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Get Dzire, Swift in 3 days
Investor Guidance
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Get Dzire, Swift in 3 days
Chandigarh, April 24 Most of the Maruti Suzuki dealers are allegedly pocketing lakhs of rupees each month by selling the two high selling models in “black”. For those consumers, who want to strictly go by the rule book, it can be a wait for anything between three and five months. Officials at Maruti Udyog admit that they have heard about cars being sold out of turn by accepting premium. “There is a gap in demand and supply of these two models and we are in process of upgrading our production capacities. But as of now, wherever we receive a complaint, immediate action is taken against the errant dealer. We have penalised dealers,” said R S Kalsi, chief general manager, sales, Maruti India. Customers allege that there is no transparency, whatsoever, in dealing with those who have booked their cars. “I booked a Swift (diesel) in November last year and have not yet got the car. The dealer told me that I would get the car in April, or he could expedite it if I paid up the premium. I refused his offer and am still awaiting the car. No one at the dealership tells us about the number of cars they receive each week, or how the waiting list is being updated as inventories build up,” alleged an employee of a public sector bank and resident of Mohali. A retired Colonel based in Chandigarh, too, alleged that they had been told by dealer that since the car was being routed through the CSD, it would take at least three months to get the car. “It’s nearly three months but the dealer is not even informing us on when we will get the car,” he complained. However, Kalsi assured that Maruti had now asked all dealers to make available information regarding his inventory and waiting time for each model at the dealership. “We are trying to bring about more transparency, so that our customers do not suffer,” he added. Maruti eyes new markets abroad
Maruti Suzuki is also looking to explore new overseas markets, including Australia, Hong Kong, Taiwan, besides expanding its export portfolio. Kalsi, who was in the city to launch the WagonR, said Maruti intended to widen the range of cars, which could be exported in potential markets. "We will also look at exporting Ritz, Estillo and even newly launched WagonR to countries where the demand for these cars emerges," he said. |
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Net jumps 32 pc; dividend at Rs 12
Mumbai, April 24 Higher loan disbursals helped the bank's interest income to grow by 27 per cent during the quarter, said HDFC Bank executive director Paresh Sukthankar. During the quarter, the net revenues (net interest income plus other income) were Rs 3,254.9 crore compared to Rs 2,966.7 crore in the same quarter a year ago, he said. The net interest income (interest earned less interest expended) rose to Rs 2,351.4 crore, up by 27 per cent over the same quarter a year ago, he added. However, the bank's total income fell to Rs 4,956.66 crore in the January-March quarter of the last fiscal from Rs 5,365.52 crore in the year-ago period. The board of HDFC Bank proposed a dividend of Rs 12 per share for the year ended March 31, 2010. During the quarter, other income (non-interest revenue) was Rs 903.6 crore. The main contributor to other income for the quarter was fees and commissions of Rs 765.3 crore, up by 5.7 per cent over Rs 723.7 crore in the preceding quarter. However, the bank reported a treasury loss of Rs 47.3 crore on sale of investments during the quarter as against a profit of Rs 243.6 crore in a same quarter a year ago with an increase in bond yields. For the entire financial year 2009-10, the bank posted a net profit of Rs 2,948.69 crore, representing an increase of 31.34 per cent from Rs 2,244.95 crore. — PTI
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Profit rises 31pc; dividend Rs 12 Mumbai: ICICI Bank's net profit jumped 31 per cent in 2009-10 to Rs 4,670 crore on higher fee income and lower expenditure. The bank saw its total income for the fiscal drop over 7 per cent to Rs 59,599 crore, as revenues from retail and wholesale banking and treasury operations declined. However, revenue from life insurance business jumped nearly 11 per cent to Rs 18,537 crore. Income from general insurance also saw a marginal rise. The bank managed to reduce overall expenditure, excluding provisions and contingencies, to Rs 48,462.43 crore in FY'10 from Rs 54,673 crore a year ago. Its net non-performing assets (bad loans) ratio decreased to 1.87 per cent in FY'10 from 1.96 per cent in FY'09 and 2.19 per cent at December 31, 2009, the bank said in a statement here. The total deposits stood at Rs 2,02,017-crore in FY'10 as compared to 2,18,348-crore in the year-ago period. Its loan-book, however, decreased to Rs 1,81,206 crore as on March 31, 2010, from Rs 2,18,311 crore in the year-ago period, mainly due to the repayments from the retail loan portfolio and the loan portfolio of overseas branches, the statement said. The bank's capital adequacy ratio as at FY 10 stood at 19.4 per cent. The bank's Board has recommended a dividend of 120 per cent for FY 10 (Rs 12 per equity share). In Q4 FY'10, the bank clocked a standalone profit after tax of Rs 1,006 crore, up 35.2 per cent from Rs 744 crore in the year-ago period. — PTI
