The Tribune, Chandigarh, India

	Crores spent on CWG, but Jalandhar industry gets nothing Jalandhar, September 5 Crores of rupees are being spent on the Commonwealth Games being held in New Delhi from October 3-14, but the world-famous sports industry of Jalandhar is not among the beneficiaries. Sport products makers are upset that they have not benefited from a mega-sporting event taking place in their own country. The producers claim that while they even got orders for the FIFA World Cup taking place in far-away South Africa, they have not received many orders for the Commonwealth Games. The coordinator of the Sports Industry Union Vijay Dheer told PTI, "It is such a huge extravaganza but the Jalandhar industry has not benefited from it because products are being imported from abroad, while domestic producers are being neglected." He said they had received some product orders for hockey, the quantum is negligible. "The sports industry will not benefit from it. The Jalandhar sports industry had great hopes from these games but they have proved to be worthless," he said. "Had the organisers of the games informed us about the quality and the quantity of the products that they are importing or have already imported, then probably we would have supplied it," Dheer added. Dheer said it had been known for years that the Commonwealth Games would be organised in India. As such, he argued that sports products makers could have been consulted for orders. The industry would have gained from it and it would have also led to more employment opportunities. Money also would not have gone outside India. He said the government should put up a sports products exhibition near the Games Village to encourage the sport industry of the country so that players coming from all the world could appreciate it. This could lead to huge business opportunities in foreign countries as well, he said. Dheer said another problem facing the sports industry of Punjab was that VAT charged here is 5.5 per cent, whereas no VAT was charged in Uttar Pradesh and Jammu and Kashmir. Dheer said after India opened itself up to the international markets, products from China, Korea and other nations had given tough competition to Indian products. He said the government should formulate a policy under which Indian products were not harmed because of imports. Dheer added that in China, small industries got tax-free loans for five years, because of which its sports industry was flourishing. On the other hand, it was hard to even get a loan sanctioned in India, he said. — PTI
	Trading on cellphones begins from October Mumbai, September 5 With a view to reaching out to more customers, the National Stock Exchange (NSE) is gearing up to launch trading on mobile phones through nearly 800 registered brokers in early October, an NSE official said. At present, only about 10-15 big brokers have the infrastructure to offer mobile trading and it comes at a very high cost. "For the first time in India, the NSE is taking steps towards facilitating nearly 800 members and their clients (total of 1.2 crore investors) to trade through the mobile infrastructure set up by the NSE from early-October," the NSE official said, adding that the NSE has 1,200 active brokers. In early-October, the NSE will enable any registered broker or a client to trade from anywhere in the country through their mobile phones. Clients can place orders, view positions and trade from anywhere in the country, the official said. Fifty brokers randomly picked by the NSE will start getting market data on their mobiles from September 6. The market data facility will be extended to all brokers and investors on their mobiles effective from September 13. The data includes the best bid and ask prices of Nifty stocks, other stocks, derivatives and currencies. Trading on mobile phones will be similar to Internet trading. It will be facilitated on the NOW software that NSE provides to its brokers free of cost. The market data will also be provided free on brokers' cellphones and later on investors' cellphones. The NSE has already modified its hardware to facilitate mobile trading. Brokers will be given a URL on their cellphones and to get access to the NSE data, they will have to put in a user id and password to verify their identity for the purpose of trading. — PTI
	Bank strike tomorrow Mumbai, September 5 Banking operations are expected to be hit on September 7 with the All-India Bank Employees Association joining the nationwide strike called by several unions to protest against the price rise, unemployment, grant of licences to private banks and other issues. Nearly 10 lakh employees from 27 public sector banks, 18 foreign banks, 26 private banks, 82 regional rural banks and 1,721 cooperative banks will participate in the strike, an All-India Bank Employees Association (AIBEA) statement issued here said. It has opposed FDI in private sector banks and demanded the expansion of the public sector banks' network from 40,000 branches to 1,00,000 across the country. "Expansion of public sector banks network is necessary for reaching out to the poorest of the poor for making the financial inclusion model of the RBI a success," AIBEA secretary Vishwas Utagi said. — PTI
	Tax Advice Error in challan can’t be rectified by SC Vasudeva Q: I am retired from the Army. I recently received arrears of revised pension under the 6th Pay Commission as such was to deposit advance tax self-assessment before March 15, 2010. After assessing advance tax on the arrears as well as pension for 2009-10, I had deposited advance tax at Rs.72,000 in the State Bank of Patiala, Sector 35D, Chandigarh, vide Challan No.00001 dated March, 09, 2010. At the time of filing challan by mistake, I mentioned the assessment year as 2011-12 instead of 2010-11. I have been told by Income-tax person that in this case I have to deposit Rs.72,000 afresh with challan for the year 2010-11 as earlier amount deposited shall be dealt for assessment year 2011-12. I shall be grateful if you could kindly advise me how to resolve above mistake. — S.C. Bali A: The advice given by your tax consultant is correct. The computer generated information has already been sent and duly recorded by the department. It may be very difficult for them to rectify any error of the type referred to in your query. It will be advisable to follow advice of your tax consultant and seek refund of the excess amount paid for assessment year 2011-12. II Q: This year while depositing my self-assessment tax, I filled in the Challan form assessment year 2009--2010 whereas the tax was for YA 2010--2011. How to rectify this clerical mistake? — Bhupal Chahal A: It will be very difficult to rectify the mistake in view of the computerisation by the department in respect of all tax receipts. In view of the above, it may be essential for you to make the payment for assessment year 2010-11 again and claim refund for assessment year 2009-10. FD of the PF Q: I am working as a teacher in govt-aided school in Punjab. The managing committee of the school makes FD of the PF amount in a bank jointly in the name of teacher (whose PF is deducted) and that of the Principal. The bank deducts 10 per cent TDS on the interest of PF amount (because it is in the shape of an FD). My query is: a ) Is the interest of PF accrued as in the above case treated as "Income from the other sources? b) Is the bank right to make deductions as TDS from the interest of PF and if not what should I do? c) Should I show this income as "Income from other sources" in my IT return? And if I have already showed it as "Income from other sources" then should I file a revised IT return. — V.K. Preenja A: On the basis of the facts given in the query, it seems the Provident Fund which is being deducted from your salary is not a recognised Provident Fund. If it was a recognized fund, your contribution as well as the school's contribution should have either been paid to a trust recognised by the Tax Department or deposited with the Office of the Provident Fund Commissioner. In the light of the above your queries are replied hereunder: 1) This being a case of unrecognised fund the amount of interest earned on the fixed deposit will be taxable in your hand as 'income from other sources'. II ) The bank is required to deduct TDS in accordance with the provisions of the Act on any fixed deposit of the nature referred to in the query. iii) The amount should be shown as an income from other sources. In case the same has not been shown in your tax return, you should revise your Income-tax return.