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India set
to take lead in poultry sector After
poll, petro prices may go up IT exports
from North rise by 22 per cent |
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Malaysia
offers package for tourists GRAPHIC: WEEKLY STOCK MOVEMENT
Discipline
must at airports
PAN must if income is
taxable
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India set to take lead in poultry sector New Delhi, March 20 With an annual turnover of over Rs 800 crore, the Pune-based group has interests in the total product chain, including eggs, broilers, breeding, medicines, vaccines, equipment for hatchery and poultry, egg processing, poultry feed, technical consultancy, health and nutrition products, chicken-based food products, human resources and training. In an interview to The Tribune, Ms Desai said: “During the past two decades, the Indian poultry sector has turned up as the most advanced one with the lowest production costs in the world. At present, we are the fifth largest egg producer and among the top 10 countries producing broilers in the world. If the developed countries withdraw subsidies to their poultry farmers, we can emerge as the top player in next few years.” After the death of her father, Dr B.V. Rao, the father of the modern Indian poultry sector, Ms Desai has played a key role in expanding the base of the group, besides voicing the concerns of lakhs of poultry farmers at various national and international forums. The group has already brought out specific pathogen-free eggs, which positions India among the three countries possessing the technology, she adds. At the NECC, she deals with issues regarding the availability and pricing of poultry feed. She advises the Planning Commission on the future directions for the poultry sector as a member of the steering committee. Her husband Jitendra Desai is also associated with the business as the MD of Venkateshwara Research and Breeding Farm. “Unlike the dairy and fisheries industries, the Indian poultry is much more advanced and systematic in its approach. It is growing at over 15 per cent annually in broiler and 10 per cent in egg segment,” she claimed. On the impact of adverse media reports about bird flu on the sector, Ms Desai said initially, the poultry farmers suffered losses due to a fall in the demand of eggs and chicken, but “we made efforts to educate the media and public on the issue. The involvement of film personalities like Sanjay Dutt and Sunil Shetty helped us create awareness.” She said it ultimately led to the opening up of global markets for Indian chicken. “I think this is the best thing that has come out of this crisis. In a couple of years, our chicken exports alone may cross Rs 300 crore,” she said. Presently India is exporting poultry products like table eggs, egg powder, SPF eggs, hatching eggs, breeding stock and vaccines to the tune of Rs 400 crore annually. The world chicken markets are estimated to be $18 billion. In future, she said, India would play an important role in chicken exports. Lamenting that despite great potential in the sector, the Union Government had done little for the growth of the poultry sector, she said: “Since maize and soya are the basic raw material for poultry sector, the government should promote their cultivation. There is a readymade market for maize in this area, as the farmers in Punjab have recently realised. In addition, the Centre should offer tax benefits and subsidised loans to the poultry farmers on the pattern of agricultural sector.” The annual turnover of the sector was over Rs 29,000 crore, she said, adding that it was providing employment to millions in the rural areas. Ms Desai maintained that the government should work for the promotion of the poultry sector. “It has the potential to solve the problems of malnutrition and unemployment in the country to a great extent,” she added.
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After poll, petro prices may go up
New Delhi, March 20 Though global crude oil prices are witnessing a bullish trend, India's oil companies have not revised petrol and diesel retail prices after the January 1. How long the trend will continue with the four state-owned petroleum marketing companies absorbing the global price rise shock is a Rs. 36 billion question, as that is the estimated burden the companies have had to absorb, say official sources. "We are still carrying out the exercise of taking a fortnightly call on the global prices," a senior oil company official confirmed while declining to comment whether the move to freeze the prices of petrol and diesel has been on instructions from the Petroleum Ministry. "If we had progressively increased the prices, diesel price should have gone up by around Rs 4 a litre and that of petrol by Rs 6 in the last two-and-a-half months. As it is, the four companies together have absorbed the impact to the tune of around Rs.86 billion," the official said. Of the estimated 10 million tonnes of petroleum products sold since January, around 80 per cent is diesel. Though India imports around 69 per cent of its crude requirement, it has surplus refining capacity of 114 million tonnes per annum. Ostensibly the government has lifted the curbs on allowing the oil marketing companies to fix the prices of petrol and diesel on import parity price. But the oil companies in fact claim that they are having to absorb the huge burden of periodically maintaining a price freeze. This is cutting into their profit margins. Since January, though international prices have gone up by around $5 taking the crude price over $32 per barrel, the prices of petroleum products in India in the retail outlets has remained static. The next review of prices by the oil companies is slated for March 31. But officials of the oil marketing companies led by the IndianOil Corporation indicated that the next revision may well be after the general election in May.
— IANS
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IT exports from North rise by 22 per cent Chandigarh, March 20 The analysis reveals that IT exports, including computer software and electronic hardware, are picking up from the Northern states. About 22 per cent IT companies operating in India are located in Delhi. If Gurgaon and Noida are also taken in, the percentage of IT companies to the total will work out to around 40 per cent, states Mr Ravi Wig, President, PHDCCI, in a release issued here today. The share of North has hovered around 25 per cent for the last few years due to slowdown in IT production from the region, particularly the hardware. The laggard states in the Northern region are Punjab, Rajasthan, Himachal Pradesh, Madhya Pradesh, Uttranchal, Chandigarh, Jammu and Kashmir. The total exports from these states during 2002-2003 was Rs 309.46 crore. Mr Wig said setting up of IT firms in Chandigarh, Dehradun, Shimla, Mussourie would help boost IT exports.
