IT slab for super-rich likely
The Union finance ministry plans to introduce a fourth personal income tax slab for the people in the higher income bracket and specifically those who have declared unaccounted income under the Voluntary Disclosure of Income Scheme (VDIS), in the coming budget. The fourth slab of income tax was likely to attract a higher rate which could range between 35 to 40%.
HFCs freeze loans to builders
The housing finance companies (HFCs) have decided to freeze all new investments to the builders and construction companies for taking up new housing projects in the country. This decision was taken after many well-known builders started defaulting on the loans taken earlier.
More problems rock JCT-Polysindo deal
JCT has walked out of its agreement with Polysindo for an independent valuation of its synthetic fibre division by KPMG Peat Marwick. This virtually seals the fate of what was billed as the biggest takeover deal in the Indian corporate history. JCT attributed its decision to the failure of Polysindo to bring in any money in the country since the deal was signed.
CLB exonerates Gillette in HLM family fued
The Company Law Board (CLB) has relieved shaving major Gillette International from being impleaded in the family feud of Harbanslal Malhotra and sons (HLM), manafacturer of topaz blades. Gilette was involved in a suit following allegations by a shareholder in HLM that Gillete was supplying obsolete technology to the company.
Indal unions divided over Sterlite bid
The employees of Indian Aluminium (Indal) are divided over Sterlite's takeover bid on the company. While the Calcutta unit of the union says that they will fight the bid tooth and nail, the Belgaum unit is all for welcoming a new management.
Desktop banking is going places
Savvy private banks are jumping onto the web. And this time, not just to post homepages and put up websites but to offer a brand new service called internet banking. Internet banking represents the ultimate banking convenience. It brings the bank right to the customers desktop.
