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Jet hires US legal team to battle terror slur
Indians getting richer, says report
‘David’ Srivastava vs ‘Goliath’ Coke
Tata Steel to foray into Iran
Aviva studying AMP Sanmar proposal
Protect farmers’ interests, pleads Kamal Nath
Faridabad to have light engg cluster
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Market to remain buoyant
Tax liability on capital gain
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Jet hires US legal team to battle terror slur
Mumbai, June 12 Saroj Datta, Executive Director, Jet Airways, said in a statement here that Nancy Heckerman, President and CEO of Jet Airways Inc of the USA, had levelled baseless charges against the Indian airline. ‘’Mr Martin London, a partner in the Litigation Department of Paul, Weiss, Rifkind, Wharton and Garrison LLP, will lead the legal team on behalf of Jet Airways (India) Ltd in this matter (serious charges and trade name issue). His practice encompasses broad litigation issues domestically and internationally, involving both criminal and civil matters,’’ Datta’s statement said. The American Jet Airways Inc claimed to be the owner of the trademark from December 1, 2002. However, the Indian airline contested the claim on the grounds that it had been using the name since 1995. Jet Airways had claimed that their investigations had revealed that the American company was not a certified airline, had no planes registered in its name and does not appear to have made any application to fly in the USA. ‘’Investigations also show that Jet Airways Inc. is just a shell company with no business activity much less airlines business,’’ the statement said.
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Indians getting richer, says report
New Delhi, June 12 “India continued to be one of the high growth areas in 2004 as around 9,000 more persons joined the list of HNWIs in 2004, said Raj Sehgal, country head of Merrill Lynch, which brought out the report along with Capgemini. “India featured prominently amongst the major stock exchanges in emerging economies with a strong growth rate in market capitalisation,” he said here. “The two main drivers of personal wealth creation — economic growth and market capitalisation — worked together to generate the strongest growth in high net worth wealth that we have seen in three years,” Merrill Lynch President James Gorman said. Regionally Singapore, Hong Kong, Australia and India saw the highest rates of HNWI population growth while wealthy people in Sough Africa and West Asia benefited from the rise in commodity and oil prices, the report said.
— PTI
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‘David’ Srivastava vs ‘Goliath’ Coke
New York, June 12 Srivastava is on a course of action that has taken him on a head-on collision with Coca-Cola’s operations in India and eventually everywhere else in the world. Through his California non-profit Global Resistance Srivastava is in the thick of his campaign that accuses the beverage giant of a variety of offences, including depleting water levels, poisoning land and marketing drinks “proven” to have pesticides. “Coke is destroying communities, lives and livelihoods in India,” Srivastava told IANS in a phone interview from London where he had gone to launch his campaign against the company in Europe. Ms Kari Bjorhus, Director of Health and Nutrition Communications, Coke, countered Srivastava saying that “From our perspective it is disappointing that he has shown such little interest in facts. We are always interested in hearing what people have to say about us.” For Coke, a company that has invested $ 1 billion dollars in India over the past one decade and employs 6,000 persons there, Srivastava’s Internet campaign could cause considerable discomfort. Coke considers India to be one of its most important markets. The Wall Street Journal carried a front-page story on Srivastava’s campaign in its June 7 edition under the headline, “How a global web of activists gives Coke problems in India”, and cast him in the David versus Goliath mode. Srivastava, the paper said, has been helping “shake up one of the world’s biggest corporations”. “That kind of coverage has helped us a great deal. People have responded amazingly to what we are doing,” Srivastava said. At the heart of Srivastava’s campaign are Coke’s operations in three villages in India, over hundreds of kilometres apart. People in Mehdiganj (UP) near the holy town of Varanasi, Kala Dera in Rajasthan and Plachimada in Kerala have been complaining that because of Coke’s bottling plants they have been thrown into an acute water crisis. Srivastava said his plan was to intensify his campaign in the European Union and the USA, two of the company’s biggest markets.
— IANS
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Tata Steel to foray into Iran
New Delhi, June 12 The company has entered into a joint venture with Iranian Mines and Mining Industries Development and Renovation Organisation (IMIDRO) to establish a 1.5 million tonnes a year steel slab-making unit, a steel billet plant with a capacity of 1.5 million tonnes per year and an export-oriented steel plant with a capacity of 3 million tonnes a year, it said. Tata Steel and IMIDRO have also signed an agreement to establish a 3-mtpa export-oriented steel plant in two modules of 1.5 mtpa each at the PGSEZ in Bandar abbas in the vicinity of the Hormozgan steel
plant. — UNI
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Aviva studying AMP Sanmar proposal
Istanbul (Turkey), June 12 AMP — Sanmar Life's, a joint venture between Australia's AMP Life and Chennai-based Sanmar Group decided to exit life insurance business after operating for almost three years in the Indian market as it was difficult for both partners to meet the demands of rising capital in a competitive market. AMP Sanmar had earlier withdrawn from all Asian markets and now the company has decided to withdraw from India. AMP — Sanmar Life will announce its sale bid next week. Six insurance companies from Korea, Japan and Europe are planning to enter the Indian markets within an year.
