Tuesday,
March 12, 2002, Chandigarh, India
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Budget ‘ambiguous’ on tax deductions Ludhiana, March 11 This was stated by Mr Girish K. Ahuja, a leading tax consultant and fellow with the Institute of Charted Accountants of India (ICAI) here today. He was speaking at a seminar on ‘Union Budget and Banking Audit,’ organised by the Ludhiana Branch of Northern India Regional Council, ICAI. Leading charted accountants and CA students participated in the programme. Addressing the gathering on the occasion, Mr Ahuja lamented that under the amended provisions, all non-monetary benefits like housing facility, telephones and computers provided by the employer were taxable if the annual salary was less than Rs 1 lakh. Under Section 24, the government would tax income from any company or party for abdicating the use of patents, trademarks and intellectual property rights. Interestingly, Mr Ahuja said under Section 35, tax exemptions gained from making donations to bodies or associations engaged in poverty
Mr Ahuja wondered as to how could the assessees take guarantee for the proper utilisation of funds by an institution after making legitimate donations. He pointed out that in the name of low inflation, the government had hit hard the middle class and selected industries. He maintained that though the cost of living had increased manifold for particular segments, but the government was not ready to increase the income tax exemption limit. Regarding the provision of funds for doubtful debts, Mr Ahuja said, ‘‘Under Section 36, the limit for these funds has been increased from 5 per cent to 10 per cent for NPA and other doubtful loans. Besides banks, other credit institutions can also now avail benefits under this section.’’ In the next session on Audit of branches of Public Sector Banks, Mr Amarjit Chopra, member, Central Council, ICAI, discussed the nuances of bank audit. He exhorted the members to do a qualitative audit and explained at length the new circulars issued by RBI with regard to prudential norms for income recognition and classification of advances. He also explained as to how bank audit could be conducted effectively and qualitatively in the short time frame available. Mr Nitesh Seth, a leading chartered accountant, explained at length the need to adopt new techniques for auditing, particularly in view of the mass computerisation being undertaken by banks. He cautioned members to be cautious of various fraud prone areas. Among others, Mr Arvind Pal Singh, Secretary of the local chapter, Mr Rajnessh Goyal, Mr Kuldeep Kumar and Mr Hans Raj Kapoor, Chairman, local Chapter of the ICAI also participated in the seminar. |
Research, equipment dumped
Ludhiana, March 11 As the sugarcane crop is considered an important alternative for diversification, the research of the crop at the PAU is suffering due to want of proper space, thanks to the lackadaisical attitude of the authorities who handed over the prime land to the government. The financially-starved PAU is already struggling to pay the salaries of its staff and has failed to do anything substantial to relocate the research material worth crores of rupees, which is being stored at the Department of Plant Breeding in the Post Graduate courses building. Around 50 to 60 employees and scientists who were transferred from Jalandhar are made to sit in the rooms spared by the various departments. A visit to the building and one of the laboratories revealed that costly machines were kept carelessly due to the want of space. These scientists and employees are now pinning their hopes on the new government as they feel that the Akali government had acquired the PAU land without giving a serious thought and had given a part of the Central Seed Farm at Laddowal in return. They also feel that while the government did not consider the importance of sugarcane research centre at the time when diversification and research on sugarcane was the need of the hour, the Vice Chancellor also did not protest and bowed to the pressure and passed on the land to government. The sprawling 165-acre sugarcane research farm at Jalandhar is being brought down to make room for a medical college and a commercial complex. The decision to transfer the farm for the purpose was taken by the authorities of the Punjab Government and the PAU. According to well-informed sources, 60 acres of the land was to be used for setting up a medial college, while the remaining 100-odd acres was to be commercially exploited to rake in necessary funds for raising the infrastructure of the medical institute. In fact, the plan to dispossess the PAU of the sugarcane farm was mooted way back in 1994 when the then Vice-Chancellor, Dr A.S. Khehra, had entered into an agreement with the then Chief Minister, Mr Beant Singh, to give up the farm in lieu of a piece of land at Bhadson in Nabha tehsil of the state. However, a committee of five experts that Dr Khehra had constituted to study the suitability of the new site for sugarcane cultivation had disapproved of the Bhadson farm on the ground that its soil was not fit for research on sugarcane. Besides, the committee had also reported that wild animals infesting the nearby jungle would be detrimental to the research experiments. Subsequently, the university was made to vacate 60 acres of the land. The Punjab Government had promised to give 3 farms at different places—Kartarpur, Dhogri and Lesirwal. In addition, the Punjab Government had promised to give financial grant of Rs 15 crore to the university in two installments of Rs 10 and Rs 5 crore to enable it to build laboratories, offices, residential, quarters for the staff, etc. on the Kartarpur farm.The decision to deprive the university of the sugarcane farm had been condemned by its scientists. They say that this was the oldest and best research station of the PAU. It had modern infrastructure for agricultural research like tubewells, underground irrigation channels, laboratories and residential quarters for both the scientists and the field staff. The farm was centrally located in the state, making it convenient for the farmers to seek expert advice and guidance from the scientists. In addition, the scientists say that the sugarcane research farm at Jalandhar had helped the farmers in Punjab. The farm had yielded at least 32 high yielding varieties of sugarcane over the years. Almost 10 of them, including CoJ-64, Co-11458, CoJ-84 are still very popular with the farmers of the state. |
