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Govt to restructure oil firms
Saudi oil giant keen on venture with Indian companies
1 lakh hotel rooms needed to meet tourism demand
Ambani empire being valuated
IT units in software parks seek tax benefits
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Pune to have interiors mall
Cobra Beer to hit Punjab, Rajasthan soon
Dena Bank issue on Jan 24
Market update
Market correction was overdue
Tax advice
Tax liability after PPF contribution
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Govt to restructure oil firms
New Delhi, January 16 “We can no longer be complacent and must learn to think strategically, to think ahead and to act swiftly and decisively,” said Prime Minister, while inaugurating the 6th International Petroleum Conference: Petrotech 2005 here today. “I find China ahead of us in planning for the future in the field of energy,” the Prime Minister told the four-day Petrotech 2005 meeting that has drawn over 2,500 experts and delegates from India and overseas. Appreciating the state-run oil companies’ exploration activities in the foreign countries, Dr Manmohan Singh said, “there is a national consensus today on India’s policy with respect to strengthening its oil and gas companies to make them global entities. Our government will help in the growth of a strong and vibrant public sector which can compete on an equal footing with the private sector on the same terms and conditions.” He lauded the efforts of ONGC Videsh Ltd and Indian Oil Corp in this
regard, but said there was still some distance to go in catching up with global competition. “We are exploring the possibilities of restructuring our oil PSUs to make them globally competitive,” he told the conference where top executives of around 230 companies, including over 30 from abroad, are participating. Highlighting the role of oil sector in national development, he said,” if we have to raise the standard of living of our poor, per capital energy consumption will have to increase.” Given the fact that India imports around 70 per cent of its oil needs, Manmohan Singh laid emphasis on energy conservation, new technologies to tap non-conventional sources and investing in exploration. He also told the conference — which focuses on “Value from Hydrocarbons: Advances in Science and Technology” — that rational pricing of energy was another critical aspect of energy policy. “The role of energy prices is crucial in sending the signals which can enable the selection of more sustainable energy forms.” Earlier, Petroleum and Natural Gas Minister Mani Shankar Aiyar said in view of the growing energy needs, the Indian oil companies will make overseas investments in oil fields, alternative energy sources like hydrogen, and developing technologies to explore the oil and gas fields in the country.
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Saudi oil giant keen on venture with Indian companies
New Delhi, January 16 “We plan to set up a big export refinery with Indian participation and have been talking to our India friends (oil companies),” Saudi Aramco President and CEO Abdallah S Jum’ah said here today. He, however, did not mention the name of the Indian company with which the Saudi oil giant was holding talks over the issue. Mr Jum’ah also said his company was planning to significantly increase exports to India from the present 450,000 barrels per day. Saudi Armaco has also evinced interest in entering the marketing and refining sectors in India. The Saudi oil giant had also been trying to buy a stake in Hindustan Petroleum Corporation’s proposed 9-million tonnes per annum refinery in Bathinda.
— UNI
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1 lakh hotel rooms needed to meet tourism demand
Karnal, January 16 Col Manbeer Choudhary (retd.), vice-president of the All-India Hotel and Restaurant Association, disclosed this while talking to The Tribune here, today. He said the recent 'Incredible India' campaign to boost tourism had resulted in a 25 per cent annual growth in 'inbound tourism'. "The phenomenal increase in tourism and its related activities has resulted into shortage of rooms in the country", he said. He said there were about 91,698 rooms in the categorised 1,722 hotels in the country, whereas keeping in view the inflow of foreign tourists and flow of domestic tourists in the country, there was a requirement of at least 1 lakh additional rooms to meet the demand. As northern India was the gateway to tourism in the country, it was now time to recognise and regulate smaller hotels, especially in the states of Delhi, Rajasthan, Uttar Pradesh, Himachal Pradesh, Uttaranchal, Punjab and Jammu and Kashmir, he demanded. It becomes the responsibility of the respective governments to join hands with the private entrepreneurs in 'destination selling' because it was the only industry that provides maximum jobs and ensure regular income to the state exchequers, he added. He said there was a need to adopt common taxation policy throughout the country, liberalising visa formalities like issuing tourist visa on arrival, regulating the unorganised sector like banquet halls, small restaurants, dhabas etc. and above all to formulate tourism advisory boards at all state headquarters to boost tourism.
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Ambani empire being valuated
New Delhi, January 16 K.V. Kamath, ICICI Bank Chairman and a close family friend of the Ambanis, is evaluating the family worth following a family conclave in Mumbai on December 28 at which the two brothers RIL Chairman Mukesh Ambani and Vice-Chairman Anil Ambani were present along with their mother Kokilaben and their two sisters Dipti and Neena. According to sources, it was agreed at the meeting that Kamath would undertake valuation of the Reliance group estimated to be worth between Rs 90,000 crore and Rs 100,000 crore.
— ANI
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IT units in software parks seek tax benefits
New Delhi, January 16 In a pre-Budget memorandum submitted to the government, the council has urged the Finance Minister to treat the computer programmes generated by software units situated in SEZ or under STP/EHTP Scheme in the same way as that of software units set up under 100 per cent EOU Scheme for granting tax benefits. “The activities of the software units are similar and production of such programmes can be undertaken by any unit irrespective of the location/scheme opted by the units. But the tax incentives granted to production of computer programmes in the 100 per cent EOUs are not extended to units set up under STPs or EHTPs, which is a clear cut anomaly and should be resolved,” said Mr Nalin Kohli, Chairman, ESC.
