The Tribune, Chandigarh, India

	12th Five-Year Plan Plan panel aims at 10 pc growth New Delhi, June 20 The Planning Commission has kicked off the exercise to formulate the 12th Five-Year Plan (2012-17) with an aim to accelerate the economic growth to 10 per cent, up from 8.1 per cent expected in the current plan. "This meeting was for consultation with experts for the 'Approach' for the Twelfth Plan. We discussed broad issues with experts today," Planning Commission Deputy Chairman Montek Singh Ahluwalia told reporters yesterday after the first meeting for preparing ‘Approach’ document for the 12th Plan. Besides the members of the Commission, the meeting was attended by various experts, including UIDAI chairman Nandan Nilekani, former Nasscom president Kiran Karnik, former Thermax chairperson Anu Aga, former cabinet secretary Naresh Chandra and CPR senior fellow Sanjoy Hazarika. On economic growth target for the 12th Plan, Ahluwalia said, "Prime Minister has asked us that we should aim for 10 per cent growth in next Plan. Everybody feels and we also think that the growth should be inclusive." The average annual growth target for the 11th Plan was scaled down to 8.1 per cent from 9 per cent on account of the impact of the global financial meltdown on the Indian economy. The growth rate during 2008-09 slipped to 6.7 per cent from over 9 per cent in the preceding three years. The economy grew by 7.4 per cent during 2009-10 and is expected to go up to 8.5 per cent in the current fiscal. Ahluwalia said, "Not only inclusive, the growth should be sustainable. That means without environmental damage. There are governance and implementation issues also." "A large number of people think that we are spending money but that is not reaching the beneficiary. So discussions today centred around the steps required to improve the delivery system in next Plan period," he added. Earlier on Thursday, Ahluwalia had indicated that agriculture growth target of four per cent could be retained in the next Plan. "The 4-per cent agriculture growth is a good target for the 12th Plan (2012-17), which could not be achieved so far, as envisaged in the 11th Plan (2007-12)," he had said. — PTI
	Anil to foray into TV broadcasting space New Delhi, June 20 In a strategic move to enter the television broadcasting space, Anil Ambani Group firm Reliance Broadcast Network Ltd will form an equal joint venture with US media conglomerate CBS Corp to own and operate TV channels. RBN, previously known as Reliance Media World Ltd, will form a 50:50 joint venture with CBS Studios International, a wholly owned subsidiary of CBS Corp, "for the purpose of owing and/or operating a portfolio of television channels," the company informed the stock exchanges. With RBN’s multi-media presence and integrated sales offerings, combined with the content muscle of CBS Corp, BIG CBS stands to bite into a sizable slice of India's burgeoning television industry. "As currently proposed, the joint venture would include certain programming rights across the countries of India, Nepal, Bhutan, Sri Lanka, Bangladesh, the Maldives and Pakistan for now," it said in a June 19 letter to the Bombay Stock Exchange and National Stock Exchange of India. RBN and CBS will have equal 50 per cent equity interest in the joint venture. The joint venture will initially broadcast English language general entertainment channels and will explore Hindi and regional language general entertainment channels in the next phase. "RBN and CBS have today (June 19) signed a preliminary, non-binding term sheet, which is subject to, among other things, customary diligence, the negotiation and execution of definitive documentation, etc., which are presently underway and which the parties intend to endeavour in good faith to complete within a period of one month," RBN said. RBN operates India's largest radio network (92.7 BIG FM) and is into outdoor, promotions and events. CBS Corp's television network is America's No. 1 broadcast network. CBS has developed some of America's biggest hit shows like CSI, NSIC, America's Next Top Model and The Oprah Winfrey Show. — PTI
	RIL to add more space for retail venture New Delhi, June 20 Cash-rish Reliance Industries, headed by Mukesh Ambani, has asked property owners to take part in the ambitious growth plan for its retail venture by renting or selling real estate space across the country. The company has invited applications from property owners as it wants commercial space between 3,000 and 30,000 sq ft and above for Reliance Retail, according to information posted on its website. This is part of RIL's plans to expand its retail venture 10-fold in the next five years, at a cost of Rs 45,000 crore. Addressing the annual general meeting of RIL, chairman Mukesh Ambani had last week said Reliance Retail has revenue in excess of Rs 4,500 crore in the 2009-10 fiscal. "Over the next five years, I can realistically foresee this (retail) business growing 10-fold from current levels and becoming a significant value creator for Reliance in the coming years," he had said. Reliance Retail operates nearly 1,150 stores in 86 cities across 14 states. — PTI
	‘Change archaic laws to speed up urban development’ Prabhjot Singh Tribune News Service Chandigarh, June 20 Archaic laws governing urban and infrastructure development need to be replaced with more consumer-friendly set of laws to accelerate urban development in organised sector, says Sanjay Sachdeva, president, corporate strategy, Advance India Projects Limited (AIPL). AIPL, which is coming up with dream city projects in Amritsar and Khanna, is set to sign a memorandum of understanding with the Punjab government next week for developing a 30-acre dream city in Mohali. “Real estate,” says Sanjay, “has started looking up again though this time growth will be gradual. Recession or downfall has stopped, markets in South-East Asia have been picking up, employment generation has revived and rising gold prices are all positive indicators of revival of economy. “One of the major banes of infrastructure and urban development in India has been the unorganised sector, that came in a big way because of lack of regulatory control, archaic laws, long and cumbersome procedures for clearance of urban infrastructure projects and lack of government support to this industry. “The last boom in real estate was unrealistic. That is why the prices have come down by 30 to 40 per cent during the global recession. But now the prices have started stabilising and demand for real estate has started mounting again,” adds Sachdeva. He says it is because of lack of government control and regulations that a city like Gurgaon is over saturated with 27 malls and anyone can still plan and start a new mall there. Some of the major players, he says, have started moving to smaller but potential towns. “We are coming out with an 88-acre township in Khanna besides bringing PVR and McDonalds there. “Our new mall at Khanna will be a blend of high street shopping and the western mall,” he says revealing that the company’s celebration mall in Amritsar has been doing exceedingly well. He, however, says that unless regulatory controls, laws governing urban infrastructure development and government support is extended to the organised sector, slums rather than people-friendly habitats will dot the urban map of the country.
