TNM

DDA housing flat results to come today

DDA housing flat results to come todayThe Delhi Development Authority has prepared itself to allot 5010 flats through a computerized lottery system on Tuesday. A total of 5.67 lakh applicants have applied for the flats in areas like Vasant Kunj, Rohini, Dilshad Garden, Paschim Vihar, Motia Khan, Dwarka and Pitampura. The flats being allotted includes 352 three-bedroom units, 889 two-bedroom ones, 3,231 one bedroom flats and 236 expandable flats. These flats would cost between Rs 7.2 lakh and Rs 77 lakh. About 60 per cent of flats are newly constructed while other were surrendered by defaulters or vacated by the government.

Corporate advance tax collection registers decline

Corporate advance tax collection registers declineCorporate advance tax collections in Mumbai give warning signals, indicating the tough situation ahead, following the global slowdown. The tax collection in Mumbai failed to meet its revenue target of 1.57 lakh crore for FY09 (April 2008-March 2009). Mumbai corporate tax collection contributes around 35-40% to the country's tax kitty. Tax collection has increased just 20% in the current financial year up to December, as compared to 60% in the same period last year.

Sebi hikes MF borrowing limit

Sebi hikes MF borrowing limitThe Securities and Exchange Board of India (Sebi) has increased the MF borrowing limit to 40 per cent without any publicity. Earlier, the borrowing limit was 20 per cent of net assets of the schemes. The move would prove beneficial for mutual fund industry which is under huge pressure due to global financial crisis. Mutual funds suffered a huge loss in their assets under management (AUM) during the year.

Government unlikely to levy administrative charges

Government unlikely to levy administrative chargesGovernment is unlikely to impose administrative charges on the successful bidder of 3G spectrum. The Telecom Regulatory Authority of India has earlier proposed to levy administrative tax of 2% of the highest bid amount as fees to use 3G frequencies. 3G spectrum auction process is scheduled to start on January 16. However, the Department of Telecommunication said that the proposed administrative charges would reduce the government's revenue by about Rs 5,000 crore. The regulator would discuss the stand taken by department of telecommunication in its next meeting.

Government to woo foreign tourists

Government to woo foreign touristsThe government would do all possible efforts to attract more tourists in India. It has proposed special incentives and packages to promote tourism. The central government has declared 2009 as the year to `Visit India' to make country as a favorite tourism location.

Jet fuel gets cheaper

Jet fuel gets cheaperPublic Sector oil marketing companies today announced to cut aviation turbine fuel (ATF) prices by 11 per cent following steep decline in crude oil prices in the international market. Crude oil prices fell to a four-year low of around $40 a barrel last fortnight following slow demand due to global financial crisis.

Aviation turbine fuel (ATF) contributes 50% of the operational cost of an airline. ATF demand has fallen by over 5% to 0.37 million tonnes in November as compared to a year-ago period. However, demand for petroleum products rose by 1.6% in November to 10.9 MT.

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