, met top officials of Hyundai Shipyard, one of the biggest ship construction companies in the world   Prime Minister Narendra Modi, on a visit to the Hyundai Heavy Industries Shipyard at Ulsan, said that shipbuilding is a "top priority" for...

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Justice TNC Rangarajan retd 19 May 2015
If 10% tax is deducted uniformly from all streams of income and diverted at source to the government, there will be enough revenue coming in steadily without the hassles of computation and refunds    Income is generated as earned income by way of salary from employment or income...

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The court in Cuttack asked the concerned officials of the state government to confiscate and sell the seized properties of the chit fund company   A court in Odisha on Monday directed the state government to sell the attached properties of chit fund firm Safex Infra India through...

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Ameet N Patel 19 May 2015
The celebration that follows a home purchase of over Rs50 lakh could turn into a nightmare if you forgot to deduct or deposit the TDS with the I-T department within specified time-frame   Buying a house is everyone’s dream. In India, in particular, one generally ends up investing all...

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The article said despite the fact that Modi's government has brought in a series of measures for investors, such as establishing special economic zones, free tax zones and free trade areas, some of these efforts have come up against resistance by state governments, which "hold great control...

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