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RBI panel for
closure of SFCs Move to resume
land from industrialists Delhi HC
restrains Atlas rival Market hot for
central ACs |
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Enjoy best of Goa
in 5-star luxury HEG contract Notice to Liberty
on defective shoes
Tax on dividend depends on
declaration date
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RBI panel for closure of SFCs
Mumbai, May 30 Barring four, the 14 SFCs in different states have hugely negative capital adequacy ratio and very high level of non-performing assets averaging 64 per cent, with the highest being at 99 per cent and the lowest at 38 per cent, RBI working group, headed by Mr N. Sadasivan, said in its report. The financial health of SFCs has irretrievably deteriorated, they have outlived their utility in the present context and should be phased out within a definite timeframe, it said. SFCs were set up to meet financial needs of small-and-medium size units. However, even after their long existence they have remained largely “single product” provider extending term loans assistance to SSIs, it said. The credit gap, if any, created by the exit of the SFCs from the market could be filled by banks. SFCs should be regulated by Small Industries Development Bank of India (SIDBI) in interim during the phasing out time, it added. There is lack of corporate culture and excessive centralisation of decision-making process, it said adding, SFCs are highly bureaucratic organisations with high transaction costs and very poor appraisal skills. The state governments are majority owners with powers to give policy directions to the SFCs. Such combination of policy-making and regulatory functions results in creation of monolithic organisations leading to undesirable consequences, the report added.
— PTI
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Move to resume land from industrialists Kumarhatti, May 30 Inquiries showed that a major portion of land allocated to top three big industries long time ago was being used for gardening purpose rather to make optimum use of land for industrial activities. Out of around 140 bigha that had been allocated to three firms, only 25 per cent had been covered for industrial purpose while the rest were being used for park, informed sources in the Industries Department revealed. The considerable portion of the industry land was lying idle that was either encroached by slum dwellers or serving the parking purpose for trucks. Around 30 bigha earmarked for the industry was lying unused due to non-utilisation of industry plots. Moreover, construction norms of the department had further added to problem for industrialists. According to the present norms, around 40 per cent of the floor area
had to be left before starting the construction. Around 90 per cent of the floor area should be allowed to cover for construction of building, opined Industry Department officials. Moreover, lack of publicity and availability of master plans of the department describing the land classification often put industrialists in peculiar situation.
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Delhi HC restrains Atlas rival New Delhi, May 30 Granting interim stay on the use of Salta trademark by the APPL, Justice Mukundakam Sharma said the Atlas Cycles (Haryana) Ltd (ACHL) has made a “prima facie” case for grant of such a relief at this stage. The two companies had been engaged in a legal battle on the trademark issue over the past few years. The Court said that APPL, its servants, distributors, stockists and all others acting on the company’s behalf, were restrained from using the word Salta or any other mark or name which could said to be “deceptively or confusingly” similar to the trademark Atlas. However, the Court posted the application of ACHL for final arguments on July 8. ACHL has filed a suit against their rival APPL alleging that the Salta trademark was being used by the rival company to confuse its consumers because it contains the same letters of alphabet as used in Atlas when read in the reverse order. APPL’s counsel, however, told the Court that its client had applied for the registration under the trademark, Salta. But the Court was informed that it has not been granted to the company by the competent authorities so far. The ACHL counsel said that Atlas has been a trusted name in the cycle industry and the use of deceptively identical trademark would affect its goodwill and reputation.
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Market hot for central ACs New Delhi, May 30 The manufacturers say that commercial air-conditioning industry has come of age. It is now growing at a fast pace of over 20 per cent annually. However, in comparison to China, Indian market was very small. There, they say, annual demand for air-conditioners has already crossed one million mark. Mr N.Sivasankaran, Vice President, Corporate Communications and Marketing, Blue Star Limited, says,” unlike room air-conditioners (ACs), demand for central air-conditioners is growing at a much faster rate due to boom in the entertainment, retail and hotel industry.” The lowering of duty on imported parts, increasing volumes and efficiency in the industry have brought down the cost of air-conditioning by 20-30 per cent in recent years. Despite increase in steel, copper and other raw material costs, the manufacturers are still holding on the price due to intense competition. According to a senior marketing official of the Voltas, “the growth rate in the value of central air-conditioning market is likely to surpass room air conditioners due to lower recurring and maintenance costs for central air-conditioners. The initial cost for a central AC unit may be high but consumes much lower power as compared to individual air-conditioning,” he said.
