 |
|
Aiyar puts spokes in Rs 25,000-cr ONGC project
INTUC talks tough, threatens stir
Pak’s first home-grown automobile
Mitsubishi plans new models for India
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
Indo-Pak trade up by 76 pc
BoI to merge RRBs
Market
Scan
Go for selective profit booking
Tax
Advice
Interest income from Senior Citizen Saving Scheme taxable
|
|
Aiyar puts spokes in Rs 25,000-cr ONGC project
Bangalore, August 7 Mr Aiyar had been persistently opposing the mega project stating that ONGC was not competent enough to take up the project. Even though the PMO had a final say in the project a couple of weeks ago, Mr Aiyar's office had returned the file to the PMO seeking certain queries, official sources said. The state government had already signed a Memorandum of Understanding (MoU) with ONGC and the Kanara Chamber of Commerce for the project which envisaged setting up of a LNG terminal, power generation plant and a mega petrochemical complex. The Petroleum Minister had been repeatedly stating that the project needs to be split up and state Chief Minister N Dharam Singh had led a delegation to Prime Minister Manmohan Singh to ensure that the project was implemented in toto as envisaged by the MoU. Mr Aiyar was of the view that the project was a deviation from the core competence of ONGC. After several rounds of review and discussions, the project was cleared recently by the PMO and the file sent to the Petroleum Ministry for further processing. The project was to be executed through its subsidiary Mangalore Refinery and Petrochemicals Ltd (MRPL). ONGC was to be a co-promoter with the state government for the proposed special economic zone in Mangalore and the oil giant was to float wholly-owned subsidiaries for petrochemicals and power generation
units. — UNI
|
|
INTUC talks tough, threatens stir
Raipur, August 7 “Whether the Congress or non-Congress Governments, all are privatising the SRTCs. We condemn this act as that is pushing thousands of its employees into a crisis,” INTUC National President G. Sanjeeva Reddy said here. The state governments should stop privatisation of SRTCs immediately and the Centre should intervene to check them, Mr Reddy said and threatened to launch a nationwide strike against the proposed move. He also suggested handing over the loss-making SRTCs to transport employees saying that the Delhi Transport Corporation had given one of its depots to the employees to run after it incurred huge losses and the employees have made it a profit-making unit. “We have already made a similar demand with the Madhya Pradesh government as it had recently decided to wind up the SRTC leaving behind thousand of employees in an uncertain future,” Reddy, who is here for Indian National Transport Workers Federation meeting, said. — PTI
|
|
Pak’s first home-grown automobile
Karachi, August 7 It’s been a long road for the boy from a poor Karachi neighbourhood whose life-long fascination with engines, gears and wheels has just driven his native country into the exclusive club of nations designing and producing cars. The compact, five-door 800CC model Revo has made a splash on the roads of Karachi in recent weeks. The snub-nosed model costs $ 4,500, some 30 to 40 per cent cheaper than entry-level rivals. The company has orders for 400 cars on its books and plans to manufacture 5,000 units this year, taking 2.5 per cent of the market share. “Everyone has liked the way the car looks,” Khan says. “Everyone has liked the engine sound, and the ride is more comfortable. The response is good since it is the first Pakistani car.” Khan (56) is undaunted by the competition he faces from global auto giants from Japan, South Korea, Europe and the USA, saying that perseverance pays off.
— AFP
|
|
Mitsubishi plans new models for India
New Delhi, August 7 The models, which the ailing Japanese carmaker plans to bring in India include ‘Lancer Cedia’, SUVs ‘Montero’ and ‘Outlander’ and mini-van ‘Grandis’. “Apart from these new ones, we will enhance focus on the Pajero in India,” Mr Santhanam said.
Toyota plans
Kolkata: Toyota plans to enter the Indian small car segment by 2010 but with a difference, a senior company official said here on Saturday. ‘’Our concept of small car is different and it’s not like Maruti 800. It’s bigger than that,’’ says Mr T Ino, Director (Marketing) of TKM, a joint venture between Toyota Motor Corporation and the Kirloskar Group. Mr Ino said his company had Yaris, Vios, Platz and Passo varieties in the small car segment and one of such varieties would be introduced in the Indian market.
— Agencies
|
|
Indo-Pak trade up by 76 pc
New Delhi, August 7 India's exports to Pakistan in 2004-05 jumped 76 per cent to $ 505.44 million last fiscal from $ 286 million in 2003-04. Imports from Pakistan rose 65 per cent to $ 95.33 million from $ 57.74 million a year ago, Commerce Minister Kamal Nath said today. In Rupee terms, trade between two neighbours during 2004-05 grew 70 per cent to Rs 2,699.36 crore compared to 1,583.42 crore in 2003-04. With a view to enhance bilateral trade, both countries had last year decided to set up a Joint Study Group on Economic Co-operation. Under the JSG, two working groups have been set up on customs and trade facilitation measures and
non-tariff barriers with a view to enhance cooperation in these areas.
— PTI
|
|
Mumbai, August 7 According to a senior bank official, the total business of these RRBs as on March 31, exceeds Rs 5,800 crore. — PTI
|
by S.C. Vasudeva
Interest income from Senior Citizen Saving
Q.
