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BUDGET 2012
Investor Guidance |
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Aviation Notes
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Textile industry eyes fiscal concessions
Seeks extension of Technical Upgradation Fund Scheme Ruchika M. Khanna Tribune News Service
Chandigarh, March 10 The flooding of the Indian market with cheaper textiles from neighbouring Bangladesh, ever since duty-free imports were allowed from there, coupled with imposition of 10.3 per cent excise duty in this fiscal, has eroded the profitability of this labour-intensive industry. It has also led to the closure of several small textile units, which have been affected not just by the cheaper imported textiles, but also by the sharp volatility in the raw cotton prices. Hoping for resurgence, the textile sector is not just eyeing fiscal concessions, but also an extension of Technical Upgradation Fund Scheme (TUFS). Talking to The Tribune, KK Aggarwal, president, Northern India Textile Mills Association (NITMA), said with the textile industry facing one of its worst periods now, the government should provide an interest subvention of a minimum two per cent on loans to the textile sector. “Many SMEs in the textile sector have been eroded of their working capital. Providing cheaper loans can help revive many units that have turned sick over the past one year,” he said. Agreeing with him, Rakesh Rathee, president of Northern India Cotton Association, said the government should not incentivise textile exports at the cost of domestic manufacturers. He also suggested that the government should have a definite cotton fibre policy, which would decide the availability and requirement of cotton, and then allowing only surplus for exports. Ajit Lakra, president, Federaton of Knitwear and Textile Association of Ludhiana, hoped that the Finance Minister would pave the way for reduction of cost of funds for the textile sector, especially as this is a highly labour-intensive industry. “The duty-free imports should be banned; excise duty withