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Anil takes over Reliance
Plan panel for review of subsidies to special states
PNB aids power generation
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No tax on gift received from father
Markets gain from Ambanis’ settlement
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Anil takes over Reliance Infocomm reins
Mumbai, June 26 After arriving at the complex ,Mr Anil Ambani
performed puja at the temple in the premises before formally taking charge. In his message to the employees of Reliance Infocomm, Anil Ambani urged them to work hard to increase profitability of the telecom
venture." Reliance Infocomm has both energy and capital and I want growth with profitability and revenue.” Mr Ambani addressed the employees through nation-wide web cast across 85 offices and locations of the country. Anil complemented his elder brother, Mukesh, who had to part with Reliance Infocomm as part of the settlement of ownership of the Reliance empire, for creating truly a world -class infrastructure at the Dhirubhai Ambani Knowledge City (DAKC) and providing him with an opportunity to lead it. He appealed to the employees for their support, commitment and trust to establish Reliance Infocomm as a clear market leader. Anil Ambani turned nostalgic saying that 10 years ago Reliance had first bid for the telecom licence and had become a profitable venture and now it was a market leader. Referring to six Cs — customer, customer care, competitiveness, corporate values, corporate governance and creativity, Anil said “customer must get priority... lets us delight our customers.” He also announced an incentive scheme for employees to make the venture profitable and revenue driven. According to a press statement issued by the company, Mr Gautam Doshi, a chartered accountant and Professor J. Ramachandran of the IIM, Bangalore, have been appointed Directors on the Infocomm Board. Anand Jain, Manoj Modi, Bharat Goenka, Y P Trivedi and M P Modi were the five Directors who resigned from the board of the company after it was taken over by the Anil Ambani group. Claiming to have a subscriber base of over 11 million, Reliance Infocomm has established a pan-India, high-capacity, integrated digital network to offer services spanning the entire infocomm value chain.
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Mukesh to address IPCL AGM today
Vadodara, June 26 Mukesh’s future plans about the chemicals giant may be revealed during the AGM, sources said here today. This is Mukesh’s first visit to IPCL after settlement with his brother, Anil Ambani. Though Anil has announced his future investment plans soon after the settlement, Mukesh was yet to announce any. Investors hope that Mukesh will give concrete shape to his idea of investing Rs 30,000 crore in retailing petro products business. Shareholders of IPCL think on the possibility of a merger of IPCL with Reliance
Industries. — PTI
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Plan panel for review of subsidies to special states
New Delhi, June 26 The commission has suggested direct subsidies instead of exemption from direct or indirect taxes and “corrective steps” to control adverse effect on the advanced neighbouring states. “If subsidies have to be given, the superior option must be direct subsidies rather than exemption from direct or indirect taxes as these are highly distortionary,” the Mid-Term Appraisal (MTA) of the Tenth Plan said. “Industrial subsidies generally do not make sense as they lead to misallocation of resources,” it said. To redress geographical imbalances thrust should be on removing locational disadvantages through the development of infrastructure rather than through subsidies, the MTA which is going to the National Development Council on June 27-28, said. It further pointed that the scheme was not calibrated adequately to take into account the fact that “Uttaranchal and Himachal Pradesh are not as disadvantaged geographically as the north-eastern states”. “It is also necessary to take corrective steps with regard to the extension of the incentives for industry available to the North-East to Uttaranchal and Himachal Pradesh, as this step had adversely affected the industrial climate of more advanced adjoining states,” it said. It has mentioned that special packages offered to Sikkim, Jammu and Kashmir, Uttaranchal and Himachal Pradesh has seen a significant impact on industrialisation in these states but there The NDC would give the Chief Ministers the right platform to take up all these and other state-specific development issues and possibly find ways to boost growth while addressing regional imbalance.
— PTI
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PNB aids power generation
Srinagar, June 26 In a bid to exploit the vast potential for power generation, the government plans to give contract to the private sector to construct 11 power projects in the state. He said about 24 per cent of the country's hydro power potential was estimated to be in Jammu and Kashmir and 106 sites of up to three MW, with total capacity of 145 MW, have already been identified. With emerging opportunities in the valley and better investment climate, the bank was trying to gear up its efforts further and promote private investment, he said.
— PTI
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by S.C. Vasudeva No tax on gift received from father
Q. My father (a retired government
servant) has given me Rs 3,50,000/- as some % of my share in their
property by bank A/c transfer on my birthday in October 2004. My
father is filing his income-tax return. I am a government employee and
also filing my return. My queries are as under: -
1. Can I
treat this amount as gift? 2. Whether I have to show it in my
income tax return this year? 3. Whether my father have to
show it in his income-tax return? 4. If any exchange of
letter is required. Please send me proper wording of this letter and
whether it is required on plain, court or stamp paper? 5.
Whether any gift tax is liable to be deducted on this amount, if I
show it in my return? — Harinder Sharma (a) You can treat the amount received from your father as a gift. (b) A simple letter from your father stating that he has gifted the amount of Rs.3,50,000/- with details of bank account, cheque number and P.A. number would suffice. (c) You will also have to issue an acceptance letter. Both you and your father should declare this fact in the return of income. (d) There is no gift tax payable in respect of a gift received from your father. I
may also add that a government employee as per the conduct rules has
to declare the amount of gift in the prescribed form to his department
if the value of gift exceeds Rs.5,000/- (Group ‘A’ Officer) or Rs.
3,000/- (Group ‘B’ Officer) as the case may be. NRI
senior citizens
Q. Kindly let me know the limit of
income up to which NRI senior citizens are not required to file the
income tax returns for the financial years 2003-04 and 2004-05 and
also the exemption limit up to which no tax is payable by them in the
above-said years. — H.S. Bal A. The exemption limit applicable to NRI senior citizens for the respective assessment years is as under:- Assessment year 2004-05 (Financial year 2003-04) Rs. 50,000/- Assessment year 2005-06 (Financial year 2004-05) Rs. 1,00,000/- According to Section 139 of the Income Tax Act, 1961, every person whose total income exceeds the maximum amount which is not chargeable to income tax is required to file the income tax return. Gift
to grandchildren
Q. I am an NRI and own some
ancestral agriculture land and urban property. I want to gift this
property to my grandchildren. Can you please advise the best
tax-effective method of transferring the property to my grandchildren
both during my life or after my death? — Harjit Grewal A. The answer to your query would depend upon the nature of ancestral property. If the ancestral property belongs to a Hindu undivided family, the grandchildren would acquire interest in such property by birth. The question of gift of such a property by a karta would require a consent of co-partners and execution of a gift deed. In case these are individual properties owned by your proper gift deeds will have to be executed. In both cases the gift deed will have to be registered with the Sub-Registrar. This would attract a stamp duty on the market value of the gifted
properties. Q: I shall be obliged if you
advise whether I will be liable to tax deduction or not though I
presume that the same should be nil. Figures are given below for doing
the needful: A: You have not indicated whether you are a
senior citizen. Presuming that you are not, on the basis of figures
given above your total taxable income would be less than Rs 1 lakh,
the maximum limit chargeable to tax. However, in view of the amended
provisions of Section 139 of the Income-Tax Act, 1961 (The Act) you
will have to file your return of income for assessment year 2005 -
2006. For arrears of pension as and when received you will have to
seek benefit under Section 89 of the Act.
Readers are welcome to send
questions for tax advice. These should be brief, to the point and not
exceed 100-150 words. The letters should be sent to Tax Advice C/o The
Tribune, Sector 29, Chandigarh-160020 or emailed to:
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