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Income
in Malaysia not taxable in India: SC Bear
hug squeezes small players TRAI
releases consultation paper Loans
for study’s sake |
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PNB-IFCI
merger may hit legal roadblock The proposed merger of IFCI with Punjab National Bank appears to have hit a legal roadblock and the new government may have to amend Companies Act to make it happen. GAIL to
invest $ 2 lakh in Shell venture GAIL (India) Ltd will invest $ 2,03,000 more as equity in Shell Compressed Natural Gas Egypt to fund capital expenditure in setting up more CNG stations in the African nation. Online
tax payment begins today The Income Tax Department will start online tax accounting system for companies tomorrow to enable them pay tax and get accurate credit for their payments easily and without much time consuming. According to an official press release, the new system will enable the Income Tax Department to monitor tax collections on a day-to-day basis. Haryana
Agro centre to set up farm at Jind Haryana Agro Research and Development Centre, affiliated to the Haryana Agro Industries Corporation, will set up a modern hi-tech farm at village Kisanpura in Jind district over an area of 85 acres to grow vegetables, fruits, cash crops and medicinal plants by adopting latest technologies?
Linux server market
grows Alliance Semiconductor Opus Software Infosys gets ISO 14001 Corporate
news M&M profit
rises 200 pc Bajaj Tempo
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Income in Malaysia not taxable in India: SC New Delhi, May 31 A Bench of Chief Justice S. Rajendra Babu and Mr Justice G. P. Mathur also held that the capital gains should be taxable only in the country in which the assets were situated. The Bench, thereby, dismissed appeals by the Commissioner of Income Tax, Chennai. The appeals were against a judgement of the Madras High Court which upheld the decision of the tribunal court that since P. V. A. L. Kulandagan Chettiar, the respondent, had no permanent business establishment in India, his business income from rubber plantations in Malaysia could not be included in his income in India. The tribunal also held that as the property was situated in Malaysia, capital gains could not be taxed in India. The Supreme Court in its judgement said business income out of rubber plantation could not be taxed in India because of close economic relations between the assessee and Malaysia in which the property was located and where the permanent establishment had been set up would determine the fiscal domicile. “Taxation policy is within the power of the government and Section 90 of the Income Tax Act enables the government to formulate its policy through treaties entered into by it and even such agreement treats the fiscal domicile in one state or the other and thus prevails over the other provisions of the Act,” the court said. Section 90 lays down that where the Indian Government has entered into an agreement with another country for granting relief on tax, or avoidance of double taxation, the income tax provisions will apply to an assessee to the extent it was beneficial for him.
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Bear hug squeezes small players Mumbai, May 31 stocks. After it became clear over the weekend that leftists might force amendments to the Electricity Act, 2003, to restrict private players, scrips of power-related companies plunged sharply. The Sensex opened at 4,760, 75 points lower than the previous close before losing another point on Monday. Widespread selling across-the-board in early deals dragged the index below the 4,700-mark to an intra-day low of 4,665. Worries of oil price hikes also hit auto shares. Tata Motors fell 5.22 per cent to Rs 367 while Maruti was down 4.42 per cent to Rs 387. According to observers here, Monday’s bear hammering was the handiwork of a few big players. Most of the small investors had already exited the market while the rest were waiting for an opportunity to quit at the earliest.
