Say Bye to Concessions
With all of five weeks to go for B-Day, North Block is gearing up to face the yawning gap in the balance-sheet of fiscal 2001. Instead of the targeted 10 per cent rise in total revenue income, the track-record up to December 2001 shows a 2.5 per cent fall. There is no hope of a yearend rush like last year. Even the new excise ordinance will mop up only Rs 2,000 crore. What then? Simple, as always. Catch the individual. Slated for implementation are the recommendations of the Parthasarathi Shome Committee on direct taxes. Do we have to worry? You bet. Distortions in the income-tax structure must go, says revenue secretary S. Narayan. Read his lips, goodbye to concessions and exemptions for tax-saving.
The oomph has gone out of the Auto Expo. And no, we're definitely not referring to the non-participation of the biggies—Maruti, Bajaj Auto and GM. Car aficionados wait impatiently for this biennial event, usually a lavish display of shiny contours and sleek curves, both animate and inanimate. In a quirky turn of events that...