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Hindustan Lever enters Himachal Pradesh
Student stir in Assam may hit investment in oil sector
McDonald’s $ 10-million compensation to 24 groups
VAT on petro products likely from next fiscal
Enfield to launch 3 new models
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Corporate results will call the shots on bourses
No tax for senior citizens up to Rs 1.85 lakh
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Hindustan Lever enters Himachal Pradesh
Barotiwala (Solan), May 22 Inaugurating the Rs 110-crore soaps and detergents manufacturing facility of the Hindustan Lever Limited, here, he said while the government would ensure that the truck operators got their due by fixing reasonable rates of freights. However, the government would come down with a heavy hand if the transporters used coercive tactics to exploit the industry. Any attempt on the part of transporters to take law into their own hands would be dealt with severely. He said the state had witnessed phenomenal growth in the industrial sector over the past two years and proposal involving an investment of Rs 10,700 crore had been cleared. On completion, these would provide employment to 1,71,000 persons which was a big achievement. Big houses, the CM said, were making a beeline for setting up units in the state, which is fast emerging as the hub for the pharmaceutical industry. The government is keen to disperse the industry, which is mostly concentrated around Parwanoo, Baddi and Barotiwala to areas like Kangra, Una and Bilaspur. While there is no locational disadvantage in these areas, the land is much cheaper. He said most of the problems like shortage of power, housing and other amenities were largely due to concentration of industry over a small area. The government had decided to set up an Industrial Development Authority to ensure planned growth of the twin industrial townships. He said much of the problem could be solved if Baddi-Chandigarh link road was completed. But this was not happening as the Punjab government seemed reluctant to built the small portion of road falling in its territory. He said he would take up the matter with his Punjab counterpart, Capt Amarinder Singh and the regional council of states. Referring to the government’s efforts to promote the industry, he said a tax-free industrial zone was being set up in Kangra and a NRI housing colony in the Una district. Mr M.K. Sharma, Vice-Chairman of the HLL, said the new unit had a capacity of producing 1,10,000 tonnes of soaps and detergents. It would help take the annual turnover of the country’s largest fast moving consumer goods company past the Rs 10,000 crore mark this fiscal. The company also plans to set up an ice-cream plant in the area. An independent unit would produce the famous “Pears” soap, which requires a different process than other toilet soaps. Spread over 22 acres, it is the most modern soap manufacturing in the country with zero effluent discharge. The factory is equipped with the latest environment-friendly technology and many of the equipment had been developed for the first time in the world in collaboration with suppliers. In line with the national priority of balanced regional development, about 25 of Hind Lever’s 80-odd factories are situated in industrially backward areas. The HP unit will have 410 employees and ancillaries would employ another 400 persons. The company claimed that the entire recruitment had been made through employment exchanges in the state to ensure that only local persons were given jobs.
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Student stir in Assam may hit investment in oil sector
New Delhi, May 22 Prime Minister Dr Manmohan Singh has reportedly asked Petroleum Minister Mani Shankar Aiyar to intervene immediately in view of its adverse impact on global investors. The 100-hour bandh call given by All-Assam Students Union (AASU), which ended on Friday, has reportedly caused losses worth Rs 50 crore to ONGC operating there. They have been pressing ONGC management to increase recruitment of local youth, investment in community programmes and development of local infrastructure. Under the fifth round of National Exploration Licensing Policy (NELP-V), the government has invited bids by May 31, to grant licences for exploration in 20 oil and gas blocks. Out of these, three blocks fall in the upper Assam districts. Petroleum Ministry is worried that the bandh call might scare the global bidders to submit tenders for the Assam blocks. To meet the growing demand for petroleum products, the government has already allowed 100 per cent foreign direct investment (FDI) in the oil and exploration sector. It is optimistic that its liberal policy would help attract substantial investment in the oil and gas exploration field. The Ministry has held road shows in London, Houston and other major capitals of the world. After submission of bids, awards will be made by July 31, and contracts will be signed by September 30. Official sources claim that several world players in the oil market, including Essar, Shell, Cairn, Reliance and some Chinese companies have shown keen interest in the Indian oil and gas exploration sector.
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McDonald’s $ 10-million compensation to 24 groups
Silicon Valley, May 22 McDonald’s has informed in a recent letter to the International Gita Society, a Bay Area-based non-profit organisation, that it is among the groups receiving the settlement money, its spokesman Ramananda Prasad said. “We are such a small organisation, and nobody supports us, the temples are busy with their own activities,” Prasad, who founded the society in 1984, told India-West. The money has to be used for developing a website for the Gita, especially ‘Gita for children,’ he said. The 24 groups were approved by a US court, after a Seattle-lawyer Harish Bharti filed a class lawsuit against the company, accusing the chain of deception in its claims of cooking fries in 100 per cent vegetable oil. The maximum compensation of $1.4 million, or 14 per cent of the award, was for Vegetarian Resource Group, followed by $1 million for North American Vegetarian Society. Other groups include Muslim Consumer Group for Food Products ($ 1,00,000), International American Gita Society ($ 50,000), Hindu Heritage Endowment ($ 2,50,000), Council of Hindu Temples of North America ($ 2,00,000), Guru Harkrishan Institute of Sikh Studies ($ 50,000), Hindu Students Council ($ 5,00,000), Jewish Community Centres Association ($ 2,00,000) and Tufts University ($ 8,50,000).
