Bulls & Bear Hfund of India

How Vijay Mallya became king of bad times NEW DELHI: Vijay Mallya, the former chairman of United Spirits, owes over Rs 7,000 crore to 17 banks. SBI is leading the legal battle in the Supreme Court and Debt Recovery Tribunal against liquor baron. From a flamboyant billionaire to a man who watched his empire go bust, here's how the journey unfolded for Mallya: 1) Mallya owes nearly Rs 7,000 crore to bankers. Here's how it stacks up Rs 1,600 crore — SBI Rs 800 crore — PNB Rs 800 crore — IDBI Rs 650 crore — Bank of India Rs 550 crore — Bank of Baroda Rs 430 crore — United Bank of India Rs 410 crore — Central Bank of India Rs 320 crore — UCO Bank Rs 310 crore — Corporation Bank Rs 150 crore — State Bank of Mysore Rs 140 crore — Indian Overseas Bank Rs 90 crore — Federal Bank Rs 60 crore — Punjab & Sind Bank Rs 50 crore — Axis Bank He, however, claims banks have recovered Rs 1,200 crore. 2. What Mallya owns in India 33% in United Breweries,

Nifty ends above 7,500 led by index heavyweights Indian markets staged a late recovery gaining around 200 points from intra-day lows, amid firm European cues, led by index heavyweights such as Infosys and Reliance Industries. The S&P BSE Sensex ended 135points up at 24,794 and the Nifty50 closed 47 points up at 7,532. Among the broader markets, BSE Midcap index closed 0.8% higher while BSE Smallcap index finished flat. The health of the market was slightly stronger with 1,290 advances against 1,193 declines on the BSE. "After taking a breather and showing signs of fatigue and uncertainty in the past two trading sessions, the Indian equity market resumed its northbound journey. However, the decline was very short lived as indices gained strength as the day progressed. Nifty re-conquered the 7500 mark for the first time since February 1, 2016. Nifty managed to find support even before hitting the 50DMA, which is placed at 7400 mark. As long as there are no evident sign

Budget 2016: FM Arun Jaitley rolls back proposal to tax EPF NEW DELHI: Facing a strong backlash from salaried tax payers over its proposal to tax withdrawal from EPF, the government has decided to roll back the budget proposal that sought to create a pensioned society by discouraging full withdrawal. "In view of the representation received, the government would like to do a comprehensive review of this proposal and therefore I withdraw this proposal," finance minister Arun  Jaitley said in a statement in the Lok Sabha. The 40% rebate proposed for the NPS will however continue. NPS is at present fully taxed on withdrawal. This is a relief for NPS subscribers. The proposal had come under fired from all quarters and government ministers have been flooded on social media to withdraw the proposed tax. A day after the budget government had even issued a statement clarifying the intent behind the proposal and its intent and its limited impact, but the criticism continue

Dividends deluge to keep taxman at bay In the three days since the Union Budget, at least 70 companies have called board meetings to declare interim dividends — in a bid to get the money to the shareholders before the tax on promoters’ dividends kicks in on April 1. The Budget, presented on Monday, had proposed a 10 per cent tax on the dividends for those promoters with annual dividend income of Rs 10 lakh or more. These 70 firms had collectively paid dividends of about Rs 14,300 crore in FY15. A similar trend was observed in 2007, after the Union Budget that year proposed raising the DDT to 15 per cent from 12.5 per cent. Experts said to get a dividend of Rs 10 lakh now, one would have to own a portfolio of Rs 5 crore — assuming a dividend yield of two per cent. Promoters are likely to prompt their companies to declare higher dividends before April 1. “Companies where the promoter holding is on the higher side and with the cash in hand will rush to declare dividends th

Tax on pension corpus: Jaitley just shrank your retirement kitty Taxpayers would not be too happy at Finance Minister Arun Jaitley's move to tax employees' provident fund (EPF) and other recognised PFs on contributions made on or after April 1. PF schemes hitherto enjoyed the tax status of exempt-exempt-exempt (EEE, meaning no tax on contribution, interest or at withdrawal). The change has been done to put it on a par with the tax rule for the National Pension System (NPS), which is EET or exempt-exempt-tax. Read our full coverage on Union Budget 2016 "The expectation was that the NPS scheme will be brought under the EEE regime, in line with the EPF and PF schemes. This move might help boost investment in NPS," said Homi Mistry, partner, Deloitte Haskins & Sells. (I ‘ M TAXED, THEREFORE I AM) EPF would pay 8.8 per cent in 2015-16. NPS (Scheme E Tier-I) had returned 8.78 per cent annualised in the past three years. In the past year, it returned -12.91 p