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Cabinet nod to DTC bill;

exemption limit upped to Rs 2 lakh

Cabinet on Thursday approved Direct Taxes Code (DTC) Bill, clearing decks for tabling the legislation in the Monsoon Session of Parliament so that the new Act ushering in reduced tax rates and exemptions may come into effect from next fiscal.

The Cabinet cleared the bill, highly placed sources said. When enacted, DTC will replace the archaic Income Tax Act and simplify the whole direct tax regime in the country.

The code aims at reducing tax rates, but expanding the tax base by minimising exemptions.

The Finance Ministry had earlier come out with a draft on the DTC bill, some of whose provisions drew strong criticism from industry as well as the public.

To address those issues, the ministry brought out the revised draft, dropping earlier proposals of taxing provident funds on withdrawal and levying Minimum Alternate Tax on corporates based on their assets.

"As of now, it is proposed to provide the EEE (Exempt- Exempt-Exempt) method of taxation for Government Provident Fund (GPF), Public Provident Fund (PPF) and Recognised Provident Funds (RPF) ...", the revised DTC released by the Finance Ministry said.

The revised draft also puts pensions administered by the interim regulator PFRDA, including pension of government employees who were recruited since January 2004, under EEE treatment.

The first DTC draft had proposed to tax all savings schemes including provident funds at the time of withdrawal bringing them under the EET (Exempt-Exempt-Tax) mode.

Under the EEE mode, the tax exemption is enjoyed at all the three stages--investment, accumulation and withdrawal.

As regards MAT, it has been clarified that tax would be levied on the book profit, as is the current practice, and not on gross assets has proposed in the draft. The government, Mitra said, had received 1,600 representations on the first draft which was made public in August last year.

The second draft, however, did not give any details on the income tax structure such as the slabs or rates, which were provided in the first draft released in August 2009.

The first draft had suggested 10 per cent tax on income from Rs 1.60-10 lakhs and 20 per cent on income between Rs 10-25 lakhs and 30 per cent beyond that. However, officials later said these slabs were illustrative.

It is also proposed to raise the income tax exemption limit from the present Rs 1.6 lakh to Rs 2 lakh, a move that could leave more money in the hands of tax payers. The officials said the tax rates would be made known only in the proposed Act.

The earlier DTC draft had proposed to reduce the corporate tax to 25 per cent from the present 30 per cent. The revised proposal has also made it clear that tax incentives on housing loans will continue. Payment on interest on housing loans up to Rs 1.5 lakh will continue. The earlier draft was silent on housing loans.

source:economictimes.indiatimes.com

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Investors defensive with US data in spotlight

NEW YORK: With Wall Street limping along through the summer doldrums, investors say they will remain on guard for more deterioration in what's expected to be a light-volume week.

The S&P 500 suffered losses this week and is in danger of falling through support due to continuing worries about economic data.

"The market is moving into a defensive posture coming into next week," said Paul Mendelsohn, chief investment strategist at Windham Financial Services in Charlotte, Vermont.

"There may be some trepidation on the data that is coming out based on the data we saw this week that seems to indicate the economy could be deteriorating."

Even a pick-up in mergers and acquisitions was not enough to entice investors to get back into the market because of the dismal signs.

Potash Corp searched for a white knight on Friday as BHP Billiton formally launched its $39 billion hostile offer for the world's largest fertilizer company.

The offer came on the heels of Thursday's deal by Intel Corp to acquire software maker McAfee Inc for $7.7 billion, fueling speculation more acquisition activity was on the horizon, which market participants noted may not improve the economic climate.

"The main goal of a merger is to cut costs which means they are going to be cutting jobs even more -- so is that necessarily a good thing?" said Joe Saluzzi, co-manager of trading at Themis Trading in Chatham, New Jersey.

courtsey:http://economictimes.indiatimes.com

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NIFTY KI KAHANI,EMA KI ZUBANI

