Blogs
Contributor January 28th, 2008
Economic Growth and Developement of India
We are expected to reach our target economic growth of 9 percent this year, and 8.5 percent next year, according to our Finance Minister, P. Chidambaram. 12 Indian companies are Asian giants and we have the most billionaires in Asia. True, our infrastructure has a long way to go, particularly where utilities like power and water are concerned, but some aspects are improving rapidly.
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Budget India 2008-2009
Budget is round the corner. The direct tax kitty is robust. There is lobbying going on by the India Inc for wresting some concessions in the name of spurring growth. I may tell that growth is not going to be any lower at the current level of taxes and the concessions may rather not be granted but the tax rupee should be used to help the poor.
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Pre Budget Counseling
The pre-budget wishlist of corporate honchos, who met the Finance Minister P Chidambaram on Tuesday, was a predictable one — lower the tax burden on companies and individuals.
India Inc hopes the government will yield as direct revenues have been buoyant so far this fiscal. The extra revenues could provide the cushion to absorb any revenue losses, in the short run. Economists though have a contrary view as they reckon populist moves could impact the government’s balance sheet.
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Finance Ministry advises to Bank
North Block has advised the banks to give support to the brokers who had taken loan from the banks to invest in share market in order to avoid payment defaults
Following the advice of the finance ministry many banks have started working on plans to give assistance to brokers to make sure they do not default on any payments in the course of an unstable stock market.
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E-payment of taxes
E-payment of taxes for corporates and tax-payers coming under the provision of Section 44AB would be mandatory from January 1 next, C R Ravichandran, Chief Commissioner of Income Tax said.so from 1.1.2008.
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