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5 BJP states go under VAT canopy
Pathankot airport needs upgradation
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Air Deccan postpones Kulu flight on All Fool’s Day
Rules eased for unlisted firms
HP may enjoy tax holiday till 2013
NTPC Chairman
HUF with minor males can have woman karta
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Designers get advice, not orders
Mumbai, April 1 Though they hailed two designers — newcomer Rahul Mishra from Ahmedabad and the popular Sabyasachi Mukherjee from Kolkata — for meeting the contemporary look, they stressed on ‘nurturing’ and ‘financing’ the talent which is still ‘young’. “After doing Paris, Milan, New York and London, we had a budget for India...but I am going back with some of my money,” said Albert Morris of Browns, London. “We are looking for new talents and new designers but we need a total look. Silhouettes, shapes, fabric, finishes, everything,” he said. On similar lines, Lavelle Olexa, Senior Vice-President Lord and Taylor, US, which had once showcased Indian designers, advised the industry to learn to walk before they can run. “There are opportunities, but things will come slowly. Take baby steps and build a foundation,” she said. More forthcoming in her views Fern Mallis, Executive Director 7th on Sixth and Vice-President of IMG said Indian designers largely remain dismissive of sizing, fabric and fabric content elements. “There is a lot to learn and grow with ideas, trends and inspiration. The designers have to realise that apart from international market there was equally good domestic market,” she said. Sangita Sinh Kathiwada of Melange said there was a clear distinction in buying patterns of domestic and international markets. “We have to internally strengthen the manufacturing process and modes of production. Apart from aesthetics, we should also learn the ethics of the profession,” she said in an indirect reference to the divide in the industry for two fashion events. — PTI
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Pathankot airport needs upgradation
The Punjab government has embarked upon a refreshing roadmap to provide a new look to so far neglected twin sectors of aviation and tourism in the region.
While interacting with leading travel agents, tour operators, aviation biggies and hoteliers at Delhi, Punjab Minister for Tourism Jagmohan Singh Kang, emphasised that no constraints, not even funds, could prevent the government from moving forward in the twin industries of aviation and tourism. Mr Kang reiterated that intensive programme, publicity and marketing would be launched countrywide to sell Punjab, as Goa, Kerala and Rajasthan were doing. “We will organise meetings with tour operators and media in Chandigarh and other cities to highlight region’s abundant heritage,” he said adding, “provide us a worthwhile proposal and we will translate it into reality”. Conceding that the existing budget for tourism aviation may not be sufficient, he said the government and Chief Minister Amarinder Singh have assured the tourism department and its allied bodies that they would be provided with funds to help develop connectivity between Chandigarh and other cities. Announcing 2006 agenda with ‘Think India, Think Punjab’, the region was all set to promote golf tourism, adventure sports and heritage tourism at both national and international levels. When told that landing and parking fees at the Amritsar-airport were higher than those charged at Delhi, the minister assured all present that he would immediately take it up with the Airports Authority of India. Similarly, it was learnt at the meeting that a private airlines had planned another flight between Delhi and Srinagar to give a boost to tourism. But the airline’s plan was thwarted by the powers that-be on the plea of inability to provide security at Srinagar’. This was a step in reverse gear. Apart from Chandigarh going international in aviation sector, there is another airport at Pathankot. It needs to be upgraded. The more the airports in this region, the better will the connectivity be. According to tour operators, ‘Golden Temple’ is as important a tourist spot as Taj (Agra). “But not enough is being done by the authorities to make it saleable in domestic and international market”, lamented after tourism promoters.
Switzerland calls
The Europe, Switzerland authorities have taken scores of measures to ‘welcome tourists. The Switzerland Tourism Board has, of late, taken several measures and initiated promotional tours to woo Indians. The authorities have introduced dedicated range of travel passes and tickets for Indians and other tourists. The passes are available for unlimited usage from four days to one month. There are several other facilities provided to tourists. The Punjab government should take a leaf out of the Switzerland Tourism Board in promoting tourism in the region.