WISH YOU ALL AND YOUR FAMILY

A


VERY VERY


HAPPY

INDEPENDENCE

DAY

WEEKEND READING

After 17 years of marriage, my wife wanted me to take another woman out to dinner and a movie. She said, 'I love you, but I know this other woman loves you and would love to spend some time with you.'
* * *
The other woman that my wife wanted me to visit was my MOTHER, who as been alone for 20 years, but the demands of my work and my two boys had made it possible to visit her only occasionally.
* * *
That night I called to invite her to go out for dinner and a movie.
* * *
'What's wrong, aren't you well,' she asked?
* * *
My mother is the type of woman who suspects that a late night call or a surprise invitation is a sign of bad news.
* * *
'I thought it would be pleasant to spend some time with you,' I responded. 'Just the two of us.' She thought about it for a moment, and then said, 'I would like that very much.'
* * *
That Friday after work, as I drove over to pick her up I was a bit nervous. When I arrived at her house, I noticed that she, too, seemed to be nervous about our date. She waited in the door. She had curled her hair and was wearing the dress that she had worn to celebrate her last birthday on November 19th.
* * *
She smiled from a face that was as radiant as an angel's. 'I told my friends that I was going to go out with my son, and they were impressed,' she said, as she got into that new white van. 'They can't wait to hear about our date'.
* * *
We went to a restaurant that, although not elegant, was very nice and cozy. My mother took my arm as if she were the First Lady. After we sat down, I had to read the menu. Her eyes could only read large print. Half way through the entries, I lifted my eyes and saw Mom sitting there staring at me. A nostalgic smile was on her lips. 'It was I who used to have to read the menu when you were small,' she said. 'Then it's time that you relax and let me return the favor,' I responded.
* * *
During the dinner, we had an agreeable conversation- -nothing extraordinary but catching up on recent events of each other's life. We talked so much that we missed the movie.
* * *
As we arrived at her house later, she said, 'I'll go out with you again, but only if you let me invite you.' I agreed.
* * *
'How was your dinner date ?' asked my wife when I got home.
'Very nice. Much more so than I could have imagined,'I answered.
* * *
A few days later, my mother died of a massive heart attack. It happened so suddenly that I didn't have a chance to do anything for her.
* * *
Some time later, I received an envelope with a copy of a restaurant receipt from the same place mother and I had dined. An attached note said: 'I paid this bill in advance. I wasn't sure that I
could be there; but nevertheless, I paid for two plates - one for you and the other for your wife.You will never know what that night meant for me.
I love you, son.'
* * *
At that moment, I understood the importance of saying in time: 'I LOVE YOU' and to give our loved ones the time that they deserve. Nothing in life is more important than your family. Give them the time
they deserve, because these things cannot be put off till 'some other time.'
* * *
Somebody said it takes about six weeks to get back to normal after you've had a baby..... somebody doesn't know that once you're a mother, 'normal' is history.
* * *
Somebody said you learn how to be a mother by instinct ... somebody never took a three-year-old shopping.
* * *
Somebody said being a mother is boring ....
somebody never rode in a car driven by a teenager with a driver's permit.
Somebody said if you're a'good' mother, your child will 'turn out good'....
somebody thinks a child comes with directions and a guarantee.
* * *
Somebody said you don't need an education to be a mother.... somebody never helped a fourth grader with his math.
* * *
Somebody said you can't love the second child as much as you love the first .... somebody doesn't have two children.
* * *
Somebody said the hardest part of being a mother is labor and delivery....
somebody never watched her 'baby' get on the bus for the first day of kindergarten ...
or on a plane headed for military 'boot camp.'
* * *
Somebody said a mother can stop worrying after her child gets married....somebody doesn't know that marriage adds a new son or daughter-in-law to a mother's heartstrings.
* * *
Somebody said a mother's job is done when her last child leaves home....
somebody never had grandchildren.
* * *
Somebody said your mother knows you love her, so
you don't need to tell her....
somebody isn't a mother.--



Pass this along to all the 'mothers' in your life and to everyone who ever had a mother. This isn't just about being a mother; it's about appreciating the people in your life while you have them....no matter who that person is.

COURTSEY:A Friend

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NIFTYMAY OPEN WITH POSITIVE BIAS AND CAN BE SHORTED IN 5438-5444 RANGE WITH SL ABV 5463 FOR TRGTS 5411-5393-5375

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GOD IS WITH US ALL THE TIME

Once a man asked God in anger that I doubt your very existence and please give the proof of your being there withus at all times.
The god replied please close your eyes and try to vizualize your life days in the format of footprints.
The man did as directed and closed his eyes and saw a seashore ahead of which a vast sandbed was lying.He concentrated and could see two sets of footprints, evidence of two people walking together.At some instances he vizualized only one footprint set. Perplexed and anguished he questioned God that at some instances why are there only one set & at some other time two set of footprint.
The God smiled upon and answered that one set of footprint is yours and the other set is mine. Most of the times I walk with you, but at the times where there are only one set of footprints is the time when I have lifted you and walked to the nextday.If you closely look at those times you will find that those were the period which were most difficult times of your life....!!

stories to remember

There was a blind girl who hated herself because she was blind. She hated everyone, except her loving boyfriend... He was always there for her.. She told her boyfriend, 'If I could only see the world, I will marry you.'

One day, someone donated a pair of eyes to her. When the bandages came off, she was able to see everything, including her boyfriend.

He asked her,'Now that you can see the world, will you marry me?' The girl looked at her boyfriend and saw that he was blind. The sight of his closed eyelids shocked her. She hadn't expected that. The thought of looking at them the rest of her life led her to refuse to marry him.

Her boyfriend left in tears and days later wrote a note to her : 'Take good care of your eyes, my dear, for before
they were yours, they were mine.'

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NS VIEWS 5/8/2010:

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SUP:5451-5433-5415

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