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Rajiv Gandhi Equity Saving Scheme, designed to offer tax benefits of up to 50 per cent of the investment to first-time investors, aims at widening the retail base of the domestic bourses, finance minister P. Chidambaram said today.The scheme, which was promised in this year’s budget and will be notified within a fortnight, is meant for first time investors earning up to Rs 10 lakh a year and purchasing...
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etc.NEW DELHI: In a move to lower the cost of borrowings for Indian companies and spur investment, the government on Friday cut the tax it levies on the interest paid on foreign loans to 5% from 20% earlier. Although the move had been announced in the Budget, it came at a time when the government is unleashing a series of measures to get theSo far, if a company was borrowing overseas at 5%, the cost...
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ISTThe government on Friday continued with its reforms push by announcing two major initiatives. It approved the Rajiv Gandhi Equity Saving Scheme (RGESS) for first-time retail investors.To remove bottlenecks for companies in accessing cheaper foreign loans quickly, the finance ministry also lowered withholding tax on foreign borrowings from 20% to 5%.Finance minister Palaniappan Chidambaram approved...
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Taking forward the reform process, the finance ministry on Friday slashed wi-thholding tax on overseas borrowings by local companies and approved the Rajiv Gandhi Equity Savi-ngs Scheme (RGESS) for first-time retail investors in the securities market.This scheme will give tax benefits to those who inv-est up to `50,000 and whose annual income is below `10 lakh. Withholding tax on overseas borrowings...
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