New Delhi: Finance minister P. Chidambaram on Wednesday exuded confidence that an “ambitious”, revised target of Rs2,29,272 crore for direct tax collections during 2006-07 fiscal would be achieved.
As per the latest figure, Rs2,23,797.1 crore was collected, comprising Rs1,41,915.4 crore of corporate tax, Rs71,011.4 crore of personal income tax, Rs5,331.7 crore of fringe benefit tax, Rs4,729.5 crore of securities transaction tax and Rs505.4 crore of banking cash transaction tax. The actual figures are expected to arrive any day this month.
Delhi, which is the second-largest contributor of direct taxes after Mumbai is so far Rs1,000 crore short of the revised target of Rs38,646 crore, according to a tax official. He said almost 98-99% of the target would be achieved. Other tax officials of different circles in the country were confident that the revised targets would either be met or surpassed. For the current fiscal, the target of Rs2,67,000 crore has been fixed for direct tax collections.
ICICI Bank fined for breach of licence rules
Mumbai: India’s largest private lender ICICI Bank has been fined Rs2.2 lakh by Hong Kong’s Securities and Futures Commission (SFC) for breach of licence rules and was ordered to further reimburse investigation costs.
SFC imposed the fine on the charges that ICICI Bank was carrying on the business of dealing in securities in Hong Kong between 15 June 2004 and 8 March 2006 without a licence.
The bank informed the Bombay Stock Exchange that it has taken appropriate staff accountability actions against the employees concerned, whose conduct resulted in the contravention.
Quota issue: Centre examining all options
New Delhi: With 27% other backward caste (OBC) quota in central institutions of higher learning caught up in legal wrangles, the government on Wednesday said it was examining all options under the law to resolve the issue at the earliest.
“The Supreme Court in its interim order stated that it would be desirable to keep on hold the operation of this Act so far as it relates to OBCs,” HRD minister Arjun Singh said.
He told a two-day conference of state education ministers here that the recommendations of the Fatmi committee for giving a boost to minority education was also under consideration.
Pranab Mukherjee declared fit to work
New Delhi: External affairs minister Pranab Mukherjee was discharged from the Army Hospital here on Wednesday after doctors declared him fit to resume work.
Mukherjee, 72, was flown here on Sunday from Kolkata in a special plane after being injured in a road accident in West Bengal.