 |
|
Six CMs woo NRIs for investment
NRIs for early take-off of Kerala Air
FM begins pre-Budget parleys today
A-I inks deal with Boeing on Jan 11
Pak traders eye joint ventures
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
SEBI model to protect small investors
Mallya not to buy Air Sahara
Incentives lure industrial units to Himachal
Ramsons to set up unit at Baddi
Tax Advice
|
|
Six CMs woo NRIs for investment
Hyderabad, January 8 The second day of the PBD witnessed a flurry of activity with the Chief Ministers from Andhra Pradesh, Kerala, Maharashtra, Gujarat, Bihar and Jammu and Kashmir going for a high-sales pitch aided by a posse of Secretaries. The morning session saw the Chief Ministers individually showcasing the potential of their respective states to the delegates for investment. Later in the afternoon, the CMs participated in the interactive sessions with delegates separately. Bihar’s Nitish Kumar tried to turn its pathetic record of governance on its head, and presented the lack of infrastructure, industry, communications and educational facilities as great opportunities for investment. “Bihar has a huge potential for investment in many fields. I seek your support and participation in this task,” he said. Jammu and Kashmir’s Ghulam Nabi Azad referred to the tremendous opportunities for investment in the tourism sector in the state and that Kashmir was also emerging as a hub of human resource development in tourism. “The state is seeking investments in hotels, resorts, adventure and leisure sports, amusement parks, golf courses, ropeways etc.,” he said. Mr Narendra Modi recounted the rapid strides made in Gujarat in various sectors and boasted that his state had surpassed all other states and was poised to compete with countries such as China, Japan and Germany in economic growth. Gujarat recorded the highest GSDP growth of 15.6 per cent among all states against India’s 7 per cent. Maharashtra’s Vilas Rao Deshmukh said that while evaluating the opportunities in the states, an investor must see whether they have fiscal discipline, good infrastructure and have enacted labour reforms. “Maharashtra stands far ahead in these areas,” he said. While Kerala’s Oommen Chandy highlighted the tourism and IT potential of the state, AP’s Rajasekhara Reddy focused on the single-clearance provided by the state to the prospective investors. Dr Montek Singh Ahluwalia, Deputy Chairman of the Planning Commission, who opened the first plenary session of the day, said that the contribution of NRIs to the nation’s development had been rapidly increasing and called upon the state governments to introduce reforms in various sectors to attract investments. Chief Ministers Amarinder Singh (Punjab), Dharam Singh (Karnataka), Buddhadeb Bhattacharya (West Bengal), Vasundhra Raje (Madhya Pradesh) and Jayalalithaa (Tamil Nadu), who were listed for the programme, did not turn up. Tamil Nadu, Karnataka and Rajasthan were content sending their Finance or Industries Ministers to address the investor diaspora.
|
|
NRIs for early take-off of Kerala Air
The
Central Government should allow the proposed Kerala Air, low- cost carrier to take off, non-resident Indians (NRIs) from Kerala today demanded in a resolution adopted at the fourth Pravasi Bharatiya Divas here.
Making a fervent appeal to Civil Aviation Minister Praful Patel, the NRI delegates from the state said an earliest clearance to the airline would help the lakhs of poor workers in the Gulf countries who can't afford the exorbitant ticket prices of Air-India. Chief Minister Oommen Chandy, who accused the Civil Aviation Ministry of being "insensitive" to the repeated requests of the state government to moderate Air-India ticket costs, said the government was determined to launch its own airline.
— UNI
|
|
FM begins pre-Budget parleys today
New Delhi, January 8 The annual exercise helps the Finance Minister to get a better picture of the ground realities with a view to making the forthcoming Budget more realistic. On Monday, Mr Chidambaram will hold consultations with the captains of industry. Representatives of the three apex chambers will be present at the meetings. While FICCI will be represented by its President Saroj Poddar, the CII will field Mr Y.C. Deveshwar and Assocham will be represented by Anil Agarwal. The other industrialists who will
participate in the consultations include Mukesh Ambani, Ratan Tata, Anil Ambani, Sunil Mittal and Swati Piramal. The prime agenda of the business relates to tax reforms, including reduction in corporate tax from the present level of 30 per cent and elimination of surcharges like education cess as well as doing away with the fringe benefit tax (FBT). Mr Chidambaram would like to know how small and medium industries can be galvanised to make them dynamic actors of the economy. The government has taken a number of steps to revive the small and medium sector, which is a major employment generator. Certain issues relating to the booming stock market are also likely to figure in the meetings with the industry.