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Protect farmers’ interests, pleads Kamal Nath
New Delhi, June 12 Speaking at the Ministerial meeting of G-33, an alliance of developing countries on special products (SP) and special safeguard mechanism (SSM), at Jakarta, Commerce and Industry Minister Kamal Nath said, "The G-33 movement is a significant grouping of 42 countries, banded together to protect our interests in agriculture." "We ask for nothing more than what the Doha Development Agenda and the WTO July Framework Agreement already afford us. We in the G-33 must be prepared to take a firm and determined stand (on these issues)," an official press note said here today quoting Nath. He said, "developed countries' domestic support must be essentially reduced and export subsidies must be phased out by an end date which should not be more than five years from now. We must ensure that Domestic Support reduction commitments are front-loaded, while tariff reduction commitments are back-loaded". Nath also suggested that meetings of G-33 be held on the sidelines of important multilateral trade meetings to facilitate disucssions on issues related to SP and SSM and agriculture issues of developing
countries. — PTI
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Faridabad to have light engg cluster
Chandigarh, June 12 Financial Commissioner and Principal Secretary, Industries, P K Chaudhary today said that the objective of IIUS was to improve the international competitiveness of the domestic industries. He said IIUS would also promote technological development, setting up of common infrastructural facilities and assisting technology transfer, information sharing and quality improvement through public and private partnership. The scheme envisages 75 per cent assistance from the Central Government, minimum 15 per cent contribution from industries and rest of the contribution would be made by the state government agencies, if required.
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by S.C. Vasudeva Tax liability on capital gain Q. I am a 65-year-old senior citizen. Being a non-pensioner my only source of income is by way of interest on deposits in post office and banks and which has remained non-taxable being less than Rs 50,000. Since, I was allotted PAN number by the Income Tax Department during the course of my service. I had been filing my income tax return on annual basis even though my income was not taxable. My present queries
are with regard to capital gain & tax liability, which is going to
accrue to me in the next financial year 2005-06 through sale of one
plot allotted to me on December 4, 2000 by HUDA. A total amount of Rs
2,68,100 paid up to December 4, 2004 includes application/ allotment
money paid in March, 2000 and paid in January, 2001 of Rs 62,500, four
annual instalments of Rs 31,250 each and interest for four years viz
Rs 28,125, (for 01), Rs 23,430 for (02), Rs 18,740 (for 3) and Rs
10,305 (for 04). Apart from the above the remaining two instalments
plus interest amounting to Rs 65,400 is now outstanding and is to be
deducted from the amount of sale proceeds of Rs 5,75,000 (to be
received by me during the year 2005-06) and for which I have entered
into an agreement with the buyer and I have also received an advance
of Rs 10,000. From the above particulars, it can be perused In the backdrop of the above, I seek kind advice on the following points: - (i) Whether the above calculated capital gain is correct and or the same is to be re-calculated by applying the indexation method. (ii) In any case what will be my tax liability on the capital gain calculated be me & or to be re-calculated by applying indexation method. (iii) In the event of accruing any tax liability by which time the same is to be paid by me after my receiving the sale proceeds of plot. (iv) Whether any income tax clearance certificate is to be obtained by me prior to my receiving the final payment on transfer of the plot to the buyer. (v) What are the avenues available to me by way of investments by which the tax liability can be avoided? It is also mentioned here that I am not interested in purchase of any I.P. for avoidance of any tax liability. (vi) Whether the net
sale proceeds i.e. Rs 5,75,000 minus Rs 65,400 towards remaining
instalments plus proportionate interest is to be considered for the
likely investments and or the capital gain calculated/ and or to be
recalculated — Shanti Lal Katyal A. The
particulars given by you do not indicate the date of possession of the
plot of land allotted to you on December 4, 2000. As per the
provisions of the Act, any capital asset, which is held for a period
of three years or more is referred to as a long-term capital asset.
The reduced rate of taxation applicable for long-term capital gain
will be applicable as and when a long-term capital asset is sold. The
benefit of indexation is also available in respect of a long-term
capital asset. Presuming that the possession given to you is December
4, 2004, the excess amount realised by you will have to be taken as a
short-term capital gain and will be taxable on the rates applicable in
respect of the other incomes.
After taking into consideration the aforesaid facts, answers to your various queries are as under: (i) The capital gain as computed by you is correct. The indexation would not be available, as the capital gain is a short-term capital gain. (ii) The tax will be
chargeable on your total income on the basis of tax slabs referred to
in the Finance Act 2005 for senior citizens which are as under:
The amount of Rs 2,41,000 being short-term capital gain will be added to your other income and the tax computed on the basis of the above slabs. The tax calculated on the above basis shall have to be increased by a surcharge of 10 pc in case your total income exceeds Rs 10,00,000. However, education cess @2% on income tax will have to be paid irrespective of the amount of income. (iii) You will be liable to pay advance tax on the income from capital gain. The tax must be paid in three instalments on September 15, December 15 and March 15 on the following basis: - (iv) No income tax clearance certificate is required. (v) Under the present provisions of the Act, the investment avenues are available in respect of long-term capital gains. In view of the fact that the capital gain earned by you is a short-term capital gain, there is no avenue available for making any investment and availing tax exemption. (vi) The question would not arise in view of the answer in (v) above. Senior citizen Q. I have attained the age of 65 years on March 27. Could you kindly confirm whether I shall get the benefit of senior citizen in income-tax for the financial year 2004-05 and assessment year 2005-06. — J.R. Guleria A. You will be entitled to claim the benefit of the status of senior citizen for the assessment year 2005-06 relevant to the previous year 2004-05.
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