Online edition of India's National Newspaper
Thursday, Jun 30, 2011
ePaper | Mobile/PDA Version
Google



Andhra Pradesh

News: ePaper | Front Page | National | Tamil Nadu | Andhra Pradesh | Karnataka | Kerala | New Delhi | Other States | International | Opinion | Business | Sport | Miscellaneous | Engagements |
Advts:
Retail Plus | Classifieds | Jobs | Obituary |

Andhra Pradesh - Vijayawada Printer Friendly Page   Send this Article to a Friend

Coastal Easy Tax scheme launched

Staff Reporter

Photo: V. Raju

Income Tax Commissioner K. Ajay Kumar giving a copy of the new tax scheme launched by Coastal Local Area Bank Ltd., to bank director Ch. Jayaram (extreme right), at a function in Vijayawada on Wednesday.

VIJAYAWADA: Now avail yourself of loan to pay the advance tax. The Coastal Local Area Bank has launched a new product, Coastal Easy Tax, to customers to meet their tax liabilities. The bank will send a demand draft directly to the Income Tax department against the auditor certificate issued to the client. The businessmen, traders etc. can avail loan ranging between Rs. 1 lakh and Rs. 50 lakh per year.

Income Tax Commissioner K. Ajay Kumar launched the product here on Wednesday. He said many taxpayers did not pay their tax in advance, and wait till March 15. It may not be wilful avoidance of tax. The reason could be liquidity crunch, shortage of time etc. But, the department would deem them defaulters as the taxpayers knew the dates for payment of advance taxes. And there was a provision in the Act to prosecute them. The schemes of these kind would help them in becoming prompt tax payers, he felt.

The bank, earlier, announced that the minimum amount of loan facility was Rs. 5 lakh. Referring to it, Mr. Ajay Kumar said many taxpayers might require loans worth of Rs. 1 lakh to pay taxes. With raising the minimum limit to Rs. 1 lakh, the bank was eliminating that clientele, he said, adding, if the bank could bring down the minimum limit, the scheme would go long away.

Responding to it, bank Managing Director I. Parthasarathy announced that the bank would lower the minimum amount to Rs. 1 lakh from Rs. 5 lakh. The rate of interest would be Prime Lending Rate (PLR) plus 1.25 per cent and the processing charges of 1 per cent would be collected from the customer, he said.

Andhra Chamber of Commerce and Industry president M. Murali Krishna, Bank director Ch. Jayaram also spoke.

Printer friendly page  
Send this article to Friends by E-Mail



Andhra Pradesh

News: ePaper | Front Page | National | Tamil Nadu | Andhra Pradesh | Karnataka | Kerala | New Delhi | Other States | International | Opinion | Business | Sport | Miscellaneous | Engagements |
Advts:
Retail Plus | Classifieds | Jobs | Obituary | Updates: Breaking News |


News Update



The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | The Hindu ePaper | Business Line | Business Line ePaper | Sportstar | Frontline | Publications | eBooks | Images | Ergo | Home |

Copyright 2011, The Hindu. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu