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Punjab gains from world economy
Learn from China, advises Infosys chief
Vijaya Bank slaps notice
on Tulip Star
Wait for buoyant market |
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Return not mandatory if income is less than Rs 50,000
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Punjab gains from world economy New Delhi, April 17 “Remittances to developing countries from overseas resident and non-resident workers are estimated to have increased by $ 10 billion (8 per cent) in 2004, reaching $ 126 billion,” reveals a recently released report of the World Bank, “Global Development Finance, Mobilising Finance and Managing Vulnerability.” It has noted since 2001, remittances have increased by $ 41 billion, almost by 50 per cent. Out of these, $ 17 billion was concentrated in South Asia including India, China and Pakistan. According to the World Bank report, the annual remittances to India are estimated to increase from $ 8.8 billion in 1996 to $ 23 billion by 2004. The report claims that the remittances to India increased from $ 11.1 billion to $ 17.4 billion between 2001 and 2003 alone. In fact, the foreign exchange experts observe that total remittances are much higher, since a large number of transaction were through hawala channel to save the transaction costs and to avoid income tax. Further, the figures were underestimated since some of the countries do not insist on reporting remittances below certain level. For example, in the US remittances below $ 10,000 and in the EU, below Euro 12,500 is not required to be reported. In case of Pakistan, the remittances have gone up from $ 1.5 billion to $ 4 billion during the same period. The World Bank points out that 2004 was a record year for the global economy since all the countries including the US, Eurpean Union and the Gulf region showed highest ever growth, besides creating jobs for people in the developing countries. Visa experts here claim that youth from Punjab, Haryana, Chandigarh region are now exploring job markets in the Gulf region besides African and Latin
American countries as well.
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Learn from China, advises Infosys chief New Delhi, April 17 "Sixty-five per cent of Indian population relies on agriculture while the share of the sector in the country's gross domestic product is only 22 per cent," Mr Narayanamurthy said at the convocation of the Indian Institute of Foreign Trade today. Citing the case of China, which pulls 1 per cent of its people out of agriculture every year, he said India must look towards exports to drive her industrial growth. "The Indian economy," he observed, "is often portrayed as an elephant, big, lumbering and slow off the mark and we need to change this perception to become a string global player." Delivering the chairman's address on the occasion, Union Commerce Secretary SN Menon said the main role of World Trade Organisation should be to facilitate international trade.
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Women who made it Nirupama Dutt Tribune News Service Chandigarh, April 17 The celebration is not without cause because two decades ago she started this venture with a capital of Rs 2,000 from her husband’s home in Sector 9. “My elder daughter was just one, but I felt I needed to do something more. So with that very small amount, I went to Delhi, bought different kinds of fabric, hired a tailor and turned designer. And there has been no looking back after that.” This creative woman literally built her business garment-by-garment by applying innovative ideas and a lot of hard work. “When I started off, it was to just to pass my time for I did not need the money. But when my husband’s construction business went on the decline and he was ailing, this work became my bread and butter too.” So, she persevered depending just on mouth publicity, travelling to and fro in search of different kinds of fabric. To expand her business, she started suitcase selling abroad. “Those were difficult times for going abroad like that meant setting up a shop in people’s homes, but my clothes started getting popular,” recalls Dimpy. Now, she has a large clientele in the US, UK and Dubai. The business has proved so good that she has as many as 10 local appointments a day besides the overseas orders that are handled on telephone and e-mail. In all, Dimpy employs 40 persons, including tailors, dyers and embroiderers. “From the beginning, I never took tailoring orders. The garment was my fabric and my design, but I created for exclusive needs and never went into mass production of one design,” she says. A child of the Raj Mahal Hotel family in Jalandhar, one of three sisters, she had an early marriage thrust upon her. “My father died when I was only19. He had set up an office furniture unit that my mother took over. I was a student of literature and wanted to compete for the civil services examination. But fate decided otherwise,” she says. This brave woman who is doing it single-handedly has made an effort to do the best for her two daughters Nihalika, who is studying architecture, and Vriti, a budding golfer still at school. “The children were a part of my struggle. Nihalika has been helping me all through in design and I hope to set her up in designing interior furnishing. Vriti helps me with e-mails and telephone calls to the buyers abroad. Dimpy, who says that she has always set her own goals, is now planning to launch a summer collection in the first week of May at ‘Whispering Willows’ on the Rajpura road. “The time has come for me to now establish my brand name,” she says. And did she do a course in designing ever? To this query, her answer is, “No I am self-taught. But I always had a flair for designing my own clothes and those of my friends.” So hers is a unique story of turning a flair into big business.
