 |
|
|
Nokia to invest $75 m more
Tata Motors hopes for better ratings
NHPC inks pact with power ministry
Canara Bank launches multi-products
|
|
||||||||||||||||||||||||||||||||||||||||||||||
Aviation Notes
Investor Guidance
|
|
Nokia to invest $75 m more
Goa, March 29 The manufacturing unit, which started production in 23 weeks of its foundation stone laying in 2005, now employs 8,000 persons of which as many as 70 per cent are women. Nokia’s cumulative investment in India by the end of this year will be $285 million. The company also proposes to step up its efforts towards e-waste maintaining that each of its 600 centres may have drop boxes where handsets in disuse could be deposited before their final disposal. The company has already sent first shipload of discarded and damaged handsets and was ready to send the second container soon. Vice-president and managing director, Nokia India, D. Shivakumar said 65 per cent of the components used in Nokia handsets were biodegradable. ”But still we want go by laws of the country. We are conscious of our responsibility and have decided to set up collection centres from where txhe damaged or discarded handsets would be taken to our Chennai factory for further disposal abroad.” Nokia, he said, was now a $3.6-billion company in India. Fifty per cent of its production from Sriperumbudur factory was exported to 50 countries. Nokia would introduce four new models this year. Nokia India was the second largest after China with 3.6 million mobile phones connectivity. In China, number was 5.9 million. By 2020, India would probably have one billion mobile users as at present 7.5 million to 8.5 million new subscribers are added every month. Nokia, said D. Shivakumar, would soon be acting as bridge between people, work and financial services as the role of the handset has been changing fast. A mobile phone would be soon function as one’s own bank, as all financial transaction would come through the high-end handsets. Mobility has the potential to connect one to a billion and also one to one. It will also impact health, education and other services. |
|
Tata Motors hopes for better ratings
New Delhi, March 29 The response has come after rating agency Crisil yesterday downgraded ratings on the auto major’s cash credit facilities from ‘AA+’ to ‘AA-/stable’ and removed them from ‘Rating watch with negative implications’. Tata Motors, on March 26, had announced a definitive agreement with US carmaker Ford to buy its British luxury car brands Jaguar and Land Rover for $2.3 billion, to be financed through a mixture of debt and equity. “As our refinancing plan envisaged is put into action in the next few months, we are confident that the ratings will be reviewed,” Tata Motors spokesperson said. “It is natural that in a major acquisition and funding programme, rating agencies would review the position at this point of time. We believe that the ‘AA-‘ rating with a stable outlook reflects the confidence in the company and its future plans,” the spokesperson said. — PTI
|
|
NHPC inks pact with power ministry
New Delhi, March 29 The MoU was signed by power secretary Anil Razdan and NHPC chairman and managing director S. K Garg yesterday. For the first time, enterprise specific parameters like safety, environment protection measures, certification for carbon credit, expenditure on corporate social responsibility schemes, and e-procurement have been included in the MoU, the statement said. — UNI
|
|
Canara Bank launches multi-products
Bangalore, March 29 Unveiling its call centre facility here, Canara Bank chairman and managing director M.B.N Rao said: "The centre is a major product of customer relation management. Customers can check from anywhere in the country to enquire about products and services of the bank." Customers of the bank's core banking branches can also enquire about the details of accounts through this centre. Launching the ATM cheque deposit facility live, he said it would enable customers to deposit cheques through the on-site ATMs of the bank 24x7. The bank also announced a zero balance account service, Canara super savings salary account, for employees of government service, mid cap, large corporate, IT and ITeS companies and SMEs. Internet purchases service using debit card leverages Canara Bank's technological capabilities and cost efficiencies to serve customers through internet.
