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Gujarat steals march over Maharashtra
Mumbai, December 10
Maharashtra has received a major setback as land acquisition issues have slowed down the construction of Delhi-Mumbai freight corridor which passes through the state. According to state government sources, the Central Government this week has decided to go ahead with the Vadodara-Rewari leg of the corridor in the first phase pushing the Gujarat-Mumbai sector to the second phase.

FinMin declines info under RTI Act
Faridkot, December 10
The Central Board of Direct Taxes (CBDT) of the Ministry of Finance has declined to divulge the names of 69 persons who have admitted of stashing Rs 397.17 crore in overseas bank accounts and have paid Rs 30.07 crore as taxes recently.

Investor Guidance
Rebate up to Rs 35,000 allowed u/s 80D
HRA deduction


EARLIER STORIES


Aviation Notes
Pan Am hijack: No relief for Indian victims as yet

 

People walk down a shopping street before the Zhengyangmen gate in Beijing on Saturday. China’s economy lost steam in November as inflation and output slowed sharply, according to data released on Friday, fuelling pressure on Beijing to further relax credit restrictions to prevent a hard landing. People walk down a shopping street before the Zhengyangmen gate in Beijing on Saturday. China’s economy lost steam in November as inflation and output slowed sharply, according to data released on Friday, fuelling pressure on Beijing to further relax credit restrictions to prevent a hard landing. — AFP

 

 





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Delhi-Mumbai freight corridor
Gujarat steals march over Maharashtra
Shiv Kumar/TNS

Mumbai, December 10
Maharashtra has received a major setback as land acquisition issues have slowed down the construction of Delhi-Mumbai freight corridor which passes through the state. According to state government sources, the Central Government this week has decided to go ahead with the Vadodara-Rewari leg of the corridor in the first phase pushing the Gujarat-Mumbai sector to the second phase.

"While Gujarat has acquired 70 per cent of the land for the project, land acquisition has slowed down in Maharashtra," a note put up before the Maharashtra cabinet said. Following this, a committee headed by Chief Secretary Ratnakar Gaikwad has been set up to speed up land acquisition in Maharashtra.

With Maharashtra struggling to acquire land for the project, the Prime Minister's Office last week summoned the Chief Secretaries of Maharashtra and Uttar Pradesh to speed up the process.

The Dedicated Freight Corridor Corporation (DFCC) set up specially to execute the project has managed to acquire 50 per cent of the 10,840 hectares of land required for the project. The Maharashtra Government has been given a deadline till June next year to complete the land acquisition process, sources said.

In all, 470 hectares of land is being sought to be acquired between Dahanu and Panvel on the outskirts of Mumbai near the Jawaharlal Nehru Port Trust.

Once complete, the 1,500-km freight corridor will connect JNPT with the National Capital Region.

The Western DFC between Dadri and JNPT will pass through Vadodara, Ahmedabad, Palanpur, Phulera and Rewari. This section of the corridor will be a double-lined diesel track. The corridor also includes another 32 km single line from Pirthala to Tughlakabad.

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Overseas bank accounts
FinMin declines info under RTI Act
Balwant Garg/TNS

Faridkot, December 10
The Central Board of Direct Taxes (CBDT) of the Ministry of Finance has declined to divulge the names of 69 persons who have admitted of stashing Rs 397.17 crore in overseas bank accounts and have paid Rs 30.07 crore as taxes recently.

A month ago, Finance Minister Pranab Mukherjee had claimed that the government received information from France about overseas bank accounts of Indians and in 69 cases, the taxpayers have admitted to unaccounted income of Rs 397.17 crore and paid Rs 30.07 crore as taxes.

But in a reply to an RTI application, the Foreign Tax and Tax Research division of the CBDT declined to disclose the names of these 69 persons, saying it was a confidential information. Last month, Kamal Anand, an advocate, filed an RTI application seeking names of these 69 Indians who admitted of having unaccounted income.