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Enjoy best of Goa in 5-star luxury Goa, May 30 No wonder all flights are booked and trains choc-a-block, with Goa-bound tourists from Punjab, Chandigarh, Delhi, Uttaranchal and Uttar Pradesh forming a major chunk. It seems the gap between the October-to-March 'tourist rush season' and the lean summer and monsoon period is fast diminishing. Plus, the heavily discounted package deals offered by the airlines as well as five-star hotels tempt even the not-so-keen ones to go for it and experience what a certain neighbour had been raving about for the past one year. For those wanting to bask in the lap of luxury, there is probably no better place to check into than the Taj properties. A visit to each of their three leisure hotels (Fort Aguada, Taj Village and Taj Exotica) earlier this week showed why the Goa Taj hotels have been bagging the most prestigious awards in the hospitality and service industry. And they have renovated and refurbished the rooms to give a judicious blend of the quaint old Portuguese style and rich modern style. Just surrender yourself to them and feel your holiday fly past in a jiffy. You will sink into a world full of relaxing revelry and it’s only on return home that you realise that you did not miss your friends and foes even once. All this is made possible by the exhilarating mix of exotic cuisine, heady wines, flaming sunsets, refreshing monsoon, serenading musicians, invigorating adventure sports, romantic river cruises, green golf courses, world class spas and rejuvenating herbal massages. A host of fun activities for the children and an abundance of serenity and tranquility along the golden shores for the grandparents make the package a complete family destination. Fort Aguada Beach Resort is sculpted magnificently into the sprawling hillside and the ramparts of a 16th century fort. The elegant, classical style hotel lets you throw open your window and your soul to the most stunning verdant green view that stretches out to the broad sweep of the calangute beach and the Arabian Sea shimmering sapphire down to the horizon. After sinking comfortably into a tall drink at the Martini Bar, you can lounge at the paved sun terraces. And, maybe, knead your muscles into a delicious pleasure with a long, blissful ayurvedic massage at the new Spa Aguada offering aromatherapy massages, wet treatments and skin/hair care. Or, work up an appetite at the freshwater pool or the state-of-the-art gym. The Hermitage Suites in this de luxe resort are so stunning that they tempt you to keep the ‘Do not Disturb’ sign in place. The Taj Holiday Village is styled to resemble a Portuguese rustic, yet opulent, ambience. The best resort in Goa, the Taj Exotica, is set on 56 acres. Of this, 45 acres have been exquisitely landscaped with an expanse of manicured lawns and striking fauna and flora alongside a clear 8-m stretch of white sands on the palm-fringed Benaulim Beach. No wonder the Portuguese did not want to leave it.
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HEG contract Bhopal, May 30 This was announced at a press conference here by HEG CEO and Executive Director, Mr Ramesh C. Surana. The agreement was signed by Mr Surana and NISCO’s Managing Director Ahmed-Ali Harati-Nik.
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Notice to Liberty on defective shoes
New Delhi, May 30 Shalimar Bagh Consumer Dispute Redressal Forum has asked the Karnal-based company to reply to the charges by June 24. Mr S.S. Mittal, a resident of Rohini in North West Delhi, has alleged that despite promising to replace a pair of defective shoes, an outlet in Shalimar Bagh had been delaying the matter on one pretext or the other since January this year.
— UNI
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by S.C. Vasudeva
Tax on dividend depends on declaration date
Q
I have following queries to be answered: (1) What is the index number for the financial year 2004-05. It was 463 in F.Y. 2003-04. (2) Apart from the interim dividend, is the final dividend declared by banks/companies in F.Y. 2004-2005 and also paid in 2004-05, for the F.Y. 2003-04 to be counted in as income from dividends for the F.Y. 2003-04? Or should it be for F.Y. 2004-05. (3) Do bank shares also attract capital gains tax exemption for the shares purchased after March 1, 2003, and held for more than one year from BSE 500 and IPO’s or are only companies shares exempted for the said Act? Gora Lal Gargi
A
(1) The cost inflation index for 2004-05 has not been notified so far. (2) The dividend is taxed on the basis of the date of declaration. The dividend declared during the year April 2003 to March 2004 is not taxable for the assessment year 2004-05 in view of exemption contained in Section 10(33) of the Income Tax Act 1961 (The Act). (3) The exemption is allowed in respect to any income arising from the transfer of a long term capital asset being an eligible equity share of any company purchased on or after first day of March 2003 and before the first day of March 2004 and held for a period of 12 months or more. An eligible equity share has been defined in the Act to be an equity share in a company being a constituent of BSE-500 Index of the Stock Exchange, Mumbai as on the first day of March 2003. Public sector banks in India are assessed as companies and IPOs are floated on the similar lines as are floated by other companies since all conditions for the issue of shares to public as laid down by SEBI are applicable to such issues. In my opinion therefore, the share issued by banks if they from a part of BSE 500 Index should qualify for the exemption.
Property tax Q
I want to know whether I have to pay both capital gains tax as well as the income tax on the amount of a property sold for Rs 1,98,000 in the F.Y. 2003-04. The property was earlier purchased by me for Rs 65,000 in 1990. What amount under the head ‘Capital Gains’ will be added to my total income for computing the income tax for the assessment year 2003-04. Secondly, I also want to know whether the rental income from the property of HUF in the previous years which has been used as personal expenditure by one member after the death of Karta, can now be claimed by another member? Amit Paruthi
A. The capital gains tax is a part of the Income Tax Act, 1961, and such tax is chargeable on the transfer of a short-term or long-term capital asset. There is no separate income tax liability in respect of such transfers. In your case, if the property was purchased in the financial year 1990-91, the capital gains would work out as under: Cost of property in financial year 1990-91: Rs. 65,000. Cost inflation index applicable for financial year 1990-91: 182. Indexed cost (463/182x65,000): Rs. 1,65,357. Sale price: Rs. 1,98,000. Capital Gains: Rs. 32,643. Since the capital gains is below the minimum taxable limit of Rs. 50,000, no tax would be payable on the above amount. Your second question is not clear, as the question does not specify the nature of claim made by another members.
House loan Q
I am a teacher and I had taken a house building loan for the department. I had paid up to Sep 2001, the instalments of principle amount. After that I am going to pay the instalments of interest. In the education department, the principle is paid first followed by interest. Am I eligible for tax rebate? Satwinder, A. The interest paid on loan taken for the construction of the house in allowable as deduction against income from house property. You can therefore claim the interest paid on such loan against income from the house property.
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