Number of IT assessees shoots up
Mumbai: The number of income tax assessees is expected to touch 20 million by October 1999, compared to 14.3 million in April 1998. According to projections made by the Central Board of Direct Taxes, there will be around 25 million assessees by the end of the financial year 1999-2000.

Owing to the broadened tax base, there has been a 25 per cent rise in personal income tax collection during the current fiscal. This has happened for several reasons. Filing of returns has been made compulsory for those owning a phone, a car, a house, a credit card, have travelled abroad, or have a club membership for which more than Rs.25,000 has been paid.
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Oily, sticky issues under consideration
Mumbai: The state government in Maharashtra is proposing a 25-paise per litre hike in petrol prices . It has not yet decided on the rate of increase for diesel.

The government also wants to do away with the existing bridge toll system and replace it with state cess. The government is levying tolls to recover the construction costs of building 55 flyovers in Mumbai. A cabinet approval has been sought on the matter.

In the meantime, oil companies have announced  hikes in the prices of naphtha, fuel oil, low sulphur heavy stock, bitumen and light diesel oil. It is an irony that diesel, which is a middle distillate, is currently cheaper than heavier residues such as LDO, fuel oil and bitumen. Diesel prices have been kept low, since it is a politically sensitive issue.
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Fedai decides on management committee
Mumbai: The Foreign Exchange Dealers Association of India has decided at its annual general meeting that it will not have permanent invitees on its management committee. Currently, the management committee consists of 24 members, of which 11 are permanent invitees meant to observe proceedings of the committee.

The Fedai management committee is formed out of 14 public sector banks, six foreign banks, three private banks and one financial institution.
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Andhra Bank targets Rs.14,500 crore deposits
Ahmedabad: Andhra Bank will target deposits of Rs.14,500 crore and advances of Rs.7,000 crore for the financial year-ended 1999-2000. For the first quarter ended June 1999, the bank’s deposits and advances grew 4.9 per cent and 5.6 per cent respectively. The bank plans to earn a gross profit of Rs.224 crore and a net profit of Rs.120 crore for the 1999-2000 fiscal.

For the financial year ended 1998-99, Andhra Bank had deposits of Rs.10,439 crore and advances of Rs 4,777 crore. The bank has a capital adequacy ratio of 11.5 per cent, well above the banking sector average of 9 per cent.
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