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HindustanTimes Sun,13 Jul 2014

Business

Doubling of tax on debt mutual funds to hit retirees

mutual fund
On Thursday, finance minister Arun Jaitley gave investors and the mutual fund industry a jolt by increasing the long-term capital gains tax on debt mutual funds to 20% from 10%. The definition of long-term has also been changed to 36 months for non-equity MFs from 12 months.

GST enters final leg; may stretch to 2016-17

income tax
One of India’s biggest tax reform initiatives, goods and services tax, has entered the final leg with most the contentious issues expected to be ironed out this year, but experts said its implementation schedule may still be pushed to the 2016-17.

UPA regime responsible for Nokia plant troubles: TN Govt

income tax
Tamil Nadu Government on Friday blamed previous UPA regime for the troubles faced by Nokia's Chennai plant which was kept out of Microsoft acquisition pact in the wake of Rs. 21,000 crore tax dues raised by the I-T Department.

Modi leads team to BRICS summit

PM Narendra Modi
Business leaders are hoping that Prime Minister Narendra Modi’s presence in the BRICS summit in Brazil on July 14 and 15 will help boost India’s business opportunities in the other four countries.

IIP signals economy on revival path, Budget to help: India Inc

Industry
India Inc on Friday said the sharp rise in industrial output in May is a sign the economy is on the road to recovery and expects the rebound to sustain on the back of policy measures unveiled in the maiden budget of the Modi government.

Infosys Q1 net up 21.6%; attrition rate at 19.5%

1999

India's second largest software exporter Infosys has beaten estimates to report a 13.3% rise in net revenue at Rs. 12,770 crore and 21.6% rise in net profit at Rs. 2,886 crore for the first quarter of 2014-15 on year-on-year basis.

Rupee rebounds 26 paise to end at 59.93 against dollar

Currency
The rupee on Friday bounced back by 26 paise to end at 59.93 versus dollar as exporters and some banks sold the greenback, but steep losses in previous sessions forced the local currency to log its first weekly drop in three.

It's a goal! Arun Jaitley's budget makes shots right on target

Jaitley's shots are on target (Illustration: Siddhant Jumde)
The finance minister had a tough task ahead of him, to balance growth revival with controlling prices, while handling a flighty fiscal deficit and giving something for the common man by way of tax reliefs. He seems to have managed the tightrope walk well.

Rs 1,000 monthly pension a reality now

Pension
The minimum monthly pension of Rs. 1,000 under EPS-95 scheme run by retirement fund body EPFO has become a reality and will immediately benefit 28 lakh pensioners who get less than this amount at present.

L&T set to bag deal to build statue of unity

Sardar Vallabhbhai Patel
Bids for the project were opened on Friday and sources told HT that L&T emerged as the lowest bidder with a cost of Rs. 2,980 crore. The statue would be the tallest in the world and almost double the size of the Statue of Liberty in the US.

Budget 2014: Narendra Modi faces pressure from credit agencies, markets

PM Narendra Modi
Prime Minister Narendra Modi is under pressure to perform on the economy after a budget packed with ambitious targets met mild scepticism from investors and credit-rating agencies and failed to dispel the latent risk of a downgrade. Modi's 'thank you, voter' budget has ideas from his poll campaign

Industrial production rises to 19-month high of 4.7% in May

Handtool industry
India’s factory output grew by the 4.7% in May, the fastest in 19 months, rekindling hopes of an industrial rebound buoyed by a robust manufacturing sector, latest data released on Friday showed.

After budget-eve euphoria, thelet-down: Sensex plunges 348 pts

Handtool industry
The benchmark Sensex on Friday plunged 348 points, or 1.4% to end at 25,024.35, its biggest weekly loss since December 2011, due to continued profit-booking in stocks that had rallied prior to the Budget on expectations of big-bang announcements and debt concerns in Portugal.

Boeing, Emirates finalise order for 150 airplanes worth $56 bn

An Emirates Airlines Boeing 777-300 aircraft
Boeing and Emirates Airline have finalised an order for 150 777Xs airplanes for $56 billion at list prices.

Spendonomics
Jaitley woos salaried class, raises income tax exemption limit to Rs. 2.5 lakh

An employee
The finance minister raised the exemption limit in personal income tax from Rs. 2 lakh to Rs. 2.5 lakh. He also raised the tax exemption limit for investments to Rs. 1.5 lakh from the current Rs. 1 lakh under Section 80C of the Income Tax Act. Full text of speech

Arun Jaitley's maiden budget aims for higher economic growth, provides tax breather

Arun Jaitley
FM Arun Jaitley’s maiden Budget on Thursday put more money in the hands of salaried employees, made aspirational goods cheaper for the poor and set up a fund to counter spikes in food prices. Poll: On a scale of 0 to 5, how would you rate Arun Jaitley's budget?
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