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Monday, April 29, 2002, Chandigarh,
India
  
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Enjoy your
vacations economically
Proper
accounting pays in export business
Tax
exemption
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Weakness
to persist
Safety,
hygiene in swimming pools must UBI
business grows
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Enjoy your vacations economically Choosing a destination for your precious vacation is always a little tough, but with increasing competition in the tourism industry, opting for the right package is equally important to give you the true value for your money. To mention a few are the packages being offered for destinations within as well as outside the country. Goa One of the hot favourite destinations, the grandeur of virgin beaches and the serenity of hills can be enjoyed at Goa without shelling out much. Cidade De Goa resort has economy packages specially designed for this season. The Sahara Holiday Plan (from April 1 to October 31) has, for instance, four night five day package from Delhi to Goa and back (per person on twin sharing) for Rs 19,854 which includes air fare on Air Sahara (economy class), accommodation with color TVs, refrigerators, telephone etc, all meals, use of facilities like sauna, gymnasium, tennis court, pool, discount at bar, complimentary baby sitting and also a farewell gift on departure. Mr Piyush Bhatnagar, Senior Sales Executive said, “Goa is one of the most favourite destinations especially for those in the northern part of the country. Between April and October, the business generated from Punjab would be almost Rs 30 lakh a month”. He said, keeping this in view, Cidade De Goa is offering economy packages for the tourists. Taj is offering a three night package for Rs 13,000 (double) including buffet breakfast, meal credits of Rs 3,000 on double occupancy and other facilities. Uttar Pradesh The UP State Tourism Development Corporation gives you the best deal to enjoy the green castles and the cultural heritage of the state at very low prices. Braj Package Tours: a three-day two nights package from Delhi-Agra-Mathura-Delhi is available at Rs 4,400 per person (twin occupancy). This package includes transportation by AC coach, accommodation in AC room, guide or monument fee for Indians, all meals, site seeing at Agra and Mathura. The same day return package is available for Rs 300 per person (on 4 persons) with facilities like transportation, guide fee, meals and evening tea and site seeing at Mathura and Vrindavan. There are Jain Circuit Package Tours where a two days one night package (minimum four persons) is available for Rs 1,225 per head. This tour from Jhansi-Matatila Dam-Deogarh-Jhansi includes all meals and guide fee. The Avadh Package tours, for instance, for Lucknow-Nawabganj Bird Sanctuary-Lucknow, for Rs 120 including transportation, guide and monument entry fee. The corporation is offering a Vindhya Package Tour (from Varanasi ), Buddhist Circuit Package Tours, Bundelkhand Package Tours, Wildlife Tours. Khalsa Panth package tours (five-day four night) from Chandigarh-Lucknow-Kanpur-Jaunpur-Ayodhya- Luckhnow-Chandigarh is available for Rs 3,111 per person (SL coach minimum eight persons) which includes road and train travel, accommodation and guide fee. Hotels are also offering special discounts. Hotel Green Castle, Mussoorie (Uttaranchal) is offering a package of Rs 3,333 per couple for a two night three day stay (January 3 to April 14 and July 16 to December 23) which includes accommodation, meals, bonfire, tambola every evening, free entry to discotheque and health club and various other facilities. Jammu Special discounts on stay in hotels is made available by the J&K Tourism Department. While in ‘A’ category hotels, rates vary between Rs 900 and Rs 4,500 (Hotel Asia, Hotel Jammu Ashok, Hotel Hari Niwas Palace, Hotel KC Residency, in ‘B’ category hotels, rooms are available between Rs 300 and Rs 1,000 (Hotel Mansar, Hotel Premier, Samrat Hotel, Hotel Moti Mahal and others) and in ‘C’category, rooms are available between Rs 100 and Rs 400 per day. In addition to the above categories of hotels, a large number of lodges offer economy accommodation for budget tourists throughout the year the information about which can be obtained from the tourist office. Taj Hotels: From April 1 to September 30 2002, Taj is offering special discounts car rentals, laundry, telephone, games apart from stay packages at special rates. Under its Best of Rajasthan offer, one can have a stay for six nights in Rajasthan for Rs 32,000 which includes transportation, accommodation, site seeing, breakfast and one meal. The best of Karela offer has a five night package (two adults and one child below 12 years) for Rs 27,000 including accommodation, airport or railway station transport and all meals. Taj also has an ayurveda centre at Karela (Calicut) which offers ayurvedic healing - rejuvenation packages as well as special treatment. International destinations International destinations are becoming increasingly popular with the Indians due to economy packages. The most popular destinations being Singapore, Malaysia and Thialand. Various operators are offering package (six night seven days ) between Rs 30,000 and Rs 40,000 that includes airfare, accommodation, breakfast, conveyance etc. Groups packages are also available. For Europe major operators offer packages (fifteen days) between Rs 1,00,000 and Rs 1,20,000. These packages cover places like London, Paris, Italy, Germany, Switzerland, Austria and Netherlands where apart from air fare, visa cost for few countries, sight seeing and accommodation is covered. SOTC, for instance offers an eight day package for Rs 67,000. SOTC offers a package for USA for 12 days for Rs 1.5 lakh. Mr Vinod Sharma, Ekido Holiday Tours said, “The number of tourists going on holiday abroad has increased by at least five times in three to four years. Today the share of domestic market we have is only 20 per cent and the rest is outbound. Of this, corporates capture major share”.
