Financial Daily from THE HINDU group of publications
Saturday, Mar 01, 2003
Financial Daily from THE HINDU group of publications Saturday, Mar 01, 2003 |
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Corporate
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Taxation Industry & Economy - Budget Addl surcharge: No major impact B.Krishnakumar
THE income-tax surcharge of 5 per cent imposed in the 2002-03 Budget has been withdrawn for individual tax payers in the 2003-04 Budget. For the corporate sector, the surcharge has been slashed by half to 2.5 per cent. The total net savings for the corporate sector consequent to the reduction in surcharge does not appear all that impressive. The tax savings of around 4,000 companies worked out to about Rs 596 crore. The cumulative net profit of this sample amounted to about Rs 65,030 crore. Quite a few oil companies such as ONGC, Indian Oil, BPCL and HPCL turn out to be major gainers in terms of net decline in tax incidence. In the case of ONGC, the net savings works out to Rs 87.1 crore. Other gainers include heavy tax payers such as ITC, Hindustan Lever, Hindalco Industries and SBI.
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