|
|
|
|
BlackBerry Row
Tax Advice |
|
||||||||||||||||||||||||||||||||||||||||||||||
Punjab to set up 800 godowns for foodgrain storage
Liberty walks into telecom
|
|
Govt talks tough
Install server or shut key services, RIM told
New Delhi, August 22 Officials of BlackBerry-maker RIM (Research In Motion) had offered to provide information on a deferred basis after it faced the threat of a shutdown of the core features by August 31 if security agencies cannot gain access to heavily encrypted corporate email sent on a Blackberry handset. The RIM had provided an option to the security agencies and officials of the Home Ministry that they could hand over the details of BlackBerry phones needed to be monitored and the firm in turn will decrypt the BlackBerry Messenger (BBM) and BlackBerry Enterprise Mail Service (BES) of the smart phones in question, sources in the Telecom Ministry said. The RIM officials were ready to provide the information initially manually and later through a non-human interface using the "cloud computing environment" method under which a separate wall created in the server and code and pass-code is handed over to the overall coordinator, in this case India, the sources said. However, the proposal was rejected prima facie as security agencies claimed that handing over telephone numbers for monitoring was fraught with the danger of exposing the source to an outside company and thus can be detrimental to country's security, the sources said. Even the automated system of extracting information from Canada-based server was not free of danger because the information could be hacked midway, the sources said. The sources said that RIM officials were conveyed in no uncertain terms that they should deploy their interception server in India with the Indian service provider having a definitive tracking system. Taking serious exception to BlackBerry's inability to provide a solution to BES, the Home Ministry again wrote to the Telecom Ministry that if the RIM officials in collaboration with the service providers do not come up with a solution to BES, the service should be stopped immediately. The BES is a technology of the
BlackBerry where by a close user group within a few individuals is
created and no mails sent from their smart phones to each other can be
intercepted, the sources said. — PTI
|
|
|
No tax on NRI’s foreign income
by SC Vasudeva Q. After spending 35 years in the USA, I have retired with my wife in Chandigarh since April 2007. We travel between India and USA frequently since our kids are settled in the USA. Both of us are US citizens and we file our annual income tax returns for that country every year. Our current source of income is a combination of US social security, my company pension in US and income of our investments in the USA. We generate no income in India. We have not filed any income tax return in India since we have returned here. My query is in which year will we become liable for income tax in India, if ever? As I understand, tax liability in India is based on number of days we stay in this country every year/or over a certain period of time. To avoid income tax liability in India, how often and for how long do we need to be away from India every year/or over a certain period of time? We can plan our US trips accordingly since we are flexible timewise. — Moinder Sharma A. The taxliability of income in India is based on the residential status of an individual. Such status is to be ascertained on the basis of his stay in India. An individual is considered to be a resident in India in case he satisfies either of the following two conditions:- 1. He is in India in the previous year for a period of 182 days or more. For example, if this aspect is to be ascertained for assessment year 2010-11, he should be in India for 182 days or more in the year ended 31March 2010. 2. He is in India for a period of 60 days or more during the previous year and 365 days or more during 4 years immediately preceding the previous year. Taking the above example forward, he should be in India for 60 days or more in the year ended 31st March 2010 and for 365 days or more during the year ended 31st March 2009, 31st March 2008, 31st March 2007 and 31st March 2006. 2. An individual is treated as resident and ordinarily resident in India if he satisfies the following two additional conditions: 1. He has been in India in at least two out of 10 previous years immediately preceding the relevant previous year. 2. He has been in India for a period of 730 days or more during seven years immediately preceding the relevant previous year. 3. An individual can be treated as a resident but not ordinary resident in case he satisfies one of the basic conditions for ascertaining whether he is a resident in India and either of the two conditions for ascertaining whether he is resident and ordinary resident in India. 4. A resident and ordinary resident individual is liable to be taxed in India on his world income. A non-resident individual is liable to be taxed in India in respect of his income arising in India. A resident but not ordinary resident individual is liable to be taxed in respect of his income arising in India as well as income arising outside India from a business controlled in or from a profession set up in India. 5. Thus the residential status will have to be determined, and nature of income will have to be looked into so as to ascertain the taxability of income in India in case of yourself and your wife. 6. In case you do not want to be within the tax net in India, you will have to plan your visits to the USA on the basis of the residential tests given herein above so as to be a non-resident. As stated hereinabove, in such a case, income arising in India would only be taxable. Proceeds of PPF
account tax-free
Q. I opened my PPF account in Post Office on
15.05.1995. My last deposit was on 02.03.2010. Please guide me on the
following points:- 1. Date of maturity and date on which final entire
amount can be withdrawn. 2. Whether I have to deposit one more
contribution in financial year 2010-2011. 3. Tax liability on
withdrawal of full payment. — M.L. Sharma A. In accordance with the
Public Provident Fund Scheme 1968, any time after the expiry of 15 years
from the end of the year in which the initial subscription was made, a
subscriber may withdraw the entire balance standing to his credit. In
your case, therefore, the period of 15 years would expire in March 2011.