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Proper accounting pays in export business
LUDHIANA: The practice of kaccha billing — without showing sale and purchase in proper account books — to evade taxes, has badly affected most of knitting garment units, however, my non-compromising attitude in this regard, has helped me enter in export business and reap rich dividends, says Mr Ajit Lakra, MD, Superfine Knitters Ltd., a manufacturer and exporter of hosiery knitted fabrics and garments. A postgraduate in Chemistry from Panjab University, Chandigarh, Mr Ajit Lakra, ( 51), claims,‘‘ I firmly believe in the business of proper accounting. It has assisted me to become a supplier of knitted fabrics and garments for big international brands. I had started with a bank loan of Rs 50,000 in 1980, and within two decades, the annual turnover of the company has reached Rs 20 crore.’’ Sharing his experiences, he says: How I started After doing MSc in Chemistry in 1972, I started my career as a bank clerk. Since it did not inspire me so I left the job within few months. For the next four years, I worked as a sales representative with the Voltas’ agro-processing division and other companies. It was a great time of learning and getting experience in marketing, dealing with agents, customers and superiors. I learnt a lot, which is contributing to my progress even today. I always used to dream of starting my own business as ours was a business family. So in 1976, I joined family business of steel trading and bicycle manufacturing. Beginning of career In 1980, I decided to set up my own independent fabric knitting unit, by taking a loan of Rs 50,000 from the Central Bank of India. Unlike others, I did not face any problem in taking the loan. Perhaps, the bank officials were convinced by my project’s economic viability. I started my work with just four machines and five workers, but with my professional and down to earth approach, I was soon able to make a mark in the local knitting industry. Major achievements My major breakthrough came in1993, when I was able to convince the officials of the Orient Craft Ltd., an export house, to accept our supplies. Before submitting the samples, I minutely studied the quality of products of the company, ethics and requirements. It helped me prepare my case. Today, we are supplying 40 per cent of export products to that company. I am supplying all types of knitted fabrics and garments to major brands like Wills Sports, Buddy Davis, Mudra and exporting to Canada, France and Germany. The authorised capital of the company is Rs 5 crore and annual turnover is around Rs 20 crore. Future plans I am also working as a president of the Ludhiana Knitters Association, where I am trying to inculcate a spirit among fellow members to do genuine business, without tampering with the financial records. They would have to understand that in the international market, there is no space for ‘ lower quality products and improper accounting systems.’ At my personal level, I want to expand our business and the goal is to become one of the finest knitted fabric and garment producers in the region.
