|
|
|
|
VW Scam: CBI files chargesheet
FM to launch Swavalamban scheme today Aviation Notes
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||
| Investor Guidance Bonus on MIS taxable Q: Please clarify whether bonus payable on maturity of Post office MIS Account after 6 years is taxable or not ? — Amit A: For tax purposes, this bonus will be treated as interest and will be liable to tax. (D.G.Posts letter 97-7/89-SB dt 20.11.90.
|
|
VW Scam: CBI files chargesheet Hyderabad, September 25 The investigating agency, which took up the probe in August 2005, has given a clean chit to Andhra Pradesh Minister B Satyanarayana who was holding Industries portfolio when the fraud came to light. Satyanarayana, who is now the Panchayatraj Minister, was the target of the opposition attack in the wake of the scandal. In a 150-page charge sheet filed in the designated court here, the CBI framed charges against the accused under IPC Sections 120 B (criminal conspiracy) and 420 (cheating). Besides Schuster, who was sacked by the company, the other accused include businessman Jagdish Raja and his sister Gayatri who had colluded with the German executive in floating a fictitious firm to cheat the state government. The CBI had examined 59 witnesses during the five-year long investigation. The scam, which triggered a major political furore, involved disappearance of Rs 11.67 crore that the government had deposited towards its share of equity in a Delhi-based company “Vashishta Wahan”, which was supposed to be an Indian arm of Volkswagen but turned out to be a fictitious entity. The payment was made as part of a commitment to get Volkswagen set up a car manufacturing plant at the port city of Visakhapatnam. After the money disappeared into thin air, Volkswagen sacked Schuster in July 2005 on charges of financial irregularities and even offered to return the money paid by the government. However, the
government had declined to accept the money till the completion of the CBI probe. Schuster is still at large. He has been placed on the wanted list of the CBI and an Interpol notice was issued against him five years ago. Meanwhile, Satyanarayana, who was in the eye of a storm after the scam “The opposition parties had then made baseless allegations against him and my family and resorted to character assassination. The CBI’s conclusion is a slap on their faces,” the minister said. The opposition TDP and BJP had then alleged that Satyanarayana and his brother had played a role in floating the fictitious company in collusion with Schuster to swindle the money. |
|
|
FM to launch Swavalamban scheme today
New Delhi, September 25 The scheme is applicable to all the citizens under the unorganised sector, who join the new pension scheme (NPS) subject to their meeting the eligibility criteria, an official statement said. Under this scheme, Central Government will contribute Rs 1,000 per year to each NPS account opened in the year 2010 -11 and for the next three years, i.e., 2011-12, 2012-13 and 2013-14, it said.
— PTI |
|
|
Aviation Notes
After years of procrastination, there is a welcome change in the attitude of the defence and civil aviation authorities to work in unison with an added zeal. This change will help improve security and efficiency in both vital sectors. As man-made glitches and hitches are being approached with open mind, many national airports and air-fields will be able to function more smoothly than has been the case at present. The work on the much-awaited terminal building at the Chandigarh airport is likely to be completed before December 31, 2010, and increased operations will start functioning from the next year. The work on the building had begun in April 2008 and was scheduled to finish before the end of July 2009. The technical problems arose and paper work increased manifold. The plans had to be re-designed to the satisfaction of the defence bosses and also the civil authorities. The new terminal, with added ultra-modern facilities, will cater to the needs of the passengers. According to the civil aviation authorities and airlines, there is an increased flow of traffic in the meantime. Several airlines, including some no-frills carriers, have readied plans to start services from Chandigarh to various destinations and back. Chandigarh is all set to grow on the national aviation map. There are some who are even working on the possibility of starting international operations. Bollywood stars feel Chandigarh is an ideal hub for their activities and shooting. There is also an increased activities for more quality hotels in the city. The punctuality is key to success in airline operations on national and international routes. The delayed landing of flight or taking-off has chain reaction on several other carriers and this leads to losses to the airlines and inconvenience to the passengers. In view of this all-important factor, the Ministry of Civil Aviation is seeking active cooperation from all concerned agencies, including air-traffic controllers (ATCs), airlines and others to impose rules for ‘punctual’ operations. The experienced authorities are of the firm view that the 'habitual defaulting airlines in maintaining punctuality' should be barred from that particular slot for ever. It is felt that the discipline and punctuality in operations will come about when airlines and commanders are penalised. The ministry has already prepared a detailed letter pertaining to 'sticking to the slot policy'. The ministry officials are said to be in active dialogue with the airlines and commanders operating flights from country's two busy airports, Delhi and Mumbai. According to analysts, the usual target for maintaining punctuality is that five flights should operate in 10 minutes. But there have been instances when the powers that-be flout this rule and try to operate 10 flights in 10 minutes. "This is not feasible and this leads to confusion", said an official, adding: "The law-enforcers should see to it that they do not violate their own rules". |
|
|
Investor Guidance
Q: Please clarify whether bonus payable on maturity of Post office MIS Account after 6 years is taxable or not ? — Amit A: For tax purposes, this bonus will be treated as interest and will be liable to tax. (D.G.Posts letter 97-7/89-SB dt 20.11.90. Interest on FDR
Q: If the investment is done in a cumulative FDR for a period of 3 years and interest payable would be on maturity along with the principal amount then also is one liable to pay income tax in each of these 3 years? In other words, the interest amount earned has just accrued but not received in hands in the respective financial year but is payable in lump sum at the time of maturity. — YM Wadia A:
In a cumulative deposit the interest is deemed to have been paid to the investor who redeposits it in the same FDR. Therefore, the company which has issued the FDR is expected to apply TDS (if applicable) and reinvest only the balance in the FDR account. Consequently, you are required to include this income accrued but not received in your total income and pay tax thereon at the rates applicable to you after taking credit for the TDS. Education loan
Q: My son took a loan of Rs 4 lakh in 2003 for higher education in Canada. He did his Masters in Interior Design in Canada. The bank first stated EMI of Rs. 10,500 which was started paying back in 2005. In 2006 they revised and fixed the EMI at Rs. 7,955. The same is being regularly paid. Interest rates varied in between. At present it is 11.25% p.a. Money is being sent by my son into my account and I pay thru NEFT from my account except on very few occasions I directly pay from my own money. Whether I am eligible for deduction on interest paid for the FYs till now. The said transactions do not figure in my son's income tax in Canada. Please advise. — Amarjeet A:
Interest paid out of income chargeable to tax on loan taken by an individual from a bank, a notified financial institution, or any approved charitable institution u/s 10(23C) or 80G(2a) for higher education is deductible for 8 successive years starting from the FY in which the assessee starts repaying the interest. In other words, the loan repayment is not eligible but the interest payment eligibility has no ceiling. The benefit is available on loans taken by the student himself as well as for the higher education of his spouse and children. If the loan is taken by your son, it is only your son who can claim the tax benefit and not you. In other words, the deduction is available only to the person who takes the loan, even though the loan is for the higher education expenses of not himself but his spouse or child. Therefore, for optimum benefit, it is you who should have taken the loan to be used for defraying the cost of the
Master's course for your son. The authors may be
contacted at wonderlandconsultants@yahoo.com |
|
| 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 | |