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Pune to have interiors mall
Pune, January 16 He urged the corporates to come forward with ideas and measures to remove slums. Ishanya, the Rs 110-crore project, promises to come up by December this year as a one-stop mall for services for the real estate industry. Lauding the effort by Deepak Fertilisers Mr Deshmukh said coming up of the specialty mall would give a boost to real estate industry in and around the state. He also said the retail boom in Maharashtra would make a significant leap with the coming up of this mall. Ms Sheila Dikshit, Chief Minister, Delhi, said the mall would not merely benefit Maharashtra but also Delhi, which had witnessed a massive surge in art, sculpture, designer furniture and the like. “This mall would provide the industry with a platform to sell their products on a larger scale,” she said. “Ishanya will offer more than 50 categories of products and services,” disclosed Mr Sailesh C. Mehta, Managing Director, Deepak Fertilisers. Quoting a study by ICICI Bank, Mr Mehta said the coming up of Ishanya was significant as Pune and its six adjoining cities would need over 570 million square feet of built-up area in the next three years. “This translates in to an annual business potential of over Rs 9,000 crore.” Mr Mehta also said Ishanya will draw several eminent architects, designers, builders, equipment makers and material suppliers from within the country as well as overseas. He said, “the company is also expecting over 20-25 per cent participation as in terms of opening of outlets in the mall from overseas clients.”
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Cobra Beer to hit Punjab, Rajasthan soon Chandigarh, January 16 The agreement between the two breweries provides for the Indian partner to brew and bottle in Rajasthan. The pact would be extended to jointly produce beer at two other locations — Punjab and Maharashtra. Mr Rajiv Bali of Mount Shivalik Breweries confirms that production of Cobra beer will start at Behroor on the Delhi-Jaipur highway. "Brewing and bottling in Punjab plant will start at a later stage," he added. The company is investing around Rs 4.6 crore in upgrading one of Mount Shivalik's breweries in Rajasthan, while Mount Shivalik Breweries has an installed capacity of seven million cases with sales of Rs 300 crore. Mr Karan Billimoria, who hit headlines by making Cobra a popular brand in England, is confident in having an industry growth of between 25 and 30 per cent in the coming years and looking out at offering premium beer range at affordable price. The company, which is based in the United Kingdom, was founded in 1989 and has a turnover of £ 65 million, and the beer is exported to 30 countries across the globe. In India it is available at Mumbai, Delhi, Bangalore, Hyderabad, Pune, Goa and Kolkata. An NRI based in London and the CEO of Cobra Beer, Mr Billimoria, says, "I am looking to set up a Greenfield project in my home town of Hyderabad by next year." The investment for this will be to the tune of $ 10 million. He said: "India has the great potential to be among the largest beer markets in the world, where Maharashtra and Andhra Pradesh would be figuring out the biggest contributors to the total consumption in the home front. I greatly appreciate governments' initiatives to the NRIs for making India as the global hub for business and enterprise."
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Dena Bank issue on Jan 24
New Delhi, January 16 The public issue of eight crore equity shares will reduce the government stake in the mid-sized bank to 51.19 per cent from the current 71 per cent. The price of Rs 27 per share includes a premium of Rs 17 on the face value of Rs 10 per share. Against the minimum Capital Adequacy Ratio (CAR) of 9 per cent, the bank’s CAR stood at 10.28 per cent on September 30, 2004. After the public issue, the CAR is estimated to reach 11.19 per cent.
— UNI
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by S.C. Vasudeva
Tax liability after PPF contribution
Q. I am a salaried employee and my taxable income after all deductions is Rs 1,10,000. I contribute Rs 5,000 annually to the PPF. For 2005-06, will the rebate under Section 88D be given after considering my contribution to the PPF? How would my tax liability be computed?
— Amod Kumar A. According to Clause (b) of Section 88D, an assessee whose total income exceeds Rs 1,00,000 and the tax payable on such total income before giving rebate exceeds the amount by which such total income is in excess of Rs 1,00,000, shall be entitled to a deduction from the amount of income tax equivalent to the amount by which income tax payable on such total income is in excess of the amount by which the total income exceeds Rs 1,00,000. Accordingly, rebate under Section 88D shall be computed before giving rebate under Sections 88, 88B or 88C. Therefore, the computation of deduction under Section 88D will be as under: Total tax on 1,10,000 Rs 11,000 (before giving rebate u/s 88) Excess of income over Rs 1,00,000 Rs 10,000 Rebate u/s 88D Rs (11,000-10,000) Rs 1,000 Tax liability will be: (Rs) Tax on Gross Total Income i.e. Rs 1,10,000 11,000 Less: Rebate u/s 88 i.e. 20% of 5,000 1,000 Less: Rebate u/s 88D 1,000 2,000 Tax Payable 9,000
VRS amount
Q. During the year I have taken voluntary retirement from my job and received a sum of Rs 4 lakh from my employer. Whether the amount received is subject to tax or not? — Amrik Singh A. The amount received at the time of voluntary retirement is exempt from tax up to Rs 5,00,000 under Section 10(10C) subject to the condition that it is received in accordance with scheme framed with prescribed guidelines. Under Rule 2BA of the Income Tax Rules, 1962, the voluntary retirement scheme should be in accordance with following requirements: 1. It applies to an employee who has completed 10 years of service or completed 40 years of age. 2. It applies to all employees, except directors of a company. 3. The scheme has been drawn to result in the overall reduction in the existing strength of the employees. 4. The vacancy caused is not to be filled, nor the retiring employee is to be employed in another company belonging to the same management. 5. The amount receivable does not exceed the amount equivalent to three months of salary for each completed year of service or salary at the time of retirement multiplied by the balance months of service left before the date of employee's retirement on superannuation. Therefore, if you have received the aforesaid amount under the scheme, which fulfils all
above said requirements, then the amount received by you is exempt from tax.
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