(As told to Manoj Kumar)
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by R.N. Lakhotia Tax exemption Q:
(i) My younger brother who is mentally retarded is wholly dependent on me. How much exemption can be got regarding income-tax. Is certificate necessary regarding mental retardation? If not, please clarify the point and the procedure. (ii) I am paying Rs 1600 p.m. as instalment of house loan sanctioned to me in 1990. How much exemption can be claimed? — B.S. Nagra, Sagran Ans: As per Section 80DD deduction in respect of maintenance including medical treatment of handicapped dependent is available to you. The amount of deduction is Rs 40,000. Mental retardation would be considered as eligible for tax deduction in the above section. Please refer to the provisions contained in Rule 11A of Income-tax Rules for the purpose of above section. The disability of your child is also to be certified by a physician, etc. working in a Government Hospital. Copy of such certificate should be enclosed with your income-tax return. The instalment paid by you of the Housing Loan would be eligible for tax rebate u/s 88 of the Income-tax Act, 1961. Loan repayment Q: I have taken a loan against P.F. for payment of instalment to PUDA for allotment of plot for house. Please let me know that the repayment of instalment of above loan and interest thereon is exempted from Income-tax and to which extent. — Manjit Singh, Mohali Ans: The interest paid by you on the loan amount will be allowed deduction u/s 24 of the Income-Tax Act, 1961. Repayment of the instalment amount paid to P.F. will not be eligible for tax rebate as the same is not eligible entity from whom the loan can be taken and repaid. Bank fixed deposits Q: Subsequent on my husband death, I got the share from my in-laws with struggle, they made fixed deposits in the banks in the name of my minor sons. The deposits were made in the interest of minors for the period upto attaining majority. Now from the year 2001-2002 the interest accrued in these FDRs is taxable in my return since I have no other source of income except by stitching to the tune of Rs 18000-20000. — Rashmi Goyal, Rampura-Mann Ans: The income from bank fixed deposit in respect of your minor children will be added to your income. You will, therefore, be eligible to claim tax rebate on the investment made by you. The investment in PF/Insurance can be made exclusively in your name or even in the name of your minor children. In both situations you will be eligible to receive the benefit of tax rebate u/s 88. |
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by Lalit Batra Weakness to persist The market remained subdued for yet another week—last—week amid a spate of negative news. Weakness in the USA markets and more communal violence in Gujarat, led to nervousness at the bourses. For the week, however, the Sensex ended with a slight gain of 7.30 points to 3,371.70 compared to the earlier week’s close of 3, 364.40. On the NSE, the S&P CNX Nifty ended with a loss of 2.90 points at 1,097.40. The concerns over the impending rollback of some budgetary measures also affected the bourses at this showed the government’s lack of conviction in carrying out its policies. Giving in to political pressure, Finance Minister Yashwant Sinha on Friday rolled back some of the proposals announced in the Budget for 2002-03. The rollback follows voicing of concerns by a cross-section of politicians, including some BJP leaders, over the cut in the interest rate of small savings and withdrawal of some tax saving concessions, several of which have been ill received by the middle class (a vote bank of the party). The clouds of political
stalemate over the removal of Gujarat Chief Minister Narendra Modi in a BJP-ruled state also hovered over the bourses last week. All eyes are now focussed on the crucial vote in Parliament over the Gujarat issue that is slated for April 30.
Glaxo-SmithKline Pharma On Friday, MNC pharma major GlaxoSmithKline Pharmaceuticals (GSK) unveiled its first quarter results that beat market expectations. For this quarter, ended March 31, 2002, GSK registered a 49.2 per cent rise in net profit to Rs 22.79 crore compared to Rs 15.3 crore a year ago. Analysts had predicted that GSK would post 24 per cent to 42 per cent rise to Rs 19 — 21.7 crore. Net sales also beat market expectations. GSK posted a 10.5 per cent rise in net sales to Rs 271.33 crore (Rs 245.6 crore). GSK shares gained 2.5 per cent for the week to settle at Rs 424.85. Long-term investors can accumulate the stock on declines.
