Current Affairs Current Affairs : Business & Economy : July 28, 2009

July 25, 2009 : Govt to ban all wheat, non-Basmati rice
July 27, 2009: Latest Tax Concessions announced by Finance Minister
July 28, 2009: China threates to ban seafood import from India

1. Government will stop all exports of non Basmati Rice as well as wheat. Govt.
2. Govt. will bear half subsidy on diesel offfered to farmers by states.

July 27, 2009: Latest Tax Concessions announced by Finance Minister
Finance Minister Pranab Mukherjee has announced some tax concessions. He was replying to the debate on Finance Bill 2009 in Lok Sabha. The announcements are as follows:

1. 1 per cent interest subsidy for lower and middle income housing loans. This would be available to individuals for loans up to Rs 10 lakh (Rs 1 million) for houses that do not cost more than Rs 20 lakh (Rs 2 million). The government will bear a burden of Rs. 1000 crore for this purpose.
2. Road repair and maintenance services exempted from the ambit of service tax.
3. Eligible deductions for assessees with severe disability will be raised from Rs 75,000 to Rs 1 lakh for purposes of income tax.
4. The benefit of deductions in respect of interest paid on education loan for higher education were extended to legal guardian of the student under Section 80E of the IT Act.
5. To provide relief to the infrastructure sector, he extended the sunset clause for tax holidays for industrial parks by another two years up to March 2011.
6. To relieve housing sector, he allowed tax holiday in respect of profits derived from projects approved between April 1, 2007 and March 31, 2008, if they are completed on or before March 31, 2012.
7. He also extended the tax holiday on profits in respect of business processing, preserving and packaging of meat and meat products and poultry, marine and dairy products.

July 28, 2009: China threates to ban Seafood Import from India:

China has threatened to ban import of seafood and other food products from India if India continues to restrict import of milk products from China. India has already taken a decision to ban imports of milk and milk products, including chocolate and chocolate products from China till December 24, 2009.

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Month: Current Affairs - July, 2009