The Tribune, Chandigarh, India

	Good news for unorganised sector Jangipur (WB), September 26 Union Finance Minister Pranab Mukherjee today launched a new pension scheme for workers in the unorganised sector who do not have access to the social security net. “I launched the scheme today to coincide with the 78th birthday of Prime Minister Manmohan Singh. This scheme will help those who are not covered under any social security scheme," Mukherjee said after unveiling the programme at a function here in Murshidabad district. Under the scheme named 'Swabalamban', the subscribers would get Rs 1,000 from the government each year for a subscription amount of Rs 12,000 per year. The particular scheme would remain valid for this financial year and for the next three consecutive fiscals. The Finance Minister had already allocated Rs 100 crore for this scheme in the Budget for 2010-11. The scheme will be managed by the Pension Fund Regulatory and Development Authority of India (PFRDA). Mukherjee said that 87 per cent of the country's workforce would benefit from the 'Swabalamban' scheme. According to the scheme, a subscriber can enter it at the age of 18 years and will be eligible for pension after attaining 60 years. On attaining 60 years, the pensioner can withdraw 60 per cent of his contribution while the balance 40 per cent will be given as a monthly annuity by LIC. LIC has been appointed as one of the many aggregators who will collect subscription amounts from subscribers. Mukherjee said while announcing the scheme in the Budget, he had asked state governments to join the programme so that the pensioners could benefit by getting a higher pension amount. “However, only two states - Haryana and Karnataka - have responded to the scheme," he said. — PTI
	Ambani truce just a pause, not end of story: New book New Delhi, September 26 The truce between the wrangling billionaire Ambani brothers is merely a “pause” and not the end of the story, says a new book on them. The siblings’ declaration in May this year of working for a harmonious environment was partly due to two influences - Prime Minister Manmohan Singh and mother Kokilaben, who implemented the division of the multi-billion dollar Reliance empire in 2005, the author Hamish McDonald has written in the new book ‘Ambani and Sons’. Terming the two brothers as “real life slumdog billionaires”, McDonald notes that the continuing story of Mukesh and Anil was “unlikely to become dull” According to the author, it is not the end of the Ambani story - “merely a pause”. His previous book ‘Polyester Prince’, published in 1998 and focussed mostly on Ambani family patriarch Dhirubhai Ambani, generated a lot of controversy and could never be released in India after Ambani group moved court against its publication here. However, the new book, which takes forward the story of Ambani family and talks about the feud between the two Ambani brothers Mukesh and Anil as also their recent truce, has managed to get published in India. The book says two influences, that is Prime Minister's Office and Kokilaben, were partly responsible for the joint statement that spoke about striving for an environment of harmony, co-operation and collaboration. “One was the office of the Prime Minister Manmohan Singh, which had been urging the brothers to stop their public fighting in the overall interests of India. “The other was Kokilaben, who was undoubtedly anguished by the continuing rift in her family and the unfavourable attention it was bringing,” the book points out. As per the book, even without these influences, “commercial realism would have impelled the modification of the family agreement and the pledge of cooperation”. In the new book, the author opines that the master agreement for the sale of gas from Mukesh's offshore field to younger Anil's power plant at Dadri seemed more like a “truce, a reaching for a modus vivendi, than a firm peace, let along a rebuilt alliance". “The sniping had stopped, but the signs of active collaboration were yet to come," he writes in the book that has come within months of the two group announcing a truce. The author says Mukesh and Anil showed a hungry ambition, more often found in a first generation entrepreneur, perhaps because they had been involved from very young ages in their father Dhirubhai Ambani's business life. — PTI
	Hyundai to launch two cars this year Ruchika M. Khanna/ TNS Chandigarh, September 26 Hyundai Motors India Limited (HMIL) will be launching two cars within the next one year. With an aim to make their presence in all segments, the Korean car maker will be launching a small car, H 800, next year and a Sports Utility Vehicle (SUV), Santa Fe, next month. Talking to The Tribune on the sidelines of the launch of their upgraded best seller, Next Gen i10, here last night, YK Koo, senior director, HMIL, said in order to keep up with the growth in the automobile sector, HMIL, was keen on making its presence felt across all car segments. “Our globally recognized SUV, Santa Fe, will be launched in India next month. This will be imported from Korea and then sold in India,” he said. Koo said they were also in the final stages for launching their people’s car, H 800 early next year. This car will have a 800 cc engine and will compete against Maruti Alto and the upcoming 800 cc Chevrolet Spark. The car is currently being tested for its road worthiness for the Indian roads and fuel efficiency. “This car is being launched for the lower income group in urban and semi urban areas and rural customers,” he added. The company’s senior director said that their game plan for now was to launch new models and upgrade the existing ones. “We will shortly launch an improved version of i20. We will also be launching the LPG variant in i10 next year, as part of our strategy to bring in new products in India each year. However, we have not decided anything about the launch of our hi-end hatch back, i30, here,” said Koo.