Little buying The market ended in a positive territory on Friday as ITC, Infosys and RIL pulled up the Sensex on the back of a corrective bounce. Select cement and pharma stocks could see some buying interest at lower levels. Bank stocks may exhibit volatility ahead of the announcement of the credit policy on Monday. The Sensex ended the week above the 3350 level and may remain in the 3350-3390 trading range, or even see a fall. In case of a fall the index could find support in the 3290-3310 range. The rollback of some of the proposals in the Union Budget for 2002-03 by the government on Friday may be taken as a negative development by investors, especially of foreign institutions. The market has been slipping of late. Barring some stock-specific activity, which, in some cases, is due to bargain hunting, no significant buying is taking place. Investors have adopted a wait-and-watch policy. Political uncertainty at the Centre over the Gujarat tangle has affected the sentiment. The market may remain weak this week. The second batch of corporate results is crucial. Usually, bad results are announced later and the market is eagerly awaiting them. The first batch of results only showed a mixed trend. Investors are eagerly awaiting the Credit Policy which will be announced by the RBI on Monday, and they have a lot of expectations from it. |
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by Pushpa Girimaji Safety, hygiene in swimming pools must Running a swimming pool and offering swimming lessons is big business today not just in metros, but even in small towns and cities. And come summer holidays and all those with swimming facilities — from five star hotels to civic authorities, posh clubs to educational institutions — use the opportunity to do brisk business, offering swimming lessons for a fee. Such courses are certainly welcome as they provide an opportunity to learn swimming and enjoy the cool waters of the pool during the hot summer months. However, what’s disturbing is the pool-related accidents that are reported in newspapers, indicating that not all pools pay heed to two most essential aspects of any swimming pool: hygiene and fool-proof safety measures. Since poor or inadequate safety measures constitute deficiency in the service rendered by those running the pools, cases of tragic accidents caused by negligent service have come up before consumer courts too. Take the case of Sanjeev, son of Mr S.A. Patil, that came up before the National Consumer Disputes Redressal Commission in September last year. Sanjeev was taking a course in swimming offered by the Belgaum Aquatic Club and on a fateful day in 1992, he went into the pool and never came up. The safety measures in place at the pool were obviously so poor that this was not even noticed. So much so that when Sanjeev’s distraught parents went to the swimming pool in search of him, they were informed that Sanjeev had left after the swimming lessons. The parents then lodged a police complaint and it was only later that the boy’s body was taken out of the swimming pool. Holding the Aquatic Club as well as the Corporation of the city of Belgaum, whose pool was used by the Club for conducting the classes responsible for the death of Sanjeev, the District Forum awarded the parents Rs 2.5 lakh as compensation. The Karnataka State Commission dismissed the appeal by the Corporation on grounds of undue delay in filing it. The National Commission too dismissed it. (RP No 1379 of 2001) This case brings to mind another equally tragic case of young Kedar Dole, who drowned in a swimming pool in Pune while taking swimming lessons. The consumer court in this case held the Shikshan Prasarak Mandali, which offered coaching classes in swimming, guilty of negligence on several counts: (a) no life saving mechanism was available at the pool site to deal with accidents (b) there was no net or partition in the pool to prevent learners from entering the deep side of the pool, ( c) the coach left Kedar unattended at the pool and the life guards were also not attentive. (d) Even after it was discovered that Kedar was missing, precious time was lost in searching for him in the bathroom and elsewhere instead of in the pool (e) After Kedar was picked up from the bottom of the pool, the instructor wasted precious time taking him to a room nearby for first aid. He should have tried to revive him on the side of the pool itself. The courts awarded the parents Rs 1.5 lakh as compensation. Besides the design and construction of the pool and the maintenance of standards of hygiene, all swimming pools should provide for certain basic safety provisions to deal with accidents. Depending on the size of the pool and the number of people who swim, for example, there should be adequate number of fully trained life guards at all times (when the pool is open.). Where swimming classes are held, the instructors should be adequately qualified not only to teach, but also to handle emergencies. And it is absolutely essential to maintain a record of those who have gone into the pool, the time at which they entered the pool and the time at which they came out. Adequate emergency medical provisions are also a must. Similarly, there should be proper arrangements to take a swimmer in distress to the nearest hospital without any delay. In order to ensure that, the pool authorities should be aware of the nearest hospital and whether it has an ambulance service and if so, the time taken for it to reach the pool and then to reach the hospital. The pool side should always have a telephone in proper working order, besides all emergency telephone numbers. All these measures do not require large investment, but only careful planning and execution. And they can well save previous lives. It’s time civic authorities came up with more detailed and stringent standards of safety for swimming pools and enforced them strictly. Those who use the pools also have a role to play in demanding better safety norms. Three years ago, following the death of a 12-year old boy in a swimming pool in South Delhi, the newspapers reported that the pool did not even have the required licence from the civic authorities or the police. So as you take a dip in a swimming pool or send your children to a pool, make sure that the pool authorities have paid heed to two most essential aspects of any swimming pool: hygiene and safety. |
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UBI business grows
Chandigarh, April 28 |
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LUDHIANA:
The practice of kaccha billing — without showing sale and purchase
in proper account books — to evade taxes, has badly affected most of
knitting garment units, however, my non-compromising attitude in this
regard, has helped me enter in export business and reap rich dividends,
says Mr Ajit Lakra, MD, Superfine Knitters Ltd., a manufacturer and
exporter of hosiery knitted fabrics and garments.
