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HDFC Standard Life lowers capital infusion by Rs 100 crore
Mumbai-based HDFC Standard Life Insurance Company today said the various cost saving measures adopted by the company would lead to less need for capital infusion during the current financial year. The company’s original plan was to invest about Rs 350 crore in the current financial year, which now may come down to Rs 250 crore.

Bayer group enters into JV with Ahmedabad's Malibu Plastica
German pharma and chemical company Bayer group"s unit Bayer MaterialScience (BMS) has entered into an agreement with Ahmedabad-based Malibu Plastica (P) Limited, in order to supply polycarbonate sheets to the Indian market. Bayer MaterialScience intends to further grow its business in the country and strengthen its global position as a complete solutions provider to its customers.

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RIL's Jamnagar refineries to buy Cairn crude
Cairn India, which started pumping crude oil from its Mangala field in Barmer (Rajasthan) this August, has entered into an agreement with Reliance Industries Ltd (RIL) for supplying it to the latter’s Jamnagar refineries. Cairn is likely to supply seven consignments of 200,000 barrels each to RIL during the current financial year, said an informed source. The first consignment will reach Jamnagar by end-November. The company had sold its first cargo of 208,000 barrels to Mangalore Refinery and Petrochemicals last month and it will deliver two more cargoes this month.
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Trade unions oppose taxing of savings, PF withdrawals

Trade unions have asked the government to shelve the proposal in the draft Direct Tax Code to tax all savings and provident fund schemes at the time of withdrawal, saying the move would hit the salaried class hard. - SETU rejects MoU on pay revision of steel workers with SAIL - BPOs to be taxed under new tax code: expert - Uncertainties in new tax code may hit fund inflows: Deloitte - Direct tax code: Com Min bats for SEZ developers - Rs 65 cr loss for Sunbeam Auto due to 52-day stir - Industry hails GST proposals "This efforts of (bringing PF withdrawals under Income Tax purview) shall adversely hit the salaried class as their social security shall be seriously hampered. This is just not acceptable," the Hind Mazdoor Sabha said in a letter to the Finance Minister Pranab Mukherjee. Cautioning the government that implementation of the proposal could create a "serious situation", the HMS appealed to the finance minister "not to open...A confrontational front". The Secretary of the All India Trade Union Congress, D L Sachdev, also raised concerns about the proposal and said the union would take up the issue with the government. The draft DTC, on which the government has invited comments from public, has argued for bringing all the savings scheme under the EET (Exempt, Exempt, Tax) mode of taxation. At present, no income tax is levied either at the time of contribution, accrual of interest, or withdrawal of provident funds by the subscribers.


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