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Monday, March 05, 2007
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Grim power scenario in many States
Problems are known, no political will to resolve them; A.P., Karnataka and T.N are desperate to buy power to meet peak demand

FINANCIAL SCENE
Two controversial proposals in budget
Separate debt management body will give relief to RBI

The financial sector and the budget
THE BUDGET proposals impact on the financial sector both directly and indirectly. As the stock market's immediate reaction — captured in `real time' — makes for such good copy and, as was the case this year, sensational headlines, ...

QUESTIONS AND ANSWERS
Changes in TDS provisions
There is a welcome reduction in respect of the rate of tax for tax deduction from 20/15 per cent to 10 per cent in respect of rent and hire charges, now applicable both for movables and immovables under Sec.194-I. There will, however, be ...

QUESTIONS AND ANSWERS
Impact on corporate taxation
The tax on distributed dividend will be enhanced from 12.5 to 15 per cent with effect from April 1, 2007. The rate of tax will be 25 per cent as against the present rate of 12.5/20 per cent in respect of dividend distributed by the Unit Trust ...

QUESTIONS AND ANSWERS
Impact on individual taxation
What is the effect of the budget on taxation of individuals/Hindu Undivided Families? The minimum exemption limit has been increased by Rs. 10,000 so that there should be a tax relief of Rs.1,000 for individuals, Hindu Undivided Families ...

QUESTIONS AND ANSWERS
Non-resident taxation made more uncertain
A major amendment under Sec. 9 would nullify the decision of the Supreme Court in Ishikawajima-Harima Heavy Industries Ltd. v Director of Income-tax, Mumbai (2007) 288 ITR 408 (SC) , which has held, consistent with past precedents and ...

QUESTIONS AND ANSWERS
Charities — how affected?
Power of enquiry will be available to prescribed authority before approving exemption under Sec. 10(23C)(iv), (vi) or (via). In respect of application for registration made on or after June 1, 2007, it will be effective only from the year of ...

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