R C Bhargava, chairman, Maruti Suzuki, interacting with media during a press conforence in New Delhi (Pic: Dalip Kumar)

Prices set to rise in the range of Rs 1,441 to Rs 34,494 due to announcements in the Union Budget, the company said

Planning to buy a Maruti car? Your bill may soar by nearly Rs 34,000

Business Standard

RIL, Tata Steel, Adani to gain from investment allowance rejig

Finance Minister Arun Jaitley presenting the Annual Budget 2016-17 in the Lok Sabha

This amendment is proposed to be made retrospectively effective from FY16 onwards

Mercedes-Benz hikes prices by 3-5% across entire range

Cars could be dearer by up to Rs 7,50,000; BMW, Audi and Jaguar Land Rover likely to follow suit

Mercedes-Benz hikes prices by 3-5%

BS Reporter

Much preparation ahead for listing state-owned general insurers

The government is planning to list the public general insurance companies. In his budget speech, finance minister Arun Jaitley said that the general insurance companies owned by government will be listed on the stock exchanges. While the process before the actual listing takes place is expected to be long, sector officials expect this to bring more transparency in their operations.At present. New India Assurance, United India Insurance, Oriental India Insurance and National Insurance, apart from the sole domestic reinsurer General Insurance Corporation of India (GIC) are the five public sector general insurance companies. However, Jaitley did not share any time-line of the listing of these entities.In his budget speech, Jaitley said that public shareholding in government-owned companies is a means of ensuring higher levels of transparency and accountability. To promote this objective, he said that the general insurance companies owned by the Government will be listed in the stock excha

Image via Shutterstock

No tax when MF plans merge

Investors were stuck in old schemes though they were suspended because of tax implications

A broker laughs while speaking to a colleague, as they trade on their computer terminals at a stock brokerage firm in Mumbai

Easing liquidity in the bond market and the hopes of more rate cuts from the RBI have driven the rally

Market betting on short-term gains for banks

Dialysis

A dialysis machine contributes only 6 per cent to the overall cost

Tax rebate unlikely to reduce dialysis cost

Budget 2016-17 surprise: Your pension will now be partially taxable

EPF withdrawls to be taxed

To standardise all products, the FM introduced tax on EPF too

Budget 2016-17 surprise: EPF will now be partially taxable

Arun Jaitley

This is intended to incentivise people in the private sector to use provided fund as a kind of pension, said Jaitley

Finance minister Arun Jaitley hints at partial roll back of tax on EPF withdrawal

Budget 2016: Govt to spend Rs 5,500 cr on crop insurance scheme

Important bills like GST and the bankruptcy law should be pushed through, he added

Govt can exceed growth target with less obstructions: Arun Jaitley

Press Trust of India

The overall message to the middle class is: the days of freebies are over

EPF tax: It's a healthy proposal

Budget 2016: Wind sector to take a hit as accelerated depreciation tax benefit capped at 40%

The sector had enjoyed accelerated depreciation of 80 per cent under the Income Tax Act

Aadhaar

The Bill will be introduced in the current Budget Session of the Parliament

Aadhaar legislation might be a Money Bill

Garments

The textile industry is set to pass on the two per cent excise duty that was levied on ready-made garments in the Union Budget 2016-17, thereby resulting in a price rise of at least 5-6 per cent, say players.The excise duty was levied on garments worth retail price of over Rs 1000, which, according to industry sources, forms about 50 per cent of the total organised apparel retail industry.  FM had announced levy of 2 per cent excise on branded garments above Rs.1000 of price if input tax credit is not claimed or 12.5 per cent with input tax credit.According to industry players, while the move will not only result in an immediate price rise by 5 per cent of apparels, but also add hassles of maintaining records by domestic apparel retailers."With international brands coming to India, part of the exporters supply will be to the former's domestic stores in the country.  Even otherwise, there is now an overall hassle of maintaining records. In preparation of GST, an unnecessary hassle of pa

