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NEW DELHI: Power companies have sought extension of the tax exemption to all power projects, including generation, transmission and distribution. Indian Electrical and Electronics Manufacturers Association (IEEMA) demanded extension of tax exemption to all power projects in line with other infrastructure projects like roads, airports, ports and railways. The...
Obama administration officials say they are concernedIndiamay run afoul of a newUSlaw restricting payments for Iranian oil, forcing the White House to impose sanctions on one of its most important allies inAsia. So far this year,Indiais failing to cut back its purchases of Iranian oil, which may force President...
The Survey has warned of deteriorating fiscal health due to a mounting subsidy burden. The huge outgo over the past year has been largely on account of the global rally in crude oil prices, the fertiliser subsidy and state-controlled foodgrain prices, it said. It also blamed ‘coalition politics and...
NEW DELHI: The analysis of the energy sector in the Economic Survey offers little direction for the future. This is despite the 12th Five Year Plan having identified energy security as the critical component to make a growth rate of 9% per annum of GDP feasible. It says the...
MUMBAI: An extension of the deadline for potential suitors to give binding bids for BG subsidiary Gujarat Gas has not worked out. In fact, most players seem to have opted out. Three independent sources closely involved with the bidding process said only one bid for the PSU consortium came...
NEW DELHI: State-owned Oil and Natural Gas Corp (ONGC) today declared the second interim dividend of 30%, which will net the government over Rs 888 crore. “The Board of Directors of the company at its meeting held on March 15, 2012, have approved second interim dividend Rs 1.50 per...
NEW DELHI: State-owned oil companies today hiked jet fuel price by 2%, the second increase in rates this month. The price of aviation turbine fuel (ATF), or jet fuel, inDelhiwas hiked by Rs 1,298.88 per kilolitre (kl), or 2%, to Rs 65,949.34 per kl with effect from midnight tonight,...
NEW DELHI: Reliance Industries’ (RIL) offshore KG-D6 fields may hold lower than previously anticipated natural gas reserves, the company’s minority partner Niko Resources said today. The Canadian firm in a statement said it expects a drop in reserves at Dhirubhai-1 and 3 (D1 & D3), the largest of the...
Budget 2012-2013 Speech of Pranab Mukherjee Minister of Finance March 16, 2012 Madam Speaker, I rise to present the Union Budget for 2012-13. For the Indian economy, this was a year of recovery interrupted. When one year ago, I rose to present the Budget, the challenges were many,...
New Delhi: Finance Minister Pranab Mukherjee on Friday announced tax relief for individual tax payers. Presenting Union Budget 2012-13 in Lok Sabha, Mukherjee said income upto Rs 2 lakh would be tax free; income from Rs 2-5 lakh to be taxed 10%; from Rs 5-10 lakh to be taxed...
New Delhi: With the nation watching, Finance Minister Pranab Mukherjee is currently presenting Union Budget 2012-13 in Lok Sabha. Reading out his Budget speech, Mukherjee said India continues to remain among front-runners in economic growth. Mukherjee however said the economic growth is estimated at 6.9 percent during the current...
NEW DELHI: Auto sector lashed out at the government for trying to impose higher tax on diesel cars, while preparing to cut duties on those imported from Europe. “What we expect from the upcoming Budget is that there should not be diesel tax. It is not the right time...
NEW DELHI: The retail sector of the economy has been constantly pushing for allowing foreign direct investment (FDI) in multi-brand retail. Analysts are of the view that in the Union Budget 2012, Finance Minister Pranab Mukherjee should provide clarity on the issue that has been in a state of...
NEW DELHI: Power companies have sought extension of the tax exemption to all power projects, including generation, transmission and distribution. Indian Electrical and Electronics Manufacturers Association (IEEMA) demanded extension of tax exemption to all power projects in line with other infrastructure projects like roads, airports, ports and railways. The...
NEW DELHI: With the government slated to announce the implementation of the Goods and Services Tax (GST) in the Union Budget 2012, the entertainment industry is hoping for some relief from the high rates of taxation. FICCI in its pre-budget memorandum has recommended that cinema exhibitors be exempted from...
NEW DELHI: A key point which will be tracked in the Budget is the government’s fiscal deficit numbers, said S Raman, chairman, Canara Bank. “There were some initial signs in the railway budget that the fiscal problem would be at rest or at least that there would be a...
NEW DELHI: The Indian aviation sector which has been hard pressed for cash is looking forward to the Union Budget 2012 for a direction on changes in foreign direct investment (FDI) policy. The government has also favoured changing the policy to allow investments by foreign airlines in Indian carriers,...
NEW DELHI: Finance Minister Pranab Mukherjee is likely to hike excise and service tax in the general budget, said Dinesh Thakkar, CMD, Angel Broking. “We are expecting excise and service tax to be raised from 10% to 12% as well as some kind of reassurance of implementation of DTC...