5. Tax on rental income The revised Direct Tax Code (DTC) released on June 15 has been approved by the cabinet. The new code is likely to be implemented from 2011. The code aims at simplifying the existing income tax laws. As far as realty is concerned, there are some changes proposed in the code.
6. Tax on rental income The code has kept the taxable basis as the actual rent received or receivable for the financial year. In the original draft, the DTC had proposed that gross rent should be calculated at a presumptive rate of six percent of either the market value, or the cost of construction or acquisition, whichever is higher.
7. Indian economy grew by 8.8 pc in April-June The economy grew by an impressive 8.8 per cent during the quarter ended June on the back of robust manufacturing growth. Agriculture and allied activities grew by 2.8 per cent, higher than 1.9 per cent in the year-ago period. Manufacturing sector expanded by strong 12.4 per cent in April-June, 2010 against a mere 3.8 per cent growth rate in the same period last year. Construction sector grew by 7.5 per cent compared to 4.6 per cent.
8. Among services, financial, insurance and real estate services expanded by just eight per cent, against a growth rate of 11.8 per cent in the year-ago quarter, while community social and personal services growth slowed down to 6.7 per cent, against 7.6 per cent a year ago. However, trade, hotels and communication services rose by 12.2 per cent, against 5.5 per cent during April-June 2009.
9. RIL buys 14.12 %stake in East India Hotels India's largest private sector company Reliance Industries Limited (RIL) on Monday said it has acquired 14.12 per cent stake in hospitality major East India Hotels (EIH), which runs the Oberoi group of hotels. "Reliance Industries has acquired from Oberoi Hotels Private Limited and certain other promoters shares in EIH Limited representing 14.12 per cent of EIH at a total cost of Rs.1,021 croreapproximately”.
10. Dabur faces smear campaign in Nepal Indian ayurvedic giant Dabur India's Nepal unit, Dabur Nepal, is under a virulent smear campaign by a section of Nepal's disgruntled media. The campaign started last month with an independent television station Sagarmatha Television carrying a report alleging that cartons of Dabur's Real brand of fruit juices were tainted. It was joined by the NayaPatrika tabloid, regarded as being close to the Maoists, which carried five front-page articles that also alleged Dabur's honey products to be substandard and containing harmful chemicals.
11. Dabur issued a public notification pointing out that its products had been cleared by the concerned government agencies of Nepal. The embassy said that the Indian JVs make a substantial contribution to Nepal's economy, employment, and revenue to the government and exports from Nepal. "They maintain the highest standards of quality, which is proved by the fact that exports of their products are accepted across the globe," the statement said.
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