— UNI
|
|
A-I inks deal with Boeing on Jan 11
Mumbai, January 8 The agreement will be signed between Air-India Chairman V Thulasidas and President and CEO of Boeing Commercial Airplane Alan Mulally at Air-India office in South Mumbai. The move follows the decision of empowered group of ministers to clear Air-India's proposal of aircraft purchase. Both Air-India and Boeing will also work out details to set up $100 million facility in India for maintenance, repairs and overhaul as part of the deal. Meanwhile,
in a couple of months from now, Air-India cabin crew may need more than just identification cards to board the aircraft — they need to have a lean body. The flag carrier has asked 1,600 cabin crew members to melt down their flab in two months or be grounded. The ultimatum is not just for air hostesses and flight stewards, but pilots too.
Air Deccan
Close on the heels of a fresh order placed to acquire 30 Airbus aircraft, Air Deccan is planning to acquire more turbo-prop aircraft from Avions de Transport Regional (ATR) soon to enhance its regional connectivity maintaining lower fare. The airline would go ahead with the purchase plan in the current year itself to tackle the issue of volatile crude prices, Air Deccan CMD G.R. Gopinath said.
— PTI
|
|
Pak traders eye joint ventures
Ludhiana, January 8 Mr Lashari said bilateral trade could increase to $1 billion from the existing $500 million within the next five years, if trade-boosting measures were properly implemented. "An atmosphere where even a small entrepreneur can freely trade is what the governments of the two nations need to develop," he asserted. He said industry in Pakistan was looking forward to joint ventures between companies of the two countries. He said industries like textile and leather compliment each other and through joint ventures both countries could gain from each other's expertise. However, Mr Lashari opined, for any efforts to be fruitful, it is relaxations in visa measures that is still a requirement. "Businessmen do not get visas easily. Visa facilitation on the border is a must," he maintained.
|
|
SEBI model to protect small investors
Ahmedabad, January 8 Its introduction was being delayed due to some technical aspects. Speaking at the golden jubilee celebrations of a local college here today, he said the new model would not be a blind or mindless copy of the American model or models from other advanced countries, as the Indian stock market scenario was different. In India, small and retail investors have 25 to 35 per cent ownership in a majority of the scrips, compared to the USA, where major investor institutions control the market.
— UNI
|
|
Mallya not to buy Air Sahara
Mumbai, January 8 "Jet may buy Air Sahara and I am not interested," Mallya told reporters here. Kingfisher Airlines had earlier made claim to buy 100 per cent stake in Air Sahara. Valuation of Lucknow-based airline, given by its market adviser DSP Meryll Lynch was between $750 million to $1,000 million. But Mallya's valuation of Air Sahara was $400 million. He was speaking to reporters at the launch party of Kingfisher calendar.
— PTI
|
|
Incentives lure industrial units to Himachal
Shimla, January 8 Over the past three years, new industrial units involving an investment of Rs 15,917 crore have been approved, which is remarkable in view of the fact that the state attracted an investment of just Rs 700 crore before the package was sanctioned. The state government has revamped and streamlined its procedures to facilitate industrial development and set up a state-level single-window clearance and monitoring authority to provide umbrella support to existing and new industrial ventures.
|
|
Ramsons to set up unit at Baddi
New Delhi, January 8 Mr Sunder Belani, a Director of the company, said at the ongoing Apparel Machinery Exposition (AME) at Pragati Maidan today that of the Rs 100 crore turnover comprising 30 per cent export contribution, the company spent about 6-7 per cent on research and development.
— UNI
|
|
Tax Advice
Q. I have following queries:
1.
Can the expenses of treatment of parents be deducted from total income
for rebate? What proof is to be submitted? 2. Will this be included in
the total limit of Rs 1 lakh? 3. What are the best options to invest
for saving income tax? — A.A. Faruqui A.
