Budget 2010 may not go down too well with the oil and gas sector. Finance Minister Pranab Mukherjee says the government will continue with its current practice of paying out oil subsidy in cash.
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Infrastructure Development Finance Company (IDFC) touched an intraday high of Rs 163.90 and an intraday low of Rs 153. At 13:18 hrs the share was quoting at Rs 162.55, up Rs 10.15, or 6.66%.
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In his Budget speech, Finance Minister Pranab Mukherjee announced a hike in MAT to 18% from the current 15% of book profits to 18% of book profits. This would impact India’s metals and mining industry negatively.
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Mahindra and Mahindra touched an intraday high of Rs 1,031.50 and an intraday low of Rs 951.10. At 13:13 hrs the share was quoting at Rs 1,015.25, up Rs 56.40, or 5.88%. It was trading with volumes of 276,098 shares.
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The government decided to increase the excise duty on cigarettes by 5%. Cigarette makers may now pass on the cost to consumers.
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Chapter V of the Finance Act, 1994 is being amended to,- a) insert an explanation in sub-section (3) of Section 73 to clarify that no penalty shall be imposed where service tax along with interest has been paid before issuance of notice by the department under [...]

Statutory taxes charged by the foreign governments are being excluded from taxable value for levy of service tax under the Air passenger transport service. 2) Exemption from service tax is being provided to services relating to ‘Erection, Commissioning or Installation’ of,-
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The existing taxable service ‘Intellectual Property Right (IPR)’ excludes copyright from its scope. Copyrights on (a) cinematographic films and (b) sound recording are being brought under the ambit of service tax. However, copyright on original literary, dramatic, musical and artistic work would continue to remain outside the scope of service tax.
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