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Investor Guidance Q: I am an NRI living in the USA. I want to send my father-in-law some money in the form of gift. Can my father-in-law buy some agriculture land in India with that money? — Manjit A: Yes, you can gift your father-in-law any amount of money, India does not impose tax on such a transaction either on the donor or the recipient. Basically, gifts given by a close relative are fully exempted on both parties concerned without any monetary limit. Tax wise, it is immaterial for what purpose your father-in-law applies the gifted funds. However, since he is an Indian resident he can most certainly use the funds for the purposes of buying the agricultural land. Premium of parents
Q: Can I claim premium paid towards LIC policy of dependant pensioner parents under Sec.80C for tax saving? — Ashish A: We are afraid this isn’t possible. This is because in the case of Sec. 80C, contributions in the name of spouse and all children, major or minor, married or otherwise, (including married daughters) to i) any life insurance company for life cover ii) LIC deferred annuity iii) PPF iv) ULIP and Dhanaraksha are also eligible for the deduction. You will find that parents, dependents or otherwise, pensioners or not, do not feature on this list. Hence the premium paid towards the insurance policy of parents does not qualify for the Sec. 80C deduction. Disability deduction
Q: I want to know if a woman government employee having a physically handicapped certificate due to an amputated left arm (85pc) can avail of the tax deduction of Rs.75,000 offered by the Income Tax Act. — D V Gupta 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 per cent of any disability as certified by a medical authority; disability of 80 per cent or more is severe disability. The deduction allowed will be Rs 50,000 for non-severe and Rs 1,00,000 for severe disability. The person concerned is required to get a certificate from a medical authority indicating the extent of the disability. Incidentally, FA09 has hiked up the deduction for severe disability from Rs 75,000 to Rs. 1,00,000. Rental income
Q: I am being assessed under the HUF category in respect of rental income from commercial property in Delhi. I am also filing a separate return in my personal name for my pension income. Now, our group housing society has been allotted land in Mohali for construction of flats. I will get one flat in the society. For payment to the society, I will raise a loan in my personal name from some bank. You are requested to advise me, whether I will be able to set off rebate of interest on loan from my HUF income account. — Jagteshwar Singh A: The benefit of Section 24 is available to all assessees, including HUFs. However, note that if the tax deduction is required for the HUF, the HUF should be the owner of the property and the loan should be also in the name of the HUF. Plot sale by NRI
Q: I purchased a 40’x 60’ plot in a village in Bathinda in 1989 in my wife’s name. We were both NRI at that time. We became US citizens in 1991. Now I want to sell the site during my visit to India in January. My wife could not go. Can I sell the property via a POA from Rs 2. What are the tax liabilities as capital gains etc. — Bhatia A: We presume that you have given her a gift in cash for enabling her to purchase the plot of land. When she sells this property, she will earn long-term capital gains and these gains will be clubbed in your hands. In other words, you will have to pay tax @20.6 per cent thereon. 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). From your query, it is not clear whether you had purchased the property in 88-89 or 89-90. The cost inflation index for these years is 447 and 43, respectively. And for 09-10 it is 632. As regards the possibility of selling the house by you with a power of attorney from your wife, it would be advisable to contact a lawyer based in Tamil Nadu specialising in property matters to get an exact idea of the rules and regulations regarding the same. The authors may be contacted at wonderlandconsultants@yahoo.com |
Indian Bank net up Allahabad Bank
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Want a new Dzire or Swift (Diesel) without having to wait for the mandatory four months? Just walk into a Maruti dealership, make your urgency known, and voila…you get a car in three days by paying a premium of Rs 40,000-Rs 50,000.
