NEW DELHI: Aircraft leasing companies based out of GIFT city in Gujarat’s Gandhinagar would get a tax holiday on capital gains and rental income earned, Finance Minister Nirmala Sitharaman announced on Monday.
Day: February 2, 2021
Myanmar shuts down all airports and flights post detention of Aung San Suu Kyi
Myanmar’s government agency in charge of air travel says it has stopped all passenger flights in the country. The US Embassy in Myanmar said on its Facebook page that the road to the international airport in Yangon, the country’s biggest city, had been closed Monday. On Twitter it said that “reports indicate that all airports […]
Union Budget: India proposes tax benefits to establish domestic aircraft leasing
India’s finance minister on Monday proposed tax benefits for foreign aircraft lessors, as one of the world’s fastest-growing domestic aviation markets looks to establish a local leasing industry. Nirmala Sitharaman in her budget speech proposed a tax holiday for aircraft-leasing companies and tax exemptions for airlines paying lease rentals to foreign lessors if they choose […]
Power discom choice to benefit 2.6 crore in state
Mumbai: Power experts and consumer rights activists welcomed Union finance minister Nirmala Sitharaman’s announcement to put in place a framework to allow electricity consumers to choose from more than one distribution company. State power minister Nitin Raut, however, said there were attempts to “privatise” the power sector. If implemented in Maharashtra, it will benefit more […]
Road projects to now cruise at 40km/day
NEW DELHI: Six-lane highways, speed radars and new expressways marked key way points as the Union Budget made the “highest ever” budget outlay of Rs1.18 lakh crore for road transport and highway ministry for 2021-22, an increase of nearly 18% than what it is estimated to spend by March. The higher allocation came amid the […]
Indian carriers look to chart tax-lite flight path
NEW DELHI: Covid-struck Indian carriers can see some light on the horizon. The FM said that aircraft leasing companies setting up base in Ahmedabad’s GIFT City will get a tax holiday on capital gains and tax exemption for aircraft lease rentals paid to foreign lessors. At present, all Indian airlines have leased aircraft from foreign […]
Rs 3 lakh crore recharge for discoms, funding jab for renewables with a pinch of duty
NEW DELHI: The Budget 2021-22 promised a Rs 3 lakh crore recharge plan for the power sector, a jab of funding for renewable energy projects and a pinch of import duty on solar inverters and lanterns to promote domestic manufacturing in solar industry. The recharge will go towards funding a kaleidoscope of ongoing and proposed […]
More airports to be run PPP way; tax break for aircraft leasing firms in GIFT city
NEW DELHI: Flying in and out of Varanasi, Bhubaneswar, Raipur, Indore, Amritsar and Trichy along with a number of small airports currently run by the Airports Authority of India (AAI) could soon be a better experience for passengers. Finance minister Nirmala Sitharaman in Monday’s Budget said more airports “will be monetised for operations and management […]
FM proposes tax exemption for aircraft leasing companies
The government on Monday proposed tax exemption for aircraft leasing companies. Finance Minister Nirmala Sitharaman while presenting the Union Budget for 2021-22 proposed tax exemption for aircraft leasing companies and also announced tax exemption for notified affordable housing for migrant workers. Sitharaman also said the ₹1.5 lakh deduction on payment of interest for affordable housing […]
India is hungry for LNG cargoes after prices crash back to earth
(Bloomberg) — Indian firms are returning to the liquefied natural gas spot market as prices for the fuel recede from record-high levels. Importers including Indian Oil Corp. and Petronet LNG Ltd. have issued at least eight tenders seeking supplies for February to March delivery in the last two weeks. So far, four of them have […]
Centre may give Cairn Energy one of the surrendered oilfields as compensation
The government may give Cairn Energy one of the surrendered oilfields such as Ratna R-Series in lieu of the $1.4 billion it has pay to the British firm, helping prevent the seizure of foreign assets in the case of default as well as get an experienced operator in the struggling E&P sector, sources said. Cairn […]
Cess on petrol, diesel vengeful: Congress on Union Budget
The Congress on Monday said the Narendra Modi government had failed miserably to take measures required to revive the economy and that the Union Budget had deceived the poor, working class, farmers, and small industries. Arguing that the government had inflicted a cruel blow on the citizens and the farmers by imposing cess on a […]