Corporate India shelled out Rs. 1.75 Trillion as taxes in FY08-R s

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Wednesday, July 08, 2009
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Indian firms have shelled out Rs 1.75 trillion ($36.4 billion) as taxes including the corporate tax and the fringe benefit tax in 2007-08 financial year.
Pakistan still owes $62.5 million (Rs.300 crore) to India, which is being carried every year as a liability in the budget account.
The global spending on IT is expected to dip six percent to $3.2 trillion in 2009 from $3.4 trillion in the previous year, a report released here Tuesday said.
Indian retail market, which is expected to touch $637 billion by 2015, has become a huge attraction for the IT biggies including Oracle. The company's tie-up with Megamart has proved beneficial for the retail firm in terms of more productivity.
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The top brass of loss-making national carrier Air India is headed for a rejig, Civil Aviation Minister Praful Patel has said, with the government proposing to hire "people with proven track record".
In order to simplify the tax structure, Finance Minister Pranab Mukherjee has announced to bring out Direct Taxes Code shortly.
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