The economic times reports that the uncertainity on the tax treatment of the real estate mutual funds income is likely to end soon. The govt will exempt income generated by mutual funds that float schemes to invest mainly in realty stocks. Other mutual funds who invest in shares of realty firms will also be spared of tax on income. The dividend income of the unit holders who buy these products to reap benifits of realty boom will also be tax free.
Ispat to mine coal and iron ore abroad.
Economic times reports that following the lease agreement in colombia, muzambique and brazil for ironore,coking and thermal coal by global steel holdings, the holding company of ispat industries, three spv's would be created to own the mining rights. Global steel would hold the majority stake while ispat will pick up 20-30% stake in each spv. This would require ispat to bring in around Rs400-500 crores. Sources said that in brazil the estimated ironore reserves are 500-750 million tonnes. Coking coal reserves in other two countries is estimated at 130 million tonnes. Ispat industries plans to scale up its capacity from 3 mtpa to 10 mtpa by 2012-13.
New accounting norms likely to affect Q4 profits : Business standard
ICAI has asked companies to reveal forex derevative losses. Forex experts estimate that indian corpoartes may be sitting on a loss of Rs 12000 -20000 crores on its exposure to forex derivatives. The action is now likely to shift to company boardrooms who would be trying to minimize the losses which the companies are likely to do by unwinding their profitable trade to cover up the losses.
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