Tata Sons appoints investment banking veteran as CFO
MUMBAI Tata Sons, the holding company of the $100 billion Tata conglomerate, has appointed Saurabh Agrawal as the chief financial officer of the company.
NEW DELHI Finance Minister Pranab Mukherjee announced on Friday that personal tax exemption will be raised to 200,000 rupees in FY2012/13.
Here are some reactions from the man on the street:
ATUL JAIN, 30, businessman "We were expecting the tax slabs to go up to 3 lakhs - it's not up to expectations."
BHANU PRATAP SINGH, 33, life insurance exec "The past four years, the slab has been increased by 20,000 rupees whereas incomes are rising faster than that. I'm not satisfied."
KUNAL, Marketing exec, 30 The average income of people is more than 2.5 - 3 lakh rupees. So the increase in the tax slabs is not enough
TANMAY GAUTAM, 33, Banker Our take-home salaries will increase. Even 5-10K more each month is great because it helps in personal expenditure, children education and other things
RAHUL NAIR, 30, Banker "It will add around 45K per annum to my income and seeing inflation and salary hikes … it is a good move"
ANUPRIYA KUMAR, 26, journalist "(I) had hoped for tax slabs to be raised to Rs 3 L … Rs 2 lakh is no improvement at all. Govt's messed up its finances over the past year so obviously cannot announce too many incentives. Excise duty up, service duty up as well -- things will be more expensive. Stupid, ineffective budget."
GANESH SINGH MEHRA, 35, works at Delhi Secretariat "We are fourth class employees and earn 15,000 rupees a month … It is not enough because the government doesn't pay us so much and we are still in the tax bracket."
DEEPAK SHARMA, 25, Assistant Manager at an MNC "In my salary bracket, this budget will not make much of a difference, but it will help those employees who earn between 8-10 lakhs."
PRINCE MADAN, 44, works at Mitsubushi "There is going to be savings of around 22K per annum. But indirect taxes have gone up by 2 percent so your savings are kind of nullified."
WASEEM MUSHTAQ, journalist "It is a totally common man unfriendly budget ... eating at a restaurant, phone bill, air travel has been increased ... these are one of the important things of one's life at the moment ... for me it is highly disappointing budget."
SAGAR DIXIT, 26, Engineer "The increase in excise duty and service taxes will be a huge burden for the poor as they are already dealing with inflation. It was not a budget for the poor."
ATUL ARORA, 52, physician "There was nothing for the health industry in the budget except for medicines for cancer and AIDS. But nothing on medicines for diseases like diabetes, etc. I will give this budget 1 or 2 out of 10."
(Reporting by India Online team)
MUMBAI Uday Kotak, the billionaire head of India's Kotak Mahindra Bank Ltd, sold a less than 1 percent stake in the lender in stock market transactions on Monday, complying with a Reserve Bank of India (RBI) order to cut his holding.