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Gold, silver rebound on firm global cues
Jet Airways kicks off fare war with low-cost tickets
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Investor guidance
Coal India Q1 net falls 16.5%
FM seeks support on insurance, pension Bills
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Gold, silver rebound on firm global cues
New Delhi, August 3 After falling Rs 850 in last two sessions, gold surged by Rs 450 to Rs 28,800 per 10 grams. Silver rose by Rs 1,000 to Rs 42,100 per kg, reducing two days losses of Rs 1,160 on emergence of buying by industrial units and coin makers. Buying frenzy
Traders said emergence of buying by stockists at existing lower levels amid a firm global trend mainly led a recovery in both the precious metals. Gold in New York, which normally sets the price trend on the domestic front, rose by $4.6 to $1,313.50 an ounce and silver by 1.32 per cent to $19.89 an ounce. In the national capital, gold of 99.9 and 99.5 per cent purity shot up by Rs 450 each to Rs 28,800 and Rs 28,600 per 10 grams, respectively. Sovereigns held steady at Rs 24,400 per piece of eight grams in limited deals. In a similar fashion, silver ready staged a comeback by surging Rs 1,000 to Rs 42,100 per kg and weekly-based delivery by Rs 1,050 to Rs 41,950
per kg. Silver coins jumped up by Rs 1,000 to Rs 81,000 for buying and Rs 82,000 for selling of 100 pieces.
— PTI |
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Jet Airways kicks off fare war with low-cost tickets
Mumbai, August 3 As per the scheme unveiled today, fares on the sectors of less than 750 km, like Mumbai - Ahmedabad, will be priced at Rs 1,777 and for between 750-1,000 km it will be priced at Rs 2,777. One-way economy fares beyond 1000 km will be Rs 3,777. The airline said the fares would be inclusive of fuel surcharge. According to sources in the travel trade, Jet's special week-long sale of low-fare tickets has made it cheaper than some of the no-frills airlines operating in the country. Jet's price war comes at a time when several airlines have already reduced spot fares during the August-October lean season. Despite aviation fuel getting more expensive because of the falling rupee, the airlines have been slashing spot fares of the past several weeks. For instance, fares on the Mumbai-Delhi sector, for Monday, purchased online is as low as Rs 4,850. "Usually passengers booking tickets at the last minute have to pay more, but this year airlines have slashed fares here as well," says Kevin Monteiro, a travel agent. The sources said both Air India and Jet began offering undeclared discounts over the past few weeks to take on the low-fare carriers. Now, Jet has come out openly with low fares, travel agents expect the price war to come out in the open. Tickets starting at
Rs 1,777
Fares on the sectors of less than 750 km, such as Mumbai – Ahmedabad, will be priced at
Rs 1,777 and for between 750-1,000 km it will be priced at Rs 2,777. One-way economy fares beyond 1000 km will be
Rs 3,777. |
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Pension given to freedom fighters is tax-free
A. N. Shanbhag
— Varia Under Section 10(17A) of the Act, the pension given to freedom fighters is tax-free. The pension passed on to the spouse (widow or widower) of a freedom fighter is also tax-free.The fixed deposit belongs to the first named depositor (if adult) and the interest is taxable in the hands of the first named depositor. If the depositors are an association of persons (AOP), the interest is taxable in the hands of the AOP. * * * * * Q: I am an NRI holding a green card and working in the USA. My family has a property in India that was bequeathed by my father to my son, who is 28-year-old and working in the US. We have rented out this property and getting Rs 75,000 per month as rent. My son and I hold a joint NRO account where this rental income is being deposited. So far, I haven’t filed any tax. Explain the necessary steps to follow the procedures and guidelines? — Danial Income tax (and consequently the obligation to file a tax return) in India comes into the picture if one’s taxable income is more than Rs 200,000. Therefore, it is surprising that you haven’t filed the return in respect of the rental income. Since the house is in the name of your son, it is he who should be filing the return. It would be advisable to regularise this as soon as possible. It is not clear from your query as to how long have you been receiving the rent. However, note that a tax return can only be filed for a maximum of two years in the past. Even so, if you owe any back dated taxes (over and above for the past two years), it would be advisable to pay the same and keep the records (tax payment challans as they are called in India) of taxes paid which can then be produced upon the same being asked for by the tax authority.
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Coal India Q1 net falls 16.5%
New Delhi, August 3 The company had registered a net profit of Rs 4,469 crore in the corresponding period of the last fiscal, CIL said. Net sales reduced to Rs 16,472.42 crore in the first quarter of the current fiscal as against Rs 16,500.59 crore in the corresponding period of previous fiscal. Total expenses in the April-June quarter increased by 6.28% to Rs 12,990 crore, against Rs 12,221 crore in the corresponding period of 2012-13, it said. The company's contractual expenses went up to Rs 1,484 crore, its employee benefit expenses in the quarter under review increased to Rs 6,812.79 crore. CIL’s production during the quarter remained almost flat at 102.8 million
tonnes. — PTI |
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FM seeks support on insurance, pension Bills
New Delhi, August 3 The FM had a discussion with BJP leaders Sushma Swaraj, Arun Jaitley and Yashwant Sinha on the financial Bills that have been listed for consideration during the session. The BJP leaders agreed to support routine and necessary financial business but indicated that the party will continue to oppose further opening of the insurance and pension sectors to foreign direct investment . In the insurance sector, the government proposes to increase the FDI cap to 49 per cent from 26 per cent, which the BJP opposes.
— PTI |
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New Delhi, August 3
Flush with its deal with Etihad, Jet Airways has begun another fare war over the Indian skies by sharply slashing fares on all major routes with effect from today.
The airline said it would be selling 7,00,000 low-priced domestic air tickets till August 9. According to Jet, passengers booking tickets now will be able to fly from August 10 onwards.
Q: My mother is getting a pension, given to the spouse of late freedom fighters, from the State of Karnataka. Is the pension taxable or not? In case of a joint bank deposit, is the interest apportioned to all depositors or only to first named depositor?