	Tax Advice Now, deduction under Sec 80(U) is Rs 75,000 by SC Vasudeva Q I am physically handicapped with 54 per cent disability. I get rebate of Rs 50,000 under Section 80(U). Kindly let me know whether this rebate has been revised and if not, what is its limit? — KK Sanon A The deduction allowable under Section 80(U) has been increased to Rs 75,000 in case of a person who is certified by the medical authority to be a person with a disability. The increased deduction is allowable for the assessment year 2010-11 and onwards. Certificate on FDRs Q This is with reference to my query in the Tribune dated August 2. Is it necessary to get interest certificate from the bank on FDRs when maturity amount does not exceed Rs 10,000 (hence does not attract TDS) and the whole maturity amount is taken in the return? — KK Sanon A A certificate from the bank would be required for the purposes of filing your return. The income declared in the return has to be evidenced by a document that you must obtain from the bank. The assessing officer has a right to ask for such evidence and it will have to be produced in case your return of income is selected for scrutiny. Tax liability of LTC Q In a query dated August 2 regarding tax liability of LTC, Dr Suman has erred in mentioning the sum of Rs 20,000 on LTC. Punjab Government pensioners are allowed travel concession (TC) not LTC (leave travel concession) equal to a month's basic pension after every two years as per para 9 of the Punjab Govt letter no 1/15/89-IFPIII/8078 dated August 31, 1989. There is no obligation on them to submit accounts of expenses incurred on travel nor there is reimbursement of expenditure incurred. The amount of TC is credited to the pension account on the due date by the pension disbursing authority. Kindly correct me if I am wrong. — Gurnam Singh A Section 10(5) of the Income-tax Act, 1961, dealing with the income which do not form part of the total income provides that in case of an individual, the value of any travel concession or assistance received by or due to him from his employer or former employer for himself and his family in connection with the proceeding to any place in India after retirement of his service or after termination of service shall not form part of the total income subject to such conditions as may be prescribed. One of the conditions prescribed in Rule 2B of the Income-tax Rules, 1962, states that the exemption is admissible in respect of actual expenditure incurred for journeys performed not only by the assessee but also for family. Therefore, in case the expenditure is not actually incurred by a former employee , the amount so received would become part of the total income of such former employee. In case the amount is credited to pension account without any proof as to the incurrence of the expenditure of the nature referred to hereinabove, the amount so received would be taxable. Tax exemption Q My date of birth is April 1, 1946. Please advise from which financial year/assessment year I am entitled to claim tax exemption allowed for senior citizens as per the I-T Act and under which Rule(s)? — SS Aulakh A You will be 65 years of age on April 1, 2011, and therefore would be able to claim the status of a senior citizen for financial year 2011-2012. You would, thus, be entitled to claim the exemption for a higher limit applicable to a senior citizen for financial year 2011-12.
	Market Update FII buying push indices near all-time high by Lalit Batra Markets continues to gain ground on hectic buying by the Foreign Institutional Investors (FIIs). The key benchmark indice close above psychological levels last week as foreign investors bet on robust economic growth in India. The Sensex crossed psychological crucial 20,000 mark and the Nifty crossed 6000. The Sensex jumped 450 points last week and closed the week at 20045 where as the Nifty gained 133 points to close the last week at 6018. The FIIs have bought equities close to Rs 30,000 crore in the last two months. This is more than 80 per cent (total of Rs 37,000 crore) of funds that have been pumped in this calendar year. At a mid-term monetary policy review, the RBI on September 16 raised repo rate by a quarter points to 6 per cent. The Central bank also hiked the reverse repo rate by half a point to 5 per cent. Both these changes took place with immediate effect. Going forward, activity of institutional investors is likely to determine the future trend in the market . The investor may also keep an eye on the outcome of highly sensitive Ram Mandir-Babri Masjid verdict from the Allahabad High Court. The top court will hear an appeal for a stay on the verdict in the 60-year-old case on September 28. Since the rally has been led more by liquidity pumped in by the FIIs rather than fundamentals, it would be wise for the retail investor to remain cautions and ensure profit booking at each rise. Historically, as well, October is not a good month for global equities. VA Tech Wabag Ltd VA Tech Wabag (VA Tech) is a multinational player in the water treatment industry. It offers complete life cycle solution from conceptualisation, design, engineering, procurement, supply, installation, construction to operation and maintenance (O&M) services. Further, it has a presence in entire value chain of the water treatment.