I may, however, add that you can continue to subscribe for any number of
years by making an application for the extension of the account. Such
option for extension can be exercised within one year of the expiry of
the period of 15 years. 2. You will have to continue to subscribe for
the year 2010-11. You can contribute the minimum amount of Rs 500 to
comply with this requirement. 3. The amount received on maturity is not
taxable. Interest on NSCs
Q. I invested Rs 10,000 to buy NSCs in the
name of my (major) son. Like PPF and LIP, can I claim this amount in my
IT return under Section 80C? Interest of these NSCs in next 5-6 years
are investor’s income as well as savings. In whose IT returns these
will be counted? In mine or in my son’s? Also, what if son has/has
not taxable income? — Ram Murti A. Section 80C of the Act does not
provide for deduction for NSCs purchased in the name of a son.
Accordingly, deduction for the NSCs purchased in the name of your son
would not be allowable to you under the aforesaid section as the amount
paid for such purchase would be treated as a gift to your major son. The
interest income arising on such NSCs would be includible in your son’s
income. In case your son does not have taxable income, the interest so
earned would not be taxable. |
|
|
Punjab to set up 800 godowns for foodgrain storage
Chandigarh, August 22 With the state having decided to create 80 lakh tonnes of storage space and 523 bidders coming forward to set up 800 godowns, it is now in talks with various banks like Punjab and Sind Bank, Allahabad Bank and State Bank of India to finance the construction of these godowns. While Punjab and Sind Bank unveiled its financing scheme for rural godowns recently, the other banks, too, are offering competitive rates of interest for this scheme. Approximately Rs 2,000 crore will be required for the purpose. Unveiling the scheme in the presence of Adesh Pratap Kairon, Punjab Food and Civil Supplies Minister, officials of Punjab and Sind Bank offered to finance 85 per cent cost of building of the godown at 10.5 per cent rate of interest. However, the minister insisted that the bank should bring down the rate of interest to 9.5 per cent. Interestingly, other banks, too, are offering to finance these godowns at 10 per cent rate of interest. The minister added that the banks can recover their EMIs from the rent paid to the warehouse owners by the various state procurement agencies, thus mitigating the risk involved for the bankers. He said the state was setting up 800 rural godowns, with each of these having storage capacity of anything between 10,000 to 50,000 metric tonnes. “We have a storage capacity of over 150 lakh metric tonnes, which mainly includes the plinth storage. In order to create the new storage, we are already mapping the state to identify the areas where there is no storage capacity, so that the new warehouses are distributed equitably.
|
|
|
New Delhi, August 22 Sunfest Runcom Technologies, a joint venture between Liberty group and Runcom Technologies Limited of Israel, have started negotiations with potential operators, which bagged Broadband Wireless Access (BWA) spectrum in the auction held recently. — PTI
|
Bayer, Markfed in pact TCS
centre in China SBI eyes profit of Rs 10K cr Google buys Like.com Philips lounges
|
|||||
|
| 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 | |