Ready-made garment prices to rise 5%

Budget brings cheer to housing finance companies

When demand for real estate is stagnant or moderating across many cities, the finance minister raising the tax benefit for new home buyers, with a budget of Rs 50 lakhs, augurs well for not just the developers but also for housing finance companies. Stocks of housing finance companies such as LIC Housing, Dewan Housing, Can Fin Homes, Repco Home Finance and Indiabulls Housing spiked between 4 per cent and 8 per cent on Tuesday. First-time home buyers will get an additional interest deduction of Rs 50,000 in FY17 (current deduction is Rs 150,000), provided the loan availed does not exceed Rs 35 lakh and the cost of house is restricted to Rs 50 lakhs (usually categorised as affordable houses). With relief being extended to realtors of affordable houses as well, the industry believes that the income tax sop will be a sentiment booster. Siddharth Purohit of Angel Broking feels the incremental interest deduction will benefit people in the 20 per cent income tax bracket. He adds that the inc

Blackstone, RMZ may roll out REITs first

India's construction market to be third largest in the world by 2025

US private equity giant Blackstone and Bengaluru based developer-investor RMZ Corp could be the first ones to hit the market to list their real estate investment trust (REIT) after the finance minister cleared the final roadblock on dividend distribution tax in such trusts."Blackstone already has the structure ready....it shelved plans earlier due to tax structures. Now it can hit the market faster than others," said an executive who is aware of Blackstone's plans.Blackstone with its JV partner Embassy  had looked at floating a $2-billion Real Estate Investment Trust (REIT) but did not go ahead due to issues with the regulations. In the Union Budget, the FM said the distribution made out of income of SPV to the REITs and INVITs did not attract dividend distribution tax (DDT). REITs are similar to mutual funds, and can be listed and traded on stock exchanges. These have to distribute a majority of their income as dividend.Blackstone was to look at IPO of its investments or sell out to o

The worst criticism of the Budget making rounds is that it lacks vision or a big idea. Frankly, that is good for India. The government remains focused on execution to repair the economy from past issues and steering the economy amid challenging global economic conditions.But, I would argue there is a big idea. Sticking to 3.5 per cent fiscal deficit target is a signal that fiscal prudence is a matter of faith, and not of convenience. Rather than being tempted to dilute fiscal rectitude and by sticking to a stated plan, we are following what the Germans did during the great financial crisis by avoiding an expansive fiscal and monetary policy. The results are well documented. Fiscal conservatism sharpens our focus on cutting waste and improving productivity of our spending.As a growth driver, the finance minister continues to push infrastructure spending in areas with proven delivery track records. The central outlay on roads and railways is set to grow 31 per cent next year - both these

Brilliantly prosaic!

Gift FSEZ: now expect relief in Cos act

After income tax incentives announced yesterday in the Union Budget Gift City SEZ units are now expecting relief from applicability of certain provisions of Companies Act and establishment of appellate mechanism. There are some well knowm international arbitration authorities like HongKong, London or Singapore arbitration Centers with whom Gift City management is talking and subject to the approval by the Government of India one of them is likely to establish arbitration center in the Gift SEZ. Ajay Pandey, MD & Group CEO, GIFT City said that, "we are working with the Government on both these issues and hope to see progress in these issues soon."Many players planning to start operations in Gift FSEZ had represented to companies affairs ministry that certain provisions of companies act not applied to foreign companies should also not apply to companies in Gift as they are also deemed foreign companies. These provisions include Coampny Act clauses relating to submitting certain informati

GIFT City expects relief from the companies law

But sector doesn't see too many mergers happening in this regard

Tax relief on merger of MF schemes to benefit investors

Sustained rural poverty can't be eradicated without capacity building

FM's rural push may not see fruition

Aluminium makers hail hike in customs duty

Aluminium producers have welcomed the move to hike basic customs duty (BCD) on primary aluminium from five per cent to 7.5 per cent and on aluminium products from 7.5 per cent to 10 per cent in the Union Budget 2016-17. "On behalf of all the primary, secondary and downstream aluminium producers, I thank the Government of India for its proposal to increase the (BCD) on primary aluminium from five per cent to 7.5 per cent and on aluminium products from 7.5 per cent to 10 per cent. This move will help Indian aluminium industry by checking influx of cheap imports," said T K Chand, chairman and managing director, National Aluminium Company (Nalco). Chand was recently appointed the president of the Aluminium Association of India (AAI).The aluminium industry, however, expected a five per cent increase in BCD, Chand said. This Budget is a balanced one with focus on growth, he added. KSS Murthy, general secretary of AAI, said that with the election of Chand as president, AAI will have assertive

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