	Tax Advice Form 15G/15H not applicable to NRIs by SC Vasudeva Q. I want to know can NRI give Form 15G/H to a bank so that the bank does not deduct tax on interest on his deposits? And if the bank deducts tax then what will be the best option for an NRI? — Rahul A. The facility of filing Form 15G/15H is available to an individual resident in India. An NRI, therefore, cannot furnish the said forms so as to avoid deduction of tax at source from income received/receivable by him. Income from shares Q. I do online trading in shares. My savings bank account is linked with my trading and demat account. Sale proceeds of shares are credited in this very savings bank a/c. Now, I want to know if my deposits in bank in a financial year exceeds Rs 10 lakh then is there any problem? I want to know whether in this Rs 10 lakh limit my share proceeds will also be counted? Also, in which column of ITR should I show shares purchased or sold? Which form should I use for filing my return & how to show my profit/loss on shares? If there is any profit or loss on sale & purchase of shares then will it be treated as capital gains/loss or business income/loss? Will STT and brokerage/commission be deducted from my income as expenses? Please guide me. — Rahul A. There is no problem in case the deposit in your savings bank account exceed Rs 10 lakh. However, information with regard to cash deposits aggregating to Rs 10 lakh or more in any savings bank account is required to be reported in the annual information report which is part of the tax return. 2. In case the sale proceeds of shares have been deposited in cash in the bank account and such deposits exceed Rs 10 lakh, the same will have to be declared for the purposes of complying with the above requirements. 3. In case payment has been made of an amount of Rs 1 lakh or more for acquiring shares issued by a company, information in this respect is to be declared in the annual information report. 4. The relevant form in your case would be ITR-4. You will have to prepare a profit & loss account for the financial year and balance sheet as on that date. The profit and loss account should reflect both income earned from business and expenditure in connection therewith. The balance of the two would reflect the net profit for the financial year. 5. In case you are carrying on the business of purchase and sale of shares, the income would be taxable under the head ‘income from profits and gains of business or profession’. 6. The Securities Transaction Tax and brokerage/commission shall be treated as an allowable expenditure while computing the income under the aforesaid head. Gratuity limit Q. My question is regarding the PTI news dated 5th May 2010 “Nod to gratuity limit of Rs 10 lakh”. The news reads as follows: Parliament today approved enhancing of gratuity limit for the employees from Rs 3.5 lakh to Rs 10 lakh, as also the exemption threshold from income tax on it. In view of this, kindly intimate if this exemption is also valid for employees of public sector undertakings and those of private companies? — Prem Nath Gupta A. The Payment of Gratuity Act 1972 has been amended so as to provide that the gratuity payable under the aforesaid Act shall be limited to Rs 10 lakh. In view of the provisions of section 10(ii) of the Income-tax Act 1961 (the Act) such gratuity would not be taxable to the extent of the aforesaid amount of Rs 10 lakh. The increased limit in respect of those persons who are not covered under the Payment of Gratuity Act 1972 has been raised on 11.06.2010. The Central Government has increased the above exemption limit of Rs 3.5 lakh to Rs 10 lakh in case of those employees who are not covered by the Payment of Gratuity Act 1972. The said limit would be applicable to employees who retire after 24th May 2010, become incapacitated, are terminated or die on or after the said date. Depositing tax Q. I am working in an autonomous organisation of Department of IT, Govt. of India. Our organisation works on self-sustained basis. My query is regarding due date of deposit of income tax by the employer, which is deducted from salary of employees. If the salary is disbursed on 10th May of a year due to paucity of funds, what will be the last date for deposit of income tax by the employer? Will it be 7th May or 7th June as per ‘The Income tax Act, 1962’? Kindly clarify. — Shalini Goyal A. Rule 30 of the Income-tax Rules 1962 has been amended w.e.f. 1st April 2010 and now requires as under: “Sum deducted by an office of the government shall be paid:- 1. On the date, where tax is paid without production of challan. 2. Within seven days from the end of the month in which deduction is made where tax is paid accompanied by a challan.” In view of the above amendment to Rule 30, your office will have to comply with the amended Rule and deposit the tax accordingly.