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Air Deccan postpones Kulu flight on All Fool’s Day
Kulu, April 1 Now the date for the commencement of the Kulu-Delhi route is around April 15 though the exact date has not been notified, according to Mr Bhupinder Singh, the Handling Agent’s Manager of the Air Deccan. Sources disclosed that the airlines is having just one aircraft based at Delhi and is operating flights to Jammu, Dehra Dun and Chandigarh. The airlines is not getting a parking slot at the IGI Airport for the second aircraft, thereby delaying the start of flights to Kulu and Ludhiana. The airlines has handed over the handling of the flights to a private company at most of the airports, including IGIA and the same company had opened its office at Bhuntar a few days ago. Mr K.M. Nehra, Senior Aerodrome Officer at Kulu-Manali airport, Bhuntar, told that there was no official confirmation given to the AAI by the airlines regarding starting of the flight.
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Rules eased for unlisted firms
New Delhi, April 1 These unlisted companies were originally mandated to get listed within three years of accessing foreign markets or March 31, 2006. Now this rule has been relaxed and these companies will have to be listed within three years of making profit. These companies, however, will not be allowed to fresh issues of FCCBs, ADR/GDRs without listing .on domestic exchanges. All other conditions contained in the amendment of August 31, 2005, including that for eligibility of issuer and eligibility of subscriber would continue to be applicable to all companies. The government had amended the FCCB, ADR/GDRs issue schemes in August 2005 to allow unlisted companies to tap ADR/GDRs and FCCBs, following which several unlisted companies had raised funds from overseas markets. — PTI
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HP may enjoy tax holiday till 2013
Shimla, April 1 The unit, to be set up in Una district, by M/s Sukhjit Starch Chemicals will attract investment of Rs 265 crore and will have a potential to employ nearly 2,500 persons. Presiding over the meeting of the authority, the Chief Minister, Mr Virbhadra Singh, said the government was considering to bring all industrial housing projects on par with industrial units so that clearance could be granted through Single-Window Clearance and Monitoring Authority. He said the state was giving added attention towards creation of best housing infrastructure in industrial areas. Mr Virbhadra Singh said Prime Minister Manmohan Singh has assured that tax holiday would be extended up to 2013 on par with the other special category states. He directed the authorities to expedite the clearance of all such industrial housing proposals so that the same were cleared on priority. He said the rapid expansion of the industrial areas was taking place and the requirement of housing facilities could be met only with the investment by the private sector.
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NTPC Chairman
New Delhi, April 1 An electrical engineer by profession, he has a distinguished career in power sector spanning over 35 years. He has served TNEB and BHEL before joining NTPC in the 1977.
— TNS
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HUF with minor males can have woman karta
Q: I want to check, can a woman also be a karta of HUF (Hindu undivided family). Like my father had a HUF and now he is no more and to continue with HUF, can my mother become the
karta? —Shanti Khanna
A: Yes, a woman can become a karta but only when the male members are minors or not in a position to manage the affairs and give a declaration to that effect and seek the permission of the Department to allow the female to manage. Champa Kumari Singhi v Revenue (1962) 46ITR81 (Cal). Moreover, when an existing HUF is reduced to only female members, it can still continue as an HUF with one of the females as a karta. This is in view of the existence of the potential coparcenary as any widow may, in future, induct a coparcener into the family by adoption. CIT v RM AR AR Veerappa Chettiar (’70) 76ITR467 (SC).
HUF and PPF
Q: (1) Under PPF rules, no account can be opened in the name of HUF. However, under u/s. 80C of the IT Act 1961, an HUF can have PPF account in the name of any member. Suppose Mr A, the karta, invests Rs. 50,000 each out of HUF funds in the PPF accounts of two members of the family Mr X and Mr Y (both being major sons of Mr A). Can the HUF claim deduction of Rs 1 lakh u/s 80C in its own case? If for the purpose of PPF regulations the accounts of X and Y are treated as their individual accounts, can they each further invest Rs 20,000 each and claim deduction u/s. 80C in their individual cases? Whether the aforesaid investments would be in violation of PPF rules which wef May 13, 2005, bar HUF to have any account in its name? (2) Mr A is assessed to tax in his individual capacity. He has deposited Rs 70,000 in his PPF account. He also desires to deposit Rs. 30,000 in the PPF account of his major son Mr B and wants to claim deduction of Rs. 1 lakh u/s 80C of the Act in his own (Mr A) case. Of course, in the aforesaid situation Mrs A or Mr B would not claim deduction u/s. 80C in her/his case in respect of the said deposit of Rs. 30,000. Can Mr A do so and claim deduction u/s. 80C up to Rs. 1 lakh?
