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Saturday, September 19, 2009

India's top earning business czars - latest list

Indian businesses are growing globally as they are venturing into new lands and deals, so the CEO's , promoters of such indian companies need extravagant salaries (which are still less when compared to their business strategies) so here is the list of top 10 earners of indian companies :

Rank 1 - Anil D. Ambani (chairman of ADAG group) - with salary of over 30 crore per annum..cheers for Anil Ambani

Rank 2 - Malvinder Mohan Singh of RANBAXY with net yearly compensation of 24 crores

Rank 3 - Sunil Mittal (Chairman of Bharti Group) - with net yearly compensation of 23 crores

Rank 4 - Markhand Bhatt (Torrent Power) got a whopping 200 percent rise in salary at 15 crore per year

Rank 6 - Rakesh Kumar Wadhawan (of Housing development & Infrastructure HDIL)

Rank 7 - Dr Y K Hamied (CMD of CIPLA)

Rank 8 - M K Hamied (joint MD of CIPLA)

Rank 9 - Sajjan Jindal, Vice chairman & MD of JSW Steel was comfortably placed at 9th position

Rank 10 - Sarang Wadhawan (promoter and MD of HDIL)

Thursday, September 17, 2009

Recession easing - Govt expecting rise in corporate tax

(posted under Corporate tax updates) - i was just surfing on net about the economic updates and one thing is sure that recession has almost dimnished but earlier the news about a double dip recession were prevelant , but as the exports have increased and inflation has moved upwards again after a four months dip so the government particularly finance ministry has become optimistic and have already predicted that there would be marginal increase in corporate tax for coming quarter as banking and automobile sector has performed exceptionally well.

The finance ministry expects corporate tax receipts at 2.57 trillion rupees in 2009/10. Corporate tax receipts were at 493.39 billion rupees during April-August. "We are expecting a marginal improvement in corporate advance tax payments this quarter. The finance ministry had revised upwards its direct tax receipts target to 4 trillion rupees from 3.7 trillion estimated in the July budget.

Wednesday, September 16, 2009

Economy of austerity - ministral spending to decrease for fiscal year 2011

(posted under - politics of austerity, finance ministry updates) - The Finance Ministry in the Budget Circular for 2010-11 said, "The estimates (RE 2009-10) must confirm to instructions, which stipulate a 10 per cent and five per cent cut in non-plan, non-salary expenditure and other economy measures."

For the next fiscal, the circular added, "It is necessary to review the existing expenditure budget to priorities the activities and schemes, both on the plan and non-plan side and identify those activities and schemes, which can be eliminated or reduced in size or merged with any other scheme."

As part of its economic drive, the Finance Ministry, earlier in the month, advised ministries and departments to cut by 10 per cent expenditure on travel, seminars, exhibitions and other office expenses. In case of other non- plan expenditure, the they were asked to reduce expenses by five per cent.

The austerity move also includes complete ban on holding conferences in five star hotels.

These measures were announced as the Centre faces increasing burden on its exchequer following economic downturn and drought.

"There was further need for economy and rationalisation of expenditure in view of the current fiscal situation and that arising out of insufficient rains in large parts of the country and consequent pressure on government resources," the Finance Ministry had said earlier this month.

The Budget circular asked all ministries and departments to ensure that all schemes that have been discontinued, do not find mention in revised estimates for 2009-10.

source - economictimes

Tuesday, September 15, 2009

Cheers - Advance tax collections increases by 20 percent

(posted under - Advance tax collection) - Mumbai accounts for almost 40 per cent of the country's total tax collection.

The growth is likely to come on the back of a higher collection from banking, oil and gas and auto sectors, an Income Tax source said.

"Banks, auto and oil and gas sectors have done well. In fact, some of the banks have exceeded our expectations," the source said.

India's premier bank, State Bank of India has shelled out Rs 1,838-crore as advance tax while the country's second-largest, ICICI Bank, has paid Rs 501-crore as advance tax for Q2, the source said.

Another private bank, Yes Bank, has paid Rs 58-crore rpt Rs 58-crore as against Rs 33-crore it paid as advance tax in Q2 of last fiscal.

Tata Group companies, Tata Steel and TCS also paid a higher advance tax in Q2 at Rs 400-crore and Rs 220-crore respectively, source said.

While Tata Steel paid Rs 230-crore as advance tax in Q2 of FY 09, TCS paid Rs 81-crore.