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Investor Guidance
Rebate up to Rs 35,000 allowed u/s 80D
by AN Shanbhag

Q: Could you specify as to how much is the deduction for buying mediclaim currently? I remember having read a couple of years ago that the deduction limits had been increased. But I am not sure by how much. I need to take medical insurance for both my parents, who are senior citizens. I would appreciate if you can let me know.

— Shri Vijay

A: Prior to April 2008, Sec. 80D deduction in respect of medical insurance premium was Rs 15,000 for an individual and Rs 20,000 for a senior citizen. However, with effect from April 2008, if someone were to buy medical insurance for his parent/s, additional deduction of Rs 15,000 (over and above Rs 15,000) will be available. If such parent/s were senior citizen, the additional deduction would be Rs 20,000. So a person insuring himself, his spouse, children and parents could potentially get a deduction of Rs 35,000. 

HRA deduction

Q: I understand that I can avail benefits of both HRA deduction and interest on home loans. But the Income Tax Act mentions that this is possible only "where house property is self- occupied". However, this is paradoxical by definition. In other words, I own a house but I do not stay in it as I live in a rented flat. So the flat that I own cannot be "self-occupied". Can you please help in clearing this doubt so that I can avail the benefit of HRA and also the tax deduction on interest paid on home loan?

— Tarang

A: As per Sec. 23(2) of the Income Tax Act, the term “self-occupied property” includes property that cannot be occupied by the owner by reason of the fact that owing to his employment, business or profession carried on at any other place in a building not belonging to him.

In other words, it is not necessary that you have to be occupying or staying in the property, rather, the property should be meant for your occupation. As long as this condition is satisfied, you are entitled to the HRA deduction, if of course you pay rent for the premises you live in.

The authors may be contacted at wonderlandconsultants@yahoo.com

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Aviation Notes
Pan Am hijack: No relief for Indian victims as yet
by KR Wadhwaney

At the Indira Gandhi International Airport (IGIA), three European women were heard saying that they had received an ‘advisory’ that they should avoid flying by an American carrier as it was riskier than other known airlines. They also said apart from the ‘risk factor’, the American authorities exercised discrimination in paying compensation in the event of casualties arising out of hijack.

According to International Civil Aviation Organisation (ICAO), all passengers, including crew members, involved in a tragedy whether dead or injured, are required to be treated equally, regardless of their nationalities.

In 1986 when a Pan Am flight (PA-73) was hijacked at Karachi airport, there were about 390 passengers, including crew members, on board. Only 43 of them were Americans. Suddenly, four persons wearing Pakistan police uniforms made their way into the parked Pan Am aircraft. The cabin crew, reportedly all Indians, informed the entry of illegal persons to the cockpit crew who, after ascertaining that they were ‘terrorists’, fled to safety. This was one of the worst acts of cowardice by commanders, who considered ‘self’ more ‘valuable’ than the ‘ship.’

The ‘terrorists’ then ordered the cabin crew to collect passports of all passengers so that they could segregate Americans from others.

The Indian cabin crew did collect passports of all passengers but they hid them to save their lives. While doing this ‘noble’ act, they knew that they were risking their own lives.

The hijack ordeal lasted for 17 hours. All passengers were herded in one section of the aircraft. The ‘terrorists’ then started firing. At least 21 persons died and 70 were injured. In the tragedy, only two Americans died, thanks to the brevity of the Indian cabin crew.

The American authorities paid compensation to the families of the deceased who were Americans, but justice still eludes the Indian victims and their families. $10 million were paid to the kin of deceased and $3 million to those who were injured.

Like Bhopal gas tragedy, the Indian passengers and cabin crew members, who saved lives of several Americans, were discriminated.

Among them was Chandigarh’s Neerja Bhanot, who was posthumously awarded the Ashoka Chakra and Tamgha-e-Insaniyat in Pakistan. 

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