ECONOMY & NATION


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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The Narendra Modi Modi government, which completes a year in office on May 26, had won last year's general elections on the plank of development and its promise to bring in ‘Acche Din’. Here is a performance snapshot of the major initiatives undertaken by the government in various broad...

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Earlier, Majumdar, who issued the order posting Shakuntala Gamlin as acting chief secretary, was barred from entering his office at the Delhi Secretariat   The tussle between the Arvind Kejriwal-led Delhi government and Lt. Governor Najeeb Jung escalated on Monday when bureaucrat...

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Justice TNC Rangarajan retd 18 May 2015
It is time to re-examine the concept of tax on total income with the attendant hassles of inclusion and exclusion of incomes. We need to divert the income streams at source for public purposes. That would cut the tax tentacles at the root    System Check Income tax (I-T)...

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Devanik Saha (IANS) 18 May 2015
The decline in smartphone sales from quarter-to-quarter was 7.14 percent. Cheaper “feature” phones performed worse, with an 18.3 percent sales decline over the same period   Indian mobile-phone sales have dropped for the first time in 20 years, raising the question: Is a slowdown at...

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Odisha's crime branch (CB) team on Sunday arrested the managing director of Vista Management Services Ltd. in connection with a multi-crore-rupee chit fund scam in the state.   The Economic Offences Wing (EOW) of the crime branch arrested Deb Kumar Panda, managing director of the chit...

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Venkatachari Jagannathan (IANS) 15 May 2015
Government-owned banks command a market share of around 70 percent   Government-owned mortgage lenders are suffering slippages in their non-performing assets (NPA) and would continue to lose business to private sector players till the Indian economy picks up, say...

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Days after being appointed as the head of the up-coming BRICS (Brazil, Russia, India, China and South Africa) New Development Bank, banker K.V. Kamath on Friday said he looked forward to the establishment of the financial institution and commencement of its operations.   "I look...

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The Central Bureau of Investigation on Friday conducted searches in 26 different locations across India of the Silicon Group of Companies which is allegedly running chit fund operations.   The Kolkata-based group is one of the 44 chit fund companies being probed by the CBI following...

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Automobile major Honda Cars India on Friday said it will carry-out preventive replacement of air bag inflators in its sports utility vehicle (SUV) CR-V and premium sedan Accord.   According to the company, it will carry-out preventive replacement of the passenger-side air bag inflator...

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Justice TNC Rangarajan retd 15 May 2015
While the litigation tentacle is very gripping, the TDS tentacle is long enough to freeze bank accounts of the deductor even though he is not a taxpayer and no amount is due from him. This is third part of a multi-part series   Let me give an example of how the delay undermines the...

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Realty major DLF has been found to have indulged in "unfair and unjust" business practice again by the country's anti-trust body that, nevertheless, said it was not imposing any fine due to a Rs.630 crore penalty that had already been slapped on the company in a similar case.   In a...

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Justice TNC Rangarajan retd 14 May 2015
Cumbersome forms, adding non-taxable items, modifying the computation and denying legitimate deductions by raising disputes, flawed appeals and revisions -- multiple tentacles squeeze the assesse. This is second part of a multi-part series adapted from Justice S Rangarajan Memorial Lecture in...

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Sitharaman said she is also considering meetings with some state governments on the matter   Commerce Minister Nirmala Sitharaman on Thursday held consultations on foreign direct investment policy in e-commerce with stakeholders, including e-retailers Flipkart and Snapdeal and...

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