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INDIA-E  June 2002

INDIA-E June 2002

Subject:

India Network Economic News - June 6, 2002

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Thu, 6 Jun 2002 10:59:21 -0400

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******************************************************************
India Network Economic News - June 6, 2002 Volume 14 Issue 107
********************************************
Brought to you in co-operation with Various News Reports from India
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Workers, and Students is available for 2001-02 year.
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This announcement is solely intended for SUBSCRIBERS of India Network

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----------------------------
Today's News Items
------------------
#1. Tax filing to be simplified
#2. Sensex up 64 pts on buying spree
#3. Fiscal deficit at Rs. 15,329 cr. in April
#4. Govt seeks discussion with Tatas on VSNL controversy

------------------------------------

#1. Tax filing to be simplified

New Delhi, June 5: The government on Wednesday further simplified tax
filing procedures by allowing individual tax payers with income up to Rs
2,00,000 to file returns through the Saral form.

With a view to further simplify procedures for small tax payers, it has
been decided that non-corporate tax payers, whose total income for 2002-03
is up to Rs 2.0 lakh will have the option of filing their return in the
old Form No 2D Saral, the Finance Ministry said.

Under the existing Income Tax rules, non-corporates other than charitable
or religious trusts and persons covered under One-by-Six scheme, should
file returns in Form No-2 if the income is from business or profession and
in Form No-3 if income is from other sources.

Persons filing their returns in Form No-2 and Form No-3 need not furnish
the general information as specified in the forms, the release said.

The due date is October 31 for those whose accounts are required to be
audited.

The move comes after representations from various quarters about the
complications involved in filing tax returns. The clarification also comes
after Finance Minister Yashwant Sinha discussed with Income tax
commissioners the complexities involved in filing returns through Saral
form.

While on the one hand, the finance ministry is trying to make tax-filing
simpler, the government has been tigtening the net against income-tax
evaders.

Last week, Yashwant Singh asked the income tax department to go beyond the
one-by-six scheme criteria, to check out the incomes of persons with bank
lockers. Sinha asked the department to concentrate on surveys and take a
hands-on approach towards revenue collection. This would help the
department in meeting its revenue-collection targets in 2002-03.

#2. Sensex up 64 pts on buying spree
Agencies/Mumbai

All-round buying by speculators as well as institutional investors lifted
the sensex by another 63.92 points to close at 3255.52 on Wednesday on the
Bombay Stock Exchange (BSE), that registered a three-day string of
profits.

Dealers attributed the smart rally to reducing fears of war between India
and Pakistan which triggered fresh wave of buying from speculators as well
as retail investors. A sharp spurt in the sensex could be gauged by a
smart rise in 27 out of 30 index-based scrips.

Old-economy shares including index heavyweights like HLL, RIL, Bhel, ITC,
MTNL, Telco, Tisco and Grasim continued their northward journey aiding the
sensex rise.

Recently battered IT counters also attracted good buying support in view
of marginal recovery in the Nasdaq composite index which rose by 15.56
points last night.

The BSE-30 share sensitive index opened firm at 3200.71, which was also
the day's low, and gradually moved upwards to the intra-day high of
3269.24 before concluding at 3255.52 as against Tuesday close of 3191.60,
a rise of 2.00 per cent.

The broad-based BSE-100 index also improved further by 24.49 points to
1654.60 from previous close of 1630.11.

Investors seemed to be keen on building positions in low-priced
second-line stocks which attracted fairly heavy demand and notched
handsome gains.
Steel companies like Tisco and Jindal Steel were in keen demand following
reports of rise in steel prices in international markets.

#3. Fiscal deficit at Rs. 15,329 cr. in April


NEW DELHI JUNE 5. The financial year started with the fiscal deficit
touching Rs. 15,329 crores in April which was over 11 per cent of the
budgeted Rs. 135,524 crores for the whole year.

The revenue deficit stood at Rs. 15,200 crores in April, which was near 16
per cent of the budgeted Rs. 95,377 crores for this fiscal, according to
the Controller General of Accounts.

The revenue collections so far in this fiscal stood at Rs. 3,265 crores
which were 1.3 per cent of Rs. 245,105 crores budgeted for 2002-03.

Tax and non-tax mop up stood at Rs. 2,087 crores and Rs. 1,178 crores
respectively showing 1.2 per cent and 1.6 per cent of the budgeted Rs.
172,965 crores and Rs. 72,140 crores.

Total receipts stood at Rs. 5,357 crores comprising near 2 per cent of the
budgeted Rs. 274,785 crores for this fiscal.

However, expenditure stood at Rs. 20,686 crores ticking 5 per cent of the
budgeted Rs. 410,309 crores for 2002-03.

Plan expenditure was Rs. 4,221 crores or 3.7 per cent of the budgeted Rs.
113,500 crores, while non-Plan expenditure stood at Rs. 16,465 crores
which was 5.5 per cent of the budgeted Rs. 296,809 crores for this fiscal.

Domestic borrowing by government was Rs. 16,315.37 crores which was 12 per
cent of the budgeted Rs. 134,754.21 crores for the whole year mainly due
to market borrowing and through public provident fund.

The market borrowing stood at Rs. 19,065.49 crores which was 20 per cent
of the budgeted Rs. 95,859 crores for 2002-03, while earnings through PPF
were Rs. 3,495.48 crores or 38 per cent of the budgeted Rs. 9,120 crores.
PTI

#4. Govt seeks discussion with Tatas on VSNL controversy

PTI
New Delhi , 06-06-2002

Government said on Thursday that it would prefer to resolve the
contentious issue of VSNL's Rs 1200 crore investment in Tata Teleservices
through discussions and would explore legal options only if the talks
failed.

Communication Minister Pramod Mahajan, who along with Disinvestment
Minister Arun Shourie met Home Minister LK Advani this morning, told
reporters that "we have requested Tatas to review the decision. We are
talking to them."

Stressing that as holder of 26 per cent equity in VSNL, where Tatas
recently acquired managment control, government had a right to talk to the
corporate house, Mahajan said legal opinion would be sought only after
talks failed.

Both Mahajan and Shourie, who had met Advani on Wednesday also amidst
reports of rift between them, said that there were no differences between
them on the process of disinvestment.

While Shourie said that Mahajan was very supportive of the disinvestment
process and that his ministry had no role in the VSNL issue, Mahajan said
that "we have no differences."

Asked about yet another decision by VSNL board to divest its stake in
satellite communication companies INTELSAT and INMARSAT, Mahajan said that
government would not interfere in small decisions by Tatas.

The issue of investment in Tata Teleservices was taken up by the
government only because a large sum of Rs 1200 crore was involved.
------------------------------------------
End of India Network Economic News Digest
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