— Niranjan Doshi A : The answers to all your queries are in the affirmative. The ITA is independent of NSO Rules. Sec. 80C(4) states — The persons referred to in sub-section (2) shall be the following, namely: (a) for the purposes of clauses (i), (v), (x) and (xi) of that sub-section,— (i) in the case of an individual, the individual, the wife or husband and any child of such individual, and (ii) in the case of a Hindu undivided family, any member thereof; Clause ‘v’ above refers to PPF.
NRI’s property
Q: As per income tax rules, an NRI is allowed to repatriate the sale proceeds of at the most two residential properties. My question is that suppose a NRI has more than two residential properties, but by selling them he consolidates them into to properties; is he not permitted to repatriate the sale proceeds of these 2 consolidated properties.
— Nityanand A: It is not clear how you plan to consolidate more than two properties into two. Crediting funds to the NRE account is tantamount to repatriation. Therefore, the authorised dealer will not permit the credit of the value of more than two properties into the NRE account. Even if you were to ask the buyer to pay the builder directly, you are in effect substituting the forex cost of the properties by Indian rupees — again repatriation will not be possible.
Housing loan
Q: I had taken housing loan of Rs 1,50,000 in 1989 from my bank for the construction of house. The entire loan amount i.e. is 1,50,000 has been paid by me in March 2004 in 15 years in monthly instalments. The interest amount about Rs 69,000 I am repaying in monthly instalment deducting from my salary in every month. As my bank given the facility to avail current account overdraft facility to the tune of Rs. 4,50,000 against lien on provident fund (given to all officers in bank). In April 2005, I availed the facility with specific purpose for repair/ renovation of house. The limit availed is Rs. 2,00,000. No down payment is made in this account. However, I am repaying housing loan of Rs. 10,000 p.a. for the housing loan availed in 1989. Please advise me can I get rebate of interest payable on current account overdraft u/s 24 and how much Please advise at earliest as I have to advise disbursing authority regarding my savings u/s 80C & u/s 24.
—C. R. Sharma A: You should have mentioned whether you have claimed any benefit from 1989 onwards. If you have not, you have lost the chance. At present, the capital is fully settled. As regards interest — The phrase used for availability of deduction is interest payable and not interest paid. Therefore, if the finance company collects the loan first and interest later, the borrower will be able to claim the deduction u/s 80C on a larger amount and also claim deduction of interest u/s 24 on accrual basis. The interest payment can wait until the principal amount is collected. Some employers, especially PSUs and banks, follow this practice. Needless to observe that the deduction obtained on the basis of accrual cannot be again claimed on the basis of actual. In respect of loan taken against hypothecation of PF, the 80C benefit for part repayment of capital is available only for acquiring or constructing a housing property but the cost of any addition, alteration, renovation or repair carried out to the housing property is not eligible for the deduction. This deduction on repayment of capital is available on loan taken from specific sources whereas for deduction of interest the loan can be taken from any source. Moreover, u/s 24 deduction of Rs. 30,000 is available on interest on capital borrowed for acquiring, constructing, repairing, renewing or reconstructing, whereas the enhanced limit of Rs 1,50,000 is applicable on loans taken on or after April 1, 1999, only for acquiring or constructing. It is necessary for the assessee to obtain a certificate from the lender that such interest was payable in respect of the amount advanced for acquisition or construction of the house, or as refinance of the principle amount outstanding under an earlier loan taken for such purpose. We feel that you might have some difficulty in obtaining a certificate from your employer stating that this was a housing loan. The author may be contacted at wonderlandconsultants@yahoo.com
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