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TRAI releases consultation paper New Delhi, May 31 In a press statement issued here today, the telecom regulator said the key issues for consultation include how much minimum spectrum should each existing operator be provided and should spectrum be allocated in a service and technology neutral manner at all? In case of mergers and acquisitions, where the merged entity gets spectrum exceeding the spectrum cap, TRAI wants to know the stakeholders’ views on what should be the time frame in which the service provider be required to surrender the additional spectrum. The regulator has sought comments on the amount of cap on the spectrum assigned to each operator and the procedure for spectrum allocation for areas where there is no scarcity and in areas where there is scarcity. The consultation paper also deals with the competitive spectrum allocation procedure in cases where there is scarcity. The regulator said it has formulated a methodology to assess the spectrum utilisation efficiency of cellular networks. |
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Loans for study’s sake Chandigarh, May 31 Cashing in on the need for such loans after declaration of results, banks and financial institutions are these days busy putting up stalls in various schools and colleges to apprise the students of the terms and conditions for availing the benefit of these loans. For instance, the State Bank of India offers loan worth Rs 7.5 lakh for education in India and Rs 15 lakh for pursuing higher studies abroad. The rate of interest for loan amount up to Rs 4 lakh is 10.50 per cent, while for amount more than that the interest rate is 11.5 per cent. An official of the SBI said discounts were being offered on these loans to the outstanding and needy students whose parents' annual income was Rs 2.50 lakh per annum. Loans up to Rs 4 lakh were being made available to them at 2 per cent cheaper interest and that too for five years. The bank has accepted 1,718 education loans worth Rs 61.69 crore in the Chandigarh region during the previous fiscal year. Similarly, Central Bank of India under its Students Plan is offering Rs 7.5 lakh as loan amount for studies in India and Rs 15 lakh for studies abroad. The rate of interest for loan amount up to Rs 4 lakh is 11 per cent, for 4-8 year it is 11.5 per cent and for 8-15 years the rate is 12 per cent. Punjab National Bank has taken step forward in this
direction. The bank is charging 10.75 per cent rate of interest for loan amounts up to Rs 4 lakh. People in the age group of 16 to 40 years can take these loans. Leading private sector banks like Bank of Punjab are offering loans worth Rs 50 lakh for educational purposes. Even these banks charge an interest rate of 11 per cent for loans up to Rs 4 lakh and 11.5 per cent for loans more than Rs 4 lakh. The bank has disbursed loans worth Rs 50 crore during the fiscal 2003-2004.
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PNB-IFCI merger may hit legal roadblock
New Delhi, May 31 A merger of IFCI with a PSU bank will require amendments to the Companies Act, which allows transfer of the entire property or liability of a company to another company and not a bank. Since PNB is a bank, sources said the government has to amend Sections 394 and other sections of Companies Act for enabling the Delhi-based bank to acquire IFCI. A notification might have to be issued in this regard by the new government. Moreover, government has to make provisions in the Income Tax Act to provide tax sops to PNB for offsetting the losses for making provisions for IFCI's non-performing assets now at over Rs 8,500 crore. Industrial Finance Corporation of India, which was set by an act of Parliament in 1948, was later corporatised in 1993 under the Companies Act. PNB was incorporated under Companies Act in 1882 but came under the purview of Banking Companies (Acquisition and Transfer of Undertakings) Act of 1970 when government nationalised the bank.
— PTI
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| GAIL to invest $ 2 lakh in Shell venture
New Delhi, May 31 SCNGE plans to construct five more CNG fuelling stations and three conversion centres in 2004, company sources said. The expansion is based on the CNG growth projections, considering gas sales of 3.5 million standard cubic metres in 2003. SCNGE expects to touch gas sales to 15 mmscm with 2,000 CNG vehicle conversions. In 2003, it could set up only one CNG station as against the planned three. The current
debt: equity ratio is 3:1 has to be maintained. — PTI
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Online tax payment begins today New Delhi, May 31 Under the online accounting system, tax payments from banks will reach the Tax Information Network of the government in two days instead of the present over 15 days. The new system will be introduced throughout the country from June 1. It will also simplify procedures by reducing the number of challans to three from the present seven.
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Haryana Agro centre to set up farm at Jind Chandigarh, May 31 Stating this here today, a spokesman of the Centre said that inter-cropping pattern or multi-tier agriculture system would be adopted to grow medicinal plants in the space available between the tree-to-tree for better returns. He said for providing healthy and disease-free seed and planting material to farmers, a tissue culture lab would also be established. |
M&M profit rises 200 pc
Mumbai, May 31 Announcing the results, the company said its total income had increased from Rs 1,142.48 crore in the MQ-03 to Rs 1,545.04 crore in the quarter-ended March 31, 2004. It had posted a net profit of Rs 348.54 crore for the year-ended March 31, 2004. According to the consolidated results, the group had posted a balance of profit of Rs 451.12-crore for the year-ended March 31, 2004, as compared to Rs 216.17 crore for the year-ended March 31, 2003.
Bajaj Tempo
Bajaj Tempo has posted a higher net profit of Rs 44.21 crore for FY-04 as against Rs 32.17 crore in 2002-03. The board, at its meeting held on May 29, recommended a 70 per cent dividend for the year ended March 31, 2004, BTL said in a statement here today. The net profit and sales for March 31, 2004, stood at Rs 14.39 crore (Rs 11.15 crore for Q4 of 2002-03) and Rs 306.08 crore (Rs 224.95 crore), it said.
— Agencies
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