Budget may unveil a fourth income-tax slab for super-rich
The Union finance ministry plans to introduce in the forthcoming budget a fourth slab in personal income tax rates for people in the higher income brackets. Some of those who have declared high unaccounted incomes under the Voluntary Disclosure of Income Scheme (VDIS) will for all practical purpose have walked into the high tax net. The fourth slab of income tax was likely to attract a higher rate which could range between 35% to 40%.
JCT move to opt out of valuation bid puts the lid on unit selloff
JCT has walked out of its agreement with Polysindo involving an independent valuation of its synthetic-fibre wing by KPMG Peat Marwick. This virtually seals the fate of the much-touted takeover deal. JCT has attributed the move to Polysindo's failure to bring in any money in the country after the deal was signed over six months ago.
Reserve Bank to unveil monetary policy ahead of union budget
The Reserve Bank of India has decided to go ahead with its monetary policy for the first half of 1998-99 without waiting for the Union budget. The central bank is likely to announce the policy in the last week of April or the first week of May.
RBI to unveil gilts' year-end YTM today, state-run banks set to gain
The Reserve Bank of India (RBI) will announce the yield to maturity (YTM) of government of India securities for 1997-98 today. The RBI is likely to fix the YTM on 10-year dated paper between 12.03% and 12.08% -- down from 13.56% in 1996-97.
General Insurance, subsidiaries fall short of growth targets
The all-round industrial slowdown has pulled down the business growth of general insurance companies, which nosedived during 1997-98 for the second consecutive year. The industry -- comprising four subsidiaries and the apex General Insurance Corporation (GIC) -- has recorded only a 13.5% growth in 1997-98 against 16% during 1996-97 and 22% in 1995-96.
State Bank of India tops advance-tax payers' list
The State Bank of India (SBI) has topped the advance-tax payers' list in the country. It has paid Rs 490 crore in 1997-98, a jump of almost 86% from last year's Rs 263 crore. According to the latest figures compiled by the income-tax department, Mumbai, advance-tax collections from the banking sector have shown an increase while collections from most oil majors, insurance firms, automobile companies, pharma units and advertising agencies have slumped.