Crescendo enlivens teen spirit Ludhiana, March 11 Trends (fashion show) remained the most happening event of the day which saw seven teams contending for honours. The students in trendy outfits walked the ramp amidst lively music. In the Fine Arts section, there were 5 teams each in ‘henna competition’ and Toon Tamasha (cartooning). A case Discussion Strategy Wars was held in which participating teams offered best possible solution to a problem. After the event, the judge explained the concept of strategy. Five teams participated in this event. To judge the knowledge of students in IT there was quiz in which 6 teams participated. Results of various events: Sargam: PCTE Badhowal-1, Government College for Boys, Ludhiana-2, IMS, Ludhiana-3; Rangoli: PCTE, Badhowal-1, GNIMT, Ludhiana-2, IMS Ludhiana-3; Case presentation: GNIMT, Ludhiana-1, PCTE, Badhowal-2 and IMS Ludhiana-3; Mudra: PCTE, Badhowal-1, IMS, Ludhiana-2, KIMT, Ludhiana-3; Dumb Charads: PCTE, Badhowal-1, IMS, Ludhiana-2, DIMT, Doraha-3; Bouquet: PCTE, Badhowal-1, GNIMT, Ludhiana-2, DIMT, Doraha-3; System Analysis and Design: PCTE, Badhowal-1, GNIMT, Ludhiana-2, GTBNIMT, Dakha-3; Sell It: IMS, Ludhiana-1, GTBNIMT, Dakha-2, Government College for Boys, Ludhiana-3; Strategy War: GNIMT, Ludhiana-1, PCTE, Badhowal-2, Government College for Boys, Ludhiana-3; Xpression: Government College for Boys, Ludhiana-1, DIMT, Doraha-2, GNIMT, Ludhiana-3; Western Group Song: PCTE, Badhowal-1, GCB, Ludhiana-2, GNIMT, Ludhiana-3; Chitrakala (Sketching), GNIMT, Ludhiana-1, KCW, Ludhiana-2, KIMT, Ludhiana 3; Skit (Rangmanch): PCTE, Badhowal-1, IMS, Ludhiana-2 DIMT, Doraha-3; Choreography: GNIMT, Ludhiana-1, PCTE, Badhowal-2, IMS, Ludhiana-3. |
Club elections: graduation clause hangs fire Ludhiana, March 11 The new president of the club and DC, Mr Aunrag Aggarwal, is reported to have held some meetings on the issue with the incumbent secretary, Mr A.S. Chawla, and other office-bearers. Mr Aggarwal is expected to take a final decision on the issue in the next week. On the other hand the non- graduate members of the club, who include some former office-bearers, are keenly awaiting his decision. Earlier, Mr Sandhu had almost finalised the decision to repeal the graduation clause for contesting the elections to the club. In fact, on the next day of the issuance of the order he was supposed to preside over a meeting on the issue. The graduation clause, which was understandably introduced with ulterior motives, debars those members from contesting elections to any post in the club who do not hold a university degree. The arbitrary nature of the clause has led to resentment among some senior members of the club, who are leading businessmen of the city but do not possess a degree and have served in various capacities in the club before the clause was introduced during the time of Mr Arun Goyal. In fact, the introduction of the clause is being attributed to personal likes and dislikes of some influential members to debar their rivals from contesting elections. A senior member of the club, who does not hold a degree but pays lakhs of rupees as income tax, pointed out there were several members like him who were being denied the privilege of contesting the club elections. |
United stand the Punjabi writers Ludhiana, March 11 The writers resolved to launch a sustained stir to attract the attention of the government towards the step-motherly treatment being given to Punjabi. The former Sabha and Punjabi Sahit Akademi, President, Prof Pritam Singh, criticised the previous SAD-BJP government for introducing English at the elementary level in schools. Prof Pritam Singh said, could cause alienation of the modern generation from Punjabi culture . Dr Surjit Patar, Dr S.N. Sewak, Dr Surjit Brar, Kartar Singh Kalra, Prem Singh Bajaj, Gurjar Pandher, Janmeja Johal, M.S. Cheema and Prithipal Singh Soi were also present on the occasion. |
Shobha yatra Ludhiana, March 11 A function was held before the start of the yatra. Among the dignitaries present there were Mr R.L. Kalsia, Commissioner, Municipal Corporation, and Mr Maninderjit Singh Bitta, President, All-India Anti-Terrorist Front. The yatra started from the Mata Chintpurni temple was led by a tableau carrying a big idol of Lord Shiva. It was followed by decked up elephants and horses. Devotees raised slogans of ‘Jai Bholenath’ and ‘Har Har Mahadev’. ‘Gatka’, ‘bhangra’ and dancing parties also constituted the yatra. The yatra passed through Trilok Road, Bank Colony, Link Road, Pavittar Nagar, Humbran Road, Rajpura Road, Haibowal Khurd, Mahavir Chowk and was over at Sabzi Mandi Chowk. The yatra route had welcome gates at several places and several organisations had put up ‘parsad’ stalls. Meanwhile, a shobha yatra will be taken out tomorrow in the Urban Estate area of Focal Point, according to a spokesman of the organising committee. The spokesman said the yatra would start from the Ayappa temple and pass through various colonies before culminating at the temple in the evening. A ‘bhandara’ would also be organised. |
Dharam sammelan Ludhiana, March 11 In his discourse, Swami Nigam Bodh dwelt on the aim of human life and concluded that life's purpose should be the realisation of God. He said that one's karma determined one's proximity to God. He also extolled the virtues of hard work without which great achievements were impossible. Hard work of any nature that was done with determination never went unrewarded, he said. The swami, further dwelling on the subject of love, said that it should be like the love between Ram and Lakshman, Heer and Ranjha and like that of Dhanna Jat. Sant Ram Parkash, in his discourse, said that meditation should be done only when the mind was at peace. He underlined the necessity to control the wanderings of the mind in order to concentrate on meditation. |
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