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%.
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.
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.
More chambers may follow BCCI decision
A couple of promoter chambers of Assocham are expected to follow the Bombay Chamber of Commerce and Industry (BCCI) to express their discontent with the apex chamber's functioning. Though none of these chambers is likely to go to the extent of leaving the Assocham fold, there are indications that PHD Chamber of Commerce and Industry may voice its unhappiness at the next meeting of Assocham's working committee.
EU lifts ban on Indian marine products exports
India has once again resumed export of marine products to the European Union following inter-governmental efforts to lift the ban imposed from August 1, 1997. The EU had banned imports of Indian marine products on the ground that India did not conform to EU directives on quality standards and monitoring. The ban was lifted on December 23, 1997, following steps taken by the government to enforce standards of hygiene in the marine products units.
Investors seek rating comfort on states' traffic guarantees
Foreign and domestic investors, with plans to invest in state-road projects, have sought appraisals from credit rating agencies on the ability of the states to meet their traffic guarantees. Since most states are overstretched on their contingent liabilities, a major factor delaying investment into the roads sector is the fear of states not being able to meet their traffic guarantees.
