New Delhi: Finance Minister P Chidambaram on Friday announced that the Centre had cut tax on external commercial borrowings (ECB) by Indian companies to five per cent from 20 per cent. The reduction in tax will encourage Indian companies to raise funds from overseas markets.
The withholding tax liabilities on Indian companies, too, have been reduced to five per cent. This will apply to all borrowings between July 2012 and June 2015.
Chidambaram also approved the Rajiv Gandhi Equity Schemes, tailor-made to encourage first time investors. The investors will get 50 per cent tax rebate on investment under the Rajiv Gandhi Equity Schemes. The maximum investment that can be made under the scheme is Rs 50,000.
Former finance minister Pranab Mukherjee in his budget for 2012-13 in May had proposed to slash withholding tax from 20 per cent to five per cent across the board for all businesses. ...
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12:45 PM, Sep 21, 2012
Kolkata: Former India captain Sourav Ganguly on Saturday laughed off Shahid Afridi's remarks that Sachin Tendulkar was uncomfortable against Shoaib Akhtar's pace, a claim which the Pakistani speedster had made in his autobiography 'Controversially Yours'. Afridi is out of his mind, Ganguly quipped, reacting to the former Pakistani skipper's claim that he has seen Tendulkar tremble while facing Shoaib. Ganguly is not surprised at off-spinner Harbhajan Singh's omission from the...
07:48 PM, Mar 05, 2008