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Vijaya Bank slaps notice
on Tulip Star
Mumbai, April 17 The public sector bank said in a notice company had defaulted in quarterly instalment and interest and also its guranteers to loan — Ajit B. Kerkar, Tulip Star Hotels Ltd and Tulip Hotels Pvt Ltd — had failed to honour commitments. Tulip was sanctioned a Rs 20 crore loan under a consortium agreement of bankers to acquire erstwhile Centaur Hotel. The loan was extended on mortgage of land and building of Hotel Tulip Star and other fixed
assets consisting of 11 residential flats in Andheri and Malad, both western suburbs, it said. “It is learnt that the company was trying to change its management and/or transferring the management interest by touching the subject matter or shareholding without approval”, the bank said.
— PTI
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by S.C. Vasudeva
Return not mandatory if income
is less than Rs 50,000
Q.1 I have a PAN card and my income for the financial year 2004-05 is not taxable. Is it necessary to file income tax return? — K.S. Bhatia A. In accordance with the Provisions of Section 139 of the Income Tax Act, 1961, as applicable for the assessment year 2005-2006 (financial year 2004-05), a person other than a company is required to file a return of income if his total income or the total income of any other person in respect of which he is assessable during the previous year exceeds the maximum amount not chargeable to tax. Therefore, if your total income for the financial year 2004-05 is less than Rs 50,000, then you are not liable to file your income tax return. However, if you fall under any of the following categories then irrespective of the fact whether your income is below Rs 50,000, you would still need to file your return. These categories are: - (i) A person is in occupation of an immovable property exceeding a specified floor area, whether by way of ownership, tenancy or otherwise. These areas have been specified by the Central Board of Direct Taxes in respect of various urban areas. For Ludhiana, the area specified for residential purposes in 800 sq. ft. and for commercial purposes it is 125 sq. ft. (ii) A person is the owner or the lessee of a motor vehicle other than a two-wheeler, whether having any detachable side car having extra wheel attached to such two-wheeled motor vehicle or not; or (iii) A person is a subscriber to a cellular phone not being a wireless in local loop telephone; or (iv) A person has incurred expenditure for himself or any other person on travel to any foreign country; or (v) A person is the holder of a credit card, not being an “add-on” card, or Kisan Credit Card issued by any bank or an institution; or (vi) A person is a member of a club where entrance fee charged is 25,000 or more.
Form No. 15-H
Q.2 I am a senior citizen and in receipt of Rs 1,20,000 as pension annually. Besides, I am getting an income of Rs 15,000 from bank interest and Rs 45,000 as interest on deposits made in the post office under the deposit scheme meant for senior citizens fetching interest at the rate of 9 pc annually. Thus my total annual income will be Rs 1,80,000. If I invest Rs 30,000 in PPF account, then even though my gross income exceeds Rs 1,50,000 being threshold exemption limit fixed for senior citizens under new provisions in the Income Tax Act in the Budget proposals for the financial year 2005-06, but the tax payable will be nil. Can I file declaration (submit Form No. 15-H) with the postal authorities not to deduct TDS from interest? — Harbhajan Singh Ranote A. As per the provisions of Section 197 of the Act as it exists today, you can file a declaration in Form 15-H with the postal authorities. However, the form includes a statement that “I am entitled to a deduction from the amount of income tax on my total income referred to in Section 88B”. The Finance Bill 2005 proposes to delete Section 88B of the Act. In my opinion, therefore, you should wait for the notification of the new Form 15-H, which would be notified after the Finance Bill is enacted.
HUF account
Q.3 I operated HUF a/c during 1994 after getting gifts from my parents. HUF consists of myself (Karta), my wife and two minor children. The only income to this account from interest from my firm which is about Rs 30,000 per year and there is no other income. Income tax return of nil tax is being submitted regularly every year and PAN number stands allotted. I do not want to continue this account. Kindly suggest: 1. How to close the account and the process for the adjustment of amount approximately Rs 3 lakh standing in the account? 2. Disposal of PAN No. to IT authorities 3. Any other formality/ guidelines on this account are solicited. — Omesh Bagga A. (i) This will require a complete partition of the HUF property for which a partition deed or memorandum of partition will have to be drawn. The amount lying in the bank account and the loan outstanding will have to be distributed between yourself, your wife and minor sons (it is presumed that your minor children are sons). The distribution can be unequal, but it would be just and fair to distribute the amount equally by metes and bound. The partition deed or memorandum of partition as the case may be, shall record such distribution. The money so distributed can be deposited in the individual accounts of yourself, your wife and your minor sons. The bank account in the name of HUF would thus be closed after the distribution of the amount. Thereafter, you will have to approach your Assessing Officer to record the partition and give a finding to this effect under Section 171(1) of the Act. The partition will be complete after a finding to this effect is given by the Assessing Officer. (ii) You can surrender your PAN number to the tax authorities by returning the card with a request to cancel the same.
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Chandigarh, April 17