— PTI |
|
Aviation Notes To get India’s first world-class cargo, passenger airport Nagpur has been approved by the Cabinet to house the country’s first international multi-model cargo and passenger hub. Apart from an ideal location, it is a suitable centre because it is not crowded as far as flying operations are concerned. Worldwide, it is recognised that cargo operations are better revenue-earners than passenger traffic. As India is behind several other airlines in cargo operations, it will be advisable if the work is undertaken at war footing. The project will be a joint venture. The Airports Authority of India (AAI), which owns the airport, will have 49 per cent equity, while its main partner Maharashtra Airport Development Company will have 52 per cent equity. While clearing the project, the Cabinet granted permission to the AAI to subscribe Rs 4.9 crore. The total subscribed capital in this high-profile project will be Rs 10 crore. In addition to specially designed terminal buildings with ultra-modern equipments and machinery, there will be other terminal for passenger traffic. The airport will have two parallel runways, each 4,000 metres long and 60 metres wide. These runways will be good enough to handle all types of aircraft. The designs for semi-circular terminal building have been prepared. When fully operational, it will handle 14 million passengers and 8,70,000 tons of cargo. The project is double-edged. It will also modernise the existing terminal building. According to designers, the hub will be a kind of township where, in addition to flying operations, passengers and visitors can rest and relax in the event of delayed flights or missed connections. The Boeing’s maintenance shop will also be located at the airport. Called maintenance, repair and overhaul facility, it will be set up with initial investment of $100 million. Fittingly, Changi Airports’ International, Singapore’s outfit, has already opted for a technical service and signed an MoU with the Maharashtra government. The analysts say the hub has the potential to sort out several aviation problems of the country, if handled commercially. The Cabinet has already constituted a committee, which will monitor the construction work and also operations. The committee will function under the direction of the Cabinet secretary.
|
|
Investor Guidance Q: My mother (immigrant) and brother (US Citizen) granted me power of attorney to sell land in India. A) What would be the tax liability on profit? B) Can I purchase residential property from above proceeds in India? I am a US citizen and hold OCI card. — Rupani A: Both of them will be earning long-term capital gains. Long-term capital gain (LTCG) is to be computed by deducting from the full value of the consideration i) any expenditure incurred in connection with the transfer ii) indexed cost of acquisition and iii) indexed cost of improvement. Indexed cost = Actual cost x (index for the year of sale/index for the year of purchase). In the case of assets, acquired prior to April 1, 1981, the option of substituting the fair market value (FMV) in place of original cost is open to the investor. In other words, if the actual cost of acquisition is lower than FMV as on April 1, 1981, the investor may adopt the FMV to be his cost of acquisition. On the other hand, if the actual cost of acquisition is greater than the FMV as on April 1, 1981, the investor may adopt such cost. The CII-based on 1981-82 only will be taken into account, whatever is the choice of the investor. LTCG is taken as a separate block and charged to tax at a flat rate of 20.6 per cent. Deductions under Chapter-VIA cannot be claimed on these long-term gains. They may also claim exemption under Section 54F by purchasing a residential house within one year or before two years after the date of sale of the old house. Alternatively, they may construct a residential house within three years after the date. Section 54F requires the entire sale proceeds to be reinvested. They should not own more than one house at the time of sale. The new house has a lock-in of three years. Sale within this period entails the loss of the exemption claimed earlier and the corresponding capital gains is treated as taxable LTCG during the year of sale. The amount which is not invested before the filing of returns for the year or the statutory last date for filing the returns, whichever is earlier, is required to be parked in 'capital gains account scheme' with a bank in India. Property settlement Q: About four months back a commercial property belonging to me was settled among my family members — myself, my wife and two married daughters through a proper registered settlement deed. Please let me know the tax treatment to be followed as far as the rent received is concerned. Will it have to be divided into four parts and taxed against each individual? How will capital gain be calculated if we plan to sell the property? — Vilas A: The answer will depend upon the way the property is settled. If the share of each one is well demarked and defined, the rent will be collected separately by each individual. If the property continues to be a joint holding with the share of each one being a percentage of the property, you will be taxed as an association of persons. Similar treatment will be accorded to the capital gains also. Tax return Q: I have made around Rs 40,000 by selling buying and selling small number of shares. How much tax I need to pay and what proof I need to give while filing tax returns. I am working as a software employee. — Labde A: The question is whether your profit will be taxable as short term gains or trading income. No one, including CBDT, has the firm objective answer to this question. It all depends upon the facts of the case and the ITO's view thereon. Since you have bought and sold many times, it is possible that the ITO may classify you as a trader and seek to tax the income as trading income. You don't need to give any proof while filing return, but you will have to maintain all contract notes etc. in case the proof is called for by the IT office. The authors may be contacted at wonderlandconsultants@yahoo.com
|
IIM-A raises fees Vijaya Bank plans IDBI defers PLR reduction Gold, silver down
|
|||||
|
| HOME PAGE | |
Punjab | Haryana | Jammu & Kashmir |
Himachal Pradesh | Regional Briefs |
Nation | Opinions | | Business | Sports | World | Letters | Chandigarh | Ludhiana | Delhi | | Calendar | Weather | Archive | Subscribe | Suggestion | E-mail | |
Videos