— PTI
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VAT on petro products likely from next fiscal
New Delhi, May 22 “We are not averse to imposing VAT on petroleum products, but we are for gradual expansion of VAT list. As they say, we hasten but slowly,” Ramesh Chandra told PTI here. At present, petrol and diesel are out of VAT, while LPG attracts VAT at 12.5 per cent. MTA, approved by the Cabinet on May 19, pointed out that many goods have been kept out of VAT, including petroleum products, which are basic to manufacturing and transport. The report will now be put before the National Development Council (NDC) for approval. The meeting of NDC is likely to be held next month.
— PTI
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Enfield to launch 3 new models
Chandigarh, May 22 ''We plan to invest around Rs 100 crore in new products and for doubling the capacity at our Thiruvottiyur plant. The investment would be made from internal accruals,'' company’s Chief Executive Officer R C Maheshwari said here today. Chennai-based Enfield, part of the Rs 2,200-crore Eicher Group, will also lay more thrust on the export market. ''The company will come out with a 600 cc motor cycle for the export market in 2006-07,'' he said after felicitating dealers on achieving record sales of 1,543 motor cycles in the city. Currently, the company exports 2,000 units annually to over 20 countries, including Japan, the USA, Canada, France, Germany and the UK.
— UNI
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by S.C. Vasudeva
No tax for senior citizens up to Rs 1.85 lakh
Q. While submitting budget proposals for the current financial year 2005-06 in the Lok Sabha, the Hon’ble Finance Minister has altogether revised the income tax structure. If these proposals are passed by the Lok Sabha the same will undoubtedly effect adversely the salaried/pensioners class and senior citizens. I would therefore, like to know if: -
(a) The rebate in tax available to the senior citizens to the extent of Rs. 20,000/- which is available during the assessment year 2005-06, under section 88B, shall stand abolished or continued? (b) Whether deduction of 30 per cent on annual rent received/receivable under section 24, shall be available on let out property during the assessment year 2006-07? (c) Whether the exemption of Rs 12,000 on gross income from amount earned as interest on fixed bank/PO deposits shall continue or has been abolished. Kindly arrange to clarify if the deductions/ rebates/ exemptions mentioned against (a) to (c) above will be available during the assessment year 2006-07 in addition to Rs. 1.50 lacs which will be deductable from the gross total income of the assessee. — Ram Saroop Sood A. It would like to point out that the Finance Bill 2005 has since been approved both by the Lok Sabha and have Rajya Sabha. The Bill has also received the assent of the President of India and has been enacted as Finance Act, 2005. In reply to the issues raised by you I have to point out as under: - (a) The rebate of Rs 20,000 available to senior citizens under Section 88 B of the Income-Tax Act, 1961 would not be allowable for the assessment year 2006-07. However, the minimum taxable limit for senior citizens has been raised to Rs 1.85 lakh as against the normal limit of Rs 1 lakh. (b) The deduction of 30 per cent in respect of annual letting value is allowable for the assessment year 2006-07. (c) The deduction of Rs 12,000 allowable under Section 80 L stands withdrawn for the assessment year 2006-07. The deduction allowable under Section 80 C of the Act in respect of payments towards savings schemes etc; is limited to Rs lakh only.
Senior citizen and tax
Q. Kindly redefine the senior citizen accounting for 2005-06. Budget proposed that the senior citizen should be above 65 years. But of a retired pension holder is between 60-65, will also rated as a senior citizen as one in other fields. Will he get the benefit of 1.85 lakh as minimum taxable limit as announced by P. Chidambaram as New tax reforms? — Y.L. Chopra A. The Act does not contain any definition of the word “senior citizen”. However, Section 88B of the Act allowed a rebate of Rs. 20,000 from the income-tax payable in case of individuals of 65 years or above the said years of age. The above rebate has been withdrawn w.e.f. assessment years 2006-07. The Finance Act, 2005 has increased the minimum limit in case of individual who is of the age of 65 or more at any time during the previous year. In your case therefore, the above limit of 1.85 lakh would be applicable when you attain the age of 65 years at any time during a previous year.
Tax on gift
Q. I am 63 years old house wife. I have got no source of income. Recently my son returned from abroad after completing 3 years of deputation period in Government service. He gifted Rs. 15 lakh to me, through payees a/c cheque and gift deed, out of his savings. I have invested this amount in April 05 in small saving and fixed deposits of bank with my daughter-in-law at number two in all investments. I will earn accrued interest of about Rs. 1,05,000 by 31.03.2006. Am I require to obtain PAN number and file income tax return after the close of this financial year i.e. 2005-06? kindly
advise. — Rani Gupta A. The provisions of section 139 of the Act provide for the filing of return of income by a person other than a company, if his total income exceeds the maximum amount which is not chargeable to income tax. In your case the income of Rs 1,05,000 being less than Rs 1,35,000, the maximum amount, not chargeable to income tax applicable to women below the age of 65 years, you are not required to file the return unless you are covered by 1/6 scheme or you have incurred any expenditure of Rs 50,000 or more towards the consumption of electricity at any time during the previous year. Any one of the following conditions would make a person liable to file the return of income in 1/6 scheme. (i) Is in occupation of an immovable property exceeding a specified floor area; or (ii) Is the owner or the lessee of a motor vehicle other than a two-wheeled motor vehicle; or (iii) Is a subscriber to a cellphone not being a WLL ; or (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; or (vi) Is a member of a club where entrance fee charged is Rs 25,000 or more, It would, however be advisable to apply for Permanent Account Number which is now required to be used for many purposes.
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