Surcharge of 10 per cent on large incomes to stay
New Delhi: The 10 per cent surcharge on large incomes proposed in the Budget will stay inspite of the assiduous campaign against it by consulting firms and chambers of commerce. Individuals, Hindu Undivided Families and associations of persons with taxable income of over Rs 8.5 lakhs a year would have to face paying a 10 per cent surcharge from this fiscal onward. The revenue department has also made out a case for retaining the Budget proposal to levy a 2.5 per cent surcharge on domestic firms, foreign companies, cooperatives and local authorities.
Back to News Review index page  

Hudco net zooms to Rs 265 crore
New Delhi: The Housing and Urban Development Corporation (Hudco) has announced a 132 per cent jump in its net profit at Rs 265 crore for the year 2002-03. The State-owned finance institution nearly doubled its business with sanctions rising 92 per cent to Rs 15,627 crore and disbursements going up by 75 per cent at Rs 8,180 crore during the year.
Back to News Review index page  

NHB in four-way joint venture
Bangalore: In order to give a fillip to the housing loan securitisation markets in the country, a new vehicle is to be set up as a four-way joint venture company. Sources said that National Housing Bank (NHB), American Insurance Group (AIG), Asian Development Bank and International Finance Corporation (IFC), the World Bank's private sector lending arm would provide in equal measure the initial equity of Rs 40 crore of the vehicle — the India Mortgage Guarantee Company Ltd (IMGCL). This company is expected to begin operations by the second half of this year.
Back to News Review index page