The Tribune, Chandigarh, India

	Didi seeks industry’s views on Rly Budget Tribune News Service New Delhi, February 6 Railway Minister Mamata Banerjee today interacted with the representatives of the Chambers of Commerce and Industry and other major industry associations as part of her effort to bring out a please-all Railway Budget. In a first of its kind interaction with the industry representatives, Mamata heard the views and proposals from them which could make the running of the railways more smooth and better. Railway Board chairman SS Khurana and all board members were present at the pre-budget meeting that was aimed at obtaining innovative ideas for placing the Railways on a sustained and rapid growth path. It also provided a forum for welcoming suggestions and inviting proposals for investment through public-private partnership in various ongoing and future projects of the Railways. Representatives from FICCI, ASSOCHAM, CII and PHD Chamber of Commerce & Industry besides others were present at the meeting with the Railway Minister. In its pre-budget recommendation, the Confederation of Indian Industry (CII) has asked the Railway Ministry to broaden its scope for public-private partnership (PPP) and share risks. “The PPP engagements need to be clearly segregated from outsourcing tasks of the Railways and must essentially involve sharing of risks and rewards on investments between both partners in the process," CII said. The Railway Budget 2010-11 is scheduled to be presented to the Lok Sabha on February 24 after the Budget session of Parliament begins on February 22. CII also said the practice of lowest price tenders and quotes had to be broken and benefits like excise exemption, incorporation of price variation clause and e-tendering should be given to industry.
	Sensex regains in special trading Mumbai, February 6 After two days of mayhem, the markets got a reprieve today on a special 90-minute session with the benchmark Sensex gaining 125 points on all-round buying driven by positive cues from the Wall Street overnight. The Sensex resumed higher by 142 points and touched an intra-day high of 15,951.07 points before ending at 15,915.65, a net rise of 124.72 points or 0.79 per cent from its last close, when it crashed by 434 points on global cues. Significantly, all the sectoral indices ended in the green, with the worst hit sectors in the past two sessions - realty, metals, oil & gas and IT counters - leading the rally.The Nifty also shot up by 38.60 points or 0.82 per cent to finish at 4,757.25 from its previous close, after opening over 42 points. US stocks rose yesterday on speculation that the European Union may propose a solution for Greece's budget deficit. The Dow Jones Industrial Average closed flat after rising 163 points intra-day due to last hour profit booking, while Nasdaq gained 0.74 per cent and the S&P 500 0.29 per cent. — PTI
	Satyam probe almost over, says Khurshid Chennai, February 6 The government today expressed hope that the multi-crore rupee Satyam fraud case would move on the “fast track” in courts as the investigation is almost complete. “I hope it (the case) moves in fast track. As far as the courts are concerned, we have been given an outstanding team of lawyers," Corporate Affairs Minister Salman Khurshid told reporters on the sidelines of a conference here. Stating that investigations were now complete, he said: “It is now for the courts to do what they must do. I do hope that we will able to show progress during the year and then we can tell the world that our legal system works on par with other countries.” Accounts of scam-hit IT firm Satyam Computer Services, now Mahindra Satyam, are in the process of being restated after Raju, its founder-chairman, last January admitted to fudging accounts for years. On the Companies Bill, Khurshid said emphasis would be given on empowering share holders. On the key features, he said: “Class actions will be introduced for the first time”. The minister also said the Bill would vest more responsibilities with share holders so as to involve them fundamental decision making process. — PTI
	Aviation Notes NACL’s struggle for survival by K.R. Wadhwaney Performance of the National Aviation Company Limited (NACL) in the past 30 months is a proof that the merger between Air India and Indian Airlines has flopped as the national airline has sunk further deep. Under fire from all agencies, Minister of State for Civil Aviation Praful Patel is now making a bid to buy time. He is now toying with the idea for formation of yet another panel to oversee the NACL. The idea is as ill-conceived as the merger was. The new panel will serve no useful purpose except that the national carrier will continue to survive on a “ventilator” and will be on life-support for some more time. The government is all set to provide equity to the national carrier in two instalments to help it stay afloat. But the Pranab Mukerjee-led group of ministers is not satisfied with the measures envisaged by the national carrier. Equity or no equity, the NACL stands between survival and death. The survival is possible if the powers that-be accept the Finance Ministry’s realistic proposal of demerger. The PMO is reported to feel that the merger has remained only on paper and has not served its purpose as it was given to understand. It is believed that the PMO has hinted at a demerger if that can help the NACL regain its health. Analysts, even those who were in favour of the merger at a point of time, are now convinced that the concept and character of the two carriers have been so divergent that blending is not possible. They say the Civil Aviation Minister continues to stay unfazed and declines to agree for a demerger. This being the situation, there is every possibility of the airlines continuing to stay in different corridors, but may initiate independent operations between national and international flying. The plan of the Delhi International Airport Limited (DIAL) to keep the main runway closed for about six months has not found favour with many operators. Many say across the world repair work at an airport is undertaken during lean hours of operations instead of closing down the runway. Earlier, repairs like re-carpeting on a runway was done in phases. Both operations and repairs were done without causing inconvenience to passengers. Caught in a vex situation, DIAL has sought the high court’s permission to keep the new runway 29 open for some hours during nights so that operations are not unduly hampered.
	Investor Guidance Pension is treated as salary for tax purposes by A.N. Shanbhag Q I am 71 years old and a Central government retiree. My pension is my only source of income. I am desirous of applying for a PAN card. So far I am below the taxable limit. In the application form should I fill myself as a salaried employee? Who I should mention is the employer? Pension is disbursed from an office in Delhi and not by the institution where I worked. — PRV Raghavan A Pension is treated as salary for taxation purposes. Your employer is the institution where you worked since the actual source from where you get the payment is immaterial. ITR-1 meant for individuals having salary and interest income is the form you are required to use. Section 80U Q I am a teacher in a school. I am physically handicapped person having 45% disability certificate. Can I get deduction under Section 80U? — Kale A The disability is classified into two parts as defined under the Persons with Disability (Equal Opportunities, Protection of Rights and Full Participation) Act, 1996. A person with disability means a person suffering from not less than 40% of any disability as certified by a medical authority; disability of 80% or more is severe disability. The deduction allowed will be Rs 50,000 for non-severe and Rs 1,00,000 for severe disability. PPF account Q To make provision for tax saving, I deposit Rs 70,000 per year in PPF. Could you please advise me whether I should deposit the above amount in monthly instalments between 1st and 5th of the month or should I invest an yearly lump sum? Which would be the right time for deposit with reference to taxation/income earning? — Kaykhusru Lawyer A Contributions to PPF need no longer be necessarily out of the income chargeable to tax. The 8% tax-free interest is quite attractive for many individuals. Such persons should make as much contribution to PPF as soon as is possible, either in one or many instalments, but necessarily between the 1st and the 5th of the month so as to earn interest thereon for the month and subsequently thereafter. NRO account Q I have invested in shares and MFs through the funds in NRO account. Now if these shares and MFs are held for more than a year and there is gain, do I need to pay tax? Will there be TDS on such gain? What if the investments are made through the NRE account? — R Kumar A It is immaterial whether the investments are made through the NRO or the NRE account. The tax rules applicable to the investment instrument will apply. Long-term capital gains from equity shares and equity-oriented mutual funds are exempted from tax. There will be no TDS. Short-term gains will be taxable at the rate of 15%. Therefore, in such cases, TDS will apply. Sale proceeds of investments made through funds from the NRE account may be credited to the NRE or the NRO account whereas for investments made through the NRO account may be credited to the NRO account only. The authors may be contacted at wonderlandconsultants@yahoo.com