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Malaysia offers package for tourists Chandigarh, March 20 Addressing a press meet here yesterday, Mr Roslan bin Abdullah, Director, Tourism Malaysia, said this visa will be valid only for Indians tourists visiting Malaysia. The traveller should hold a valid and confirmed return air ticket and no extension beyond the stipulated period of 14 days will be entertained. Mr. Abdullah, who is here to take part in India Travel Mart being held said Malaysia, in collaboration with Sri Lankan Airlines, has also offered a holiday package. It entails three nights and four days stay in Kuala Lumpur, accommodation on twin sharing basis with breakfast and airport transport facility for Rs 16,999," said Mr. Abdullah.
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PAN must if income is taxable
Q) I am a small investor. I am getting
short-term capital gains. What are the tax effects and tax savings
applicable to me. Please explain. My transaction is more than 10 lakh
and profit is around Rs 1 lakh. Is it compulsory to have PAN this year
as till last year I have lost in short-term capital gains. Nirmala
Ramani A : You should have mentioned whether you are a resident
or an NRI. Even otherwise, you should have mentioned your Indian income.
Presuming you are a resident and have no other income (not likely) —-
Short-term capital gains is aggregated with normal income and taxed at
the rates applicable to the assessee. It is not compulsory to have PAN
this year or any other year as long as you do not have taxable income
but when you have a taxable income it is necessary to file returns and
for this you require PAN. It is always beneficial to file returns even
if you do not have taxable income to be able to maintain continuity and
more so, if you have a loss. This loss can be carried forward for setoff
against capital gains earned in future. Having not filed returns in the
past, you have lost the privilege of the setoff. It is necessary for you
to file the returns even if you are in a position to bring down the tax
liability by contributing to the avenues like PPF, ICICI Bonds, etc.,
and bring the tax liability to the nil level.
Income on gift
Q:
Income from gifts received by spouse/children is clubbed with the income
of the husband/father for income tax purposes. Please advise about the
income from gifts received from sources, other than the husband or
father. Is that income also clubbed with the income of father /husband
for income tax purposes? Kishore
Example: Husband
donates Rs. 1 lakh to wife. She invests it at 10 per cent with a
cumulative option in a fully taxable avenue. The interest of Rs. 10,000
received by the wife at the end of one year is clubbed in the hands of
the husband. Out of the interest of Rs. 11,000 interest received by her
at the end of 2nd year, Rs. 10,000 is clubbed in the hands of the
husband and Rs. 1,000 is chargeable to tax in her own hands. In the
case of a minor child, the entire income of the child is clubbed in the
hands of the parent having higher income than that of the other spouse,
irrespective of who the donor is. There are only two exceptions where
the income is directly charged in the hands of the minor — i) Where
the child is suffering from a permanent physical disability (including
blindness) or is subject to mental retardation and ii) income arises or
accrues to the minor child on account of any manual work done by him or
through activity involving application of his skill, talent or
specialised knowledge and experience. Where, the income is clubbable,
an exemption u/s 10(32) up to Rs. 1,500 is available in respect of each
minor child whose income is so includible.
Best option
Q : The
bull run in the stock market has helped me to book long-term capital
gains of Rs 1,40, 000. I am general insurance agent and my income along
with short- term capital gains is around Rs 70,000. Being from smaller
city, we do not get qualified advise Please advise. What will be best
option to save tax in your opinion? Whether I will be allowed exemption
u/s 54 ED if I subscribe to ongoing public issues of PSU? To what extent
(Entire sale consideration or capital gains only). Which banks offer
Capital Gains Deposit Scheme? If I wish to consider taking exemption u/s
54/54 F (All banks I enquired are denying the said scheme.) Yogesh R.
Shah
PO scheme
Q: I
have benefited in the past from your advice. I would like to take your
advice further on the following matter : I am a regular tax payee in the
30 per cent slab. I like to invest in the Post office RD for 5 years.
Present rate of interest is 7.5 per cent annually - perhaps Rs 7,289/-
as matured value if one deposits Rs 100/- p.m. for 5 years. The PO does
not show any annual interest accrued on deposits as shown in case of
one-time deposits in NSC/KVP. My question is How and how much do I show
as the interest in my IT return? Whether the interest will be added in
my income as ‘other sources of income’ and can be set off under Sec
80L? Whether instead of showing/adjusting interest every year, the total
accrued interest could be shown at the time of maturity and the same
could be regarded as long-term capital gain and prevailing LT Capital
gains tax rate could be applied (which is at present 10%)? Sujit Patra
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Having faced the recent bird flu
crisis successfully, India is poised to emerge as a major player in
poultry. The flu may have affected the poultry sector in other
countries, but it has rather benefited the Indian sector, which has
shown its strength in the global market after the initial setback, says
Anuradha Desai, MD, Venkateshwara Hatcheries Group, and Chairperson,
National Egg Coordination Committee.