My queries are as under:
(i) Senior Citizen Saving Scheme (post office) (9 pc interest ) was launched in the financial year Budget of 2004-2005. This scheme was implemented w.e.f. August 1, 2004. Please let me know the answer of following questions: a) Whether the interest earned by a senior citizen in this scheme is taxable in the financial year 2004-05 or totally exempted? b) Whether interest income from this scheme is entitled to deduction u/s 80L in the financial year 2004-05. (ii) The benefit of deduction u/s 80L in respect of interest from bank, post office etc. has been withdrawn w.e.f. financial year 2005-06. a) Whether interest income from “Post Office Senior Citizen Scheme” is also taxable in the financial year 2005-06 or totally exempted from income-tax u/s 10(15)? b) Whether there are any special provisions of rebate to senior citizen assessee in lieu of benefit of deduction u/s 80L in the new Budget of 2005-06. — R.C. Sehgal
A.
The answer to your queries are as under: - (i) The interest earned by a senior citizen from the deposits under Senior Citizen Savings Scheme Rules 2004 is taxable for the financial year 2004-05 as well as for the financial year 2005-06. (ii) The deduction under section 80L of the Act is allowable in respect of such interest income for financial year 2004-05. (iii) There is no special provision of any rebate in respect of the interest earned on deposits under the aforesaid scheme for the financial year 2005-06 in lieu of Section 80L which stands omitted for the aforesaid financial year. However, the taxable limit for senior citizens has been raised for the aforesaid financial year to Rs1,85,000. Accordingly, if the total income of a senior citizen does not exceed the aforesaid amount, no tax shall be payable by him on his total income.
HUF status Q.
We have a HUF consisting of: My father as Karta, my mother as member and myself as co-parcener. My mother expired in 1998 and father expired in 2003, leaving only myself as karta (i) Will my HUF (with only myself as Karta) continue to exist for all income tax purposes? (ii) Alternatively will it merge with my own HUF i.e. Myself as karta, my wife as member, my unmarried adult daughter as member and my minor son as co-parcenrer — Ravinder Kumar
A. The Supreme Court in the case of Tunki Sah Baidyanath Prasad (R.B.) vs. CIT (1995) (212 ITR 632) and Additional Commissioner of Income-tax Vs. Maharani Raj Lakshmi Devi (1997) (224 ITR 582), has held that once a family is assessed as an HUF, it would continue even after partition, to be assessed as an HUF till a finding of partition is given under Section 171 of the Income-Tax Act 1961 (The Act) by the assessing officer. Accordingly, the bigger HUF shall continue to be assessed separately till a finding under section 171 of the act is recorded. The income of bigger as well as smaller HUF would thus be assessed separately. Professional tax Q.
I am a senior citizen. I am attending one charitable dispensary from 9.30 a.m. to 1.30 p.m. on monthly honorarium of Rs 6000/- per month. They are deducting 5.5 pc TDS as professional tax on the plea that if annual payment is above Rs. 20,000, professional tax @ 5.5 pc is deducted from entire annual payment. Please give your opinion. Also please advice about income-tax free limit of fixed travelling allowance for scooter and car. — M. L. Sharma
A. Once the amount payable to a professional exceeds Rs 20,000, tax at source is deductible on the entire amount. No rebate in respect of an amount of Rs.20,000 is allowable for deducting the tax at source. The fixed conveyance allowance for maintaining scooter and car will have to be treated as a part of the professional fee for the purposes of deducting tax at source in view of the language of Section 194 of the Act. You will, however be entitled to a deduction from your professional income for the expenditure incurred wholly and exclusively for the purposes of the profession in computing income chargeable to tax under head “Profit and gains of business and profession”. You will also be entitled to depreciation on scooter and/or car at specified rate, if the same are owned and used for the purposes of profession by you. Tax and capital gain Q.
I am a senior citizen having no pension. We are three members. My son studies abroad. I have a rural agriculture land in Ludhiana district. This agriculture land is of my great grandfather (ancestor property). It is under rural agriculture land category classified under revenue registration fee of 6 pc in force from 2005. I am going to sell this agriculture land. Please advise me on the following. (a) Whether I have to pay any capital gain? (b) Whether I am free to invest agriculture land money in Senior Citizen Scheme or any small saving schemes. (c) Whether to construct a residential house is free and state investment limits. Purchase of agriculture land. (d) Any other schemes of investment in order to remain free from taxes with limits. — Ranjit Singh
A. The capital gain on sale of agricultural land is chargeable to tax, if such agricultural land is situated in any area which is comprised within the jurisdiction of a municipality (whether known as a municipality, municipal corporation, notified area committee, town area committee, town committee, or by any other name) or a cantonment board and which has a population of not less than 10,000 according to the last preceding census of which the relevant figures have been published before the first day of the previous year or in any area within such distance, not being more than 8 km from the local limits of municipality or cantonment board, as the Central Government may specify in this behalf by notification in the official gazette. In case agricultural land is situated in an area which is beyond the above limits, the capital gain on sale of such agricultural land would not be chargeable to tax. You have all right to invest the amount of sale proceeds in any manner subject however to the payment of capital gains tax. However, in case you want to save the capital gains tax, you can invest the amount of capital gain in either (a) purchase of bonds notified for such purpose or (b) purchase or construction of a residential house within a specified period or (c) purchase of land for being used for agricultural purposes within a specified period. 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: taxadvice@ tribunemail.com
|
bb
US firm unveils world’s first single-chip mobile today SingTel plans A-I IPO Adviser |
| HOME PAGE | |
Punjab | Haryana | Jammu & Kashmir |
Himachal Pradesh | Regional Briefs |
Nation | Opinions | | Business | Sports | World | Mailbag | Chandigarh | Ludhiana | Delhi | | Calendar | Weather | Archive | Subscribe | Suggestion | E-mail | |
Video
