Comprehensive reforms of tax system both direct and the indirect tax system have enabled the tax administration to enhance its functional efficiency and provide better tax payer services leading to increased compliance. Rates of Union Excise Duties and Service Tax rationalized for eventual shift to the Goods [...]

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NEW DELHI: After depreciating by over 20 per cent in 2008, the rupee is expected to strengthen against the dollar this year, mainly owing to Rupee falling global oil prices, slowing US economy and better outlook for Indian economy than others, financial giant Goldman Sachs on Tuesday said.

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New Delhi: In less than a month since the United Progressive Alliance Government announced a Rs 32,000 crore booster dose for the slowing economy, it came out with a more comprehensive and detailed stimulus package valued at over $50 billion or Rs 2,00,000 crore.

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MUMBAI: An IPO round-up conducted by SMC Nexgen Capitals states that as a result of continuous downfall and rough market conditions of 2008, the IPO overall till-date-return on aggregate IPO universe from 2004 to 2008 (on volume basis) is down 14.32%, aggregating a loss of $ 3.60 billion.

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Mumbai: Indian economy may go into deflation by the second quarter of financial year 2009-10 as there are fears of inflation going below zero per cent in the face of unprecedented fall in crude and commodity prices.

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NEW DELHI: The government’s fiscal stimulus package of Rs 30,700 crore as well as the RBI’s benchmark interest rate cuts over the weekend have India in the world failed to lift the spirits of banking majors who believe that while these measures are overall positive, with incremental data both on the global and domestic front [...]

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In the midst of economic recession, chief minister Mayawati on Thursday brought cheer to nearly 16 lakh employees by formally accepting pay 
hikes with effect from January 1, 2006, as per recommendations of the Sixth Pay Commission.
The beneficiaries include eight lakh state employees, five lakh teachers and one lakh non-teaching staff of the government-run or aided [...]

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Disappointed with the delay in implementation of the 6th Pay Commission, the Haryana Karmachari Sangh has announced a rally in Rohtak on November 30.
The state Government employees are anxious over the non-implementation of the recommendations, despite the assurance given by Chief Minister Bhupinder Singh Hooda that employees would get a hike soon. Meanwhile the IAS [...]

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WASHINGTON: The financial meltdown will not spare any sector of the economy, but on the brighter side recovery could be just six to nine months away, Finance Minister P Chidambaram has said. “There will be some slowdown in every sector… but monetary measures, counter-cyclical measures and enlightened measures by the companies themselves can get over [...]

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NEW DELHI: The finance minister will ask state-run banks to lower lending rates to help revive sagging industrial growth, industry officials said on Monday.

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Indian firms are likely to lay off a quarter of their employees in the next 10 days, as part of steps to contain costs in the face of shrinking margins amidst the economic turmoil, an industry body said on Wednesday. Trade body Associated Chambers of Commerce and Industry of India (ASSOCHAM) said the job cuts [...]

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NEW DELHI: The global financial meltdown is leaving its mark on the upcoming auctions for third generation (3G) spectrum in India. 
The world’s largest private telecom company, Vodafone Group Plc, which is present in India as Vodafone Essar, has sought that the Indian government postpone the 3G spectrum auctions to early 2009.
The reason: “Mobilising financial commitments [...]

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The BSE benchmark index extended losses to more than 8 per cent on Monday to its lowest in nearly three years after fears of a deep global recession routed markets elsewhere in Asia.
Shares in top lender State Bank of India were down 11.5 per cent at 1,023.70 rupees, even after India’s biggest bank reported [...]

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Today Government announced 6% Hike for all Central Government Employees and Pensioners. This DA will be effected from January the 1st 2008.
With this Hike the DA will become 47% instead of 41%. It is hopefull that when the Sixth Pay Commission Report will be implemented this DA will further enhance the Salaries of Government Staff.
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The Cheers NEWS writes “”The Commission is to finalise and submit its report within 18 months of its constitution, that is 4th April, 2008,” Bansal told Rajya Sabha in a written reply.
Commenting on the implementation of the commission’s recommendations, Bansal said that as the report was yet to be submitted “the time frame for its [...]

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In its News the Economic Times writes “Assuming that the Pay Commis-sion report is implemented by August this year (once it is submitted in March), the government will have to account for arrears with effect from January 1, 2006.
The pay hikes could also trigger revisions in pay scales for other sec-tors like school teachers and [...]

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Now Every Indian can save minimum Rs 4000 more from Income tax. The New Slabs of Income tax are as under :
Income Upto Rs. 2,25,000 – No Income Tax to Pay
Income From Rs. 2,25,001 to Rs. 3,00,000 – Pay Income Tax at the rate of 10% in excess of Rs 1,50,000.
Income From Rs. 3,00,001 to [...]

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Now Every Indian can save minimum Rs 4000 more from Income tax. The New Slabs of Income tax are as under :
Income Upto Rs. 1,80,000 – No Income Tax to Pay
Income From Rs. 1,80,001 to Rs. 3,00,000 – Pay Income Tax at the rate of 10% in excess of Rs 1,50,000.
Income From Rs. 3,00,001 to [...]

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