FOR BUDGET WHISLIST 2009

 

  PHOTO ATTACHED  JPG IMAGE.
2009--10 budget  should be an investment budget. 

FROM S.C.DHALL SENIOR BANKER.

 

 

budget 2009-10 should be an 'Investment Budget' to enable India to deal with the global economic crisis and aim for a revival of the economy. In tandem with the proposal,  tax pass through status for all venture capital funds registered with SEBI be reinstated.

To boost availability of long term finance for industrial, agriculture  or infrastructural facility,   reinstatement of special reserve benefit under section 36(1) (viii) of the Income tax Act in respect of profits arising out of business of providing long term finance to all specified entitles including banks.Derivative trading activities undertaken by banks and financial institutions should be treated at par with other business activities for the purpose of Income Tax Act.  banks be granted exemption from TDS under Section 196.  
 
In a bid to place private banks at par with nationalized banks,   benefit of section 72A should be provided to private banks also during the process of amalgamation. This will allow the merging private banks to carry forward and set off unabsorbed losses and accumulated depreciation. Provisions of Section 72 AA relating to carry forward/set off of accumulated losses and unabsorbed depreciation in case of amalgamation/ de merger of banking companies should also be amended to include cases where banks merge voluntarily.

  Provisions made by banks and NBFCs in the books of accounts in respect of NPAs be allowed as a deduction under section 36(1) (viia) of the Income Tax Act. 

process of merger of public sector banks and associate banks with SBI should be done very fast.THERE IS IS NEED FOR FEW LARGER BANKS  IN SMALL SIZES RATHER THAN SMALL BANKS IN LARGER SIZES.

 

S.C.DHALL

SENIOR BANKER, ZIRAKPUR, CHANDIGARH. .

  
 MOBILE NO.0 9888073353