The answers to your queries are given here under: 1. Section 80DD
of the Income-Tax Act 1961 (the Act) provides that where an assessee
being an individual or an Hindu Undivided Family, who is a resident in
India has during the previous year, incurred any expenditure for the
medical treatment (including nursing), training and rehabilitation of a
dependant being a person with disability, he shall be allowed a
deduction of Rs 50,000 from his gross total income in respect of the
said previous year. If the dependent is a person with a severe
disability, the deduction allowable is Rs 75,000. The term dependent in
case of an individual includes parents of the individual. Accordingly,
in case your parents are suffering from a disability or a severe
disability, the deduction of the aforesaid amount would be allowable
only if a copy of the certificate issued by the medical authority in the
prescribed form and manner is filed along with return of income in
respect of the assessment year for which deduction is claimed. The term
‘disability’ means blindness, low vision, hearing impairment, mental
retardation and mental illness etc. 2. The above deduction is apart
from the deduction allowable under Section 80C of the Act in respect of
contribution to saving schemes or certain other payments provided for in
the said section. 3. You can invest your savings in mutual funds or in
the purchase of equities as dividend from both mutual funds and equities
is exempt from tax. Money transfer Q. I am an NRI and have
ancestral agricultural land in India. Can I remit my money, after
selling it in India (local or to a NRI) to my present NRI account in
India and later transfer it to my present foreign land. Please note that
NRI buyer is ready to pay me in foreign currency. I mean direct to my
account in foreign land and even in India a local resident is also ready
to pay in foreign currency. Can I transfer it from India or please let
me know the safer procedure, without heartening any law please. —
J.S. Paul A. You may refer to the answer given in respect of query
of Col Kahlon, which appeared in these columns on January 2, 2006 with
regard to the remittance of amount outside India. The sale deed of the
property should be executed in India. The consideration will, thus, have
to be in Indian currency. This would be the advisable procedure with
regard to the sale of property in India. Tax refund Q. I am an NRI
having let my property in Punjab to this company on 10 years lease which
expired in November, 2000. I served notice asking them to vacate the
building, but they refused. The case is pending in the high court. Now
they have paid the rent for 55 months in one go, avoiding ejection. The
rent is Rs 10,000 per month and the company has paid the tax to the
taxman on TDS basis for all those months. The lump sum paid to me is the
gross rent interest @ 6 per cent plus the costs as they have paid the
tax. Do I have to pay it again on the lump sum I received from them. I
have already filed the returns with the tax man without this receipt of
rent for the 55 months. Being four co-owners and I being the attorney,
we are not in the tax bracket. Can we claim refund of the tax? —
Khalsa A. The arrears of rent are taxable in the year of receipt as
income from house property in view of the provisions of Section 25AA or
24B of the Act. You will have to file the return of income in the year
of receipt so as to claim the adjustment/refund of tax deducted at
source. Interest on RD a/c Q. Please let me know the rate of
interest accrued every year on recurring deposit account with post
office, which may be shown in my IT return. I was allotted 25 shares of
HLL on 03.08.76 for Rs 325 and 50 shares of Brooke Bond for Rs 650 on
31.05.68. With the issue of bonus shares, I am at present having 500 HLL
shares. Please let me know the tax liability on sale of above HLL shares
— S.D. Uppal A. You will have to check up with the concerned
post office to ascertain the amount of accrued interest credited to your
recurring deposit account. You will also have to obtain a certificate
from post office regarding such accrued interest so as to include the
same in your return of income. The shares held by you seem to be more
than one-year-old. There will be no tax liability in case these shares
are sold through a stock exchange and due securities transactions tax is
paid thereon. Rebate on HBA Q. I have the following queries about
income tax: (i) I am HP Government employee drawing approximately Rs 2
lakh salary per annum. For the F.Y. 2005-06 does the new Section 80C of
income tax include GPF for saving (Net P.P.F.). If yes, then what is the
maximum admissible limit of GPF? (ii) Is the withdrawal from GPF
taxable? If yes, up to what extent? (iii) Is the interest on house
building Advance (HBA) included in the saving of Rs 1 lakh or is it over
and above this limit. — Rattan Chand Thakur A. The
answers to your queries are as under: (i) The provisions of Section 80C
of the Act as amended by the Finance Act 2005 include the contribution
towards G.P.F. There is no separate limit for G.P.F. and this amount is
included in the overall limit of Rs 1 lakh provided for by the said
section. (ii) The withdrawal from GPF is not taxable as yet because
the EET scheme is yet to be introduced. (iii) The interest on house
building advance is allowable as deduction under Section 24 of the Act
against the income from house property. This amount is separately
allowable and is apart from the over all limit of Rs 1 lakh provided for
Section 80C of the Act. IT return Q. I am a senior citizen. I am a
pensioner from Defence and draw Rs 1,08,543 during the financial year
2004-05. As taxable limit for senior citizen has been raised to 1,85,000
at present, no tax was deducted at source by the pension disbursing
authority and hence Form 16 is not being issued. Since my annual
pension is well below the taxable limits, please clarify whether it is
still mandatory for me to file the income tax return, if so with what
supporting documents. I don’t have any other source of income. —
Udham Singh A. There is no requirement to file the income
tax return in case your income is below taxable limit. However, if you
are covered in 1/6 scheme, you are required to file the return of
income. The persons covered under this scheme are those who fulfil
either of the following conditions: (i) is in occupation of an
immovable property exceeding a specified floor area, whether by way of
ownership, tenancy or otherwise, as may be specified by the Board in
this behalf; or (ii) is the owner or the lessee of a motor vehicle
other than a two-wheeled motor vehicle, whether having any detachable
side car having extra wheel attached to such two-wheeled motor vehicle
or not; or (iii) has during the previous year incurred an expenditure
of Rs.50,000/- or more towards consumption of electricity. (iv) has
incurred expenditure for himself or any other person on travel to any
foreign country; or (v) is the holder of a credit card, not being an
"add-on" card, issued by any bank or institution; or
is a
member of a club where entrance fee charged is twenty-five thousand
rupees or more.
|
| 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 | |
Ludhiana, January 8
