Interest rates on tax dues
New Delhi, Sept. 9: Delayed payment of tax will now attract a higher 12 per cent interest rate while government will pay assessees only 6 per cent for advance tax payment. This follows the promulgation of taxation laws (amendment) ordinance on Monday, which also specifies the rates of tax collected at source (TCS) for alcoholic liquor, scrap, timber and other forest produce. According to the new norms, the rate of interest payable to assessees under various provisions of the Income Tax Act, Wealth Tax Act and Expenditure Tax Act has been reduced to 6 per cent.
New Delhi, Sept. 9: Restarting Dabhol power project could face fresh hurdles with its two stake holders, Bechtel and GE, demanding full recovery of their investment in the project, lying idle for more than 24 months now.
Sidbi bond rate
Mumbai, Sept. 9: Small Industries Development Bank of India (Sidbi) has cut the interest rate on its capital gain bonds by 0.50 per cent to five per cent, to be effective from tomorrow.
Calcutta, Sept. 9: Air Sahara on Tuesday announced 24 new flights in a single day. “This has been done for the first time in the history of Indian domestic civil aviation,” a company spokesperson said.
Calcutta, Sept. 9: The Bengal Chamber of Commerce and Industry, in partnership with the Bengal government, will host a three-day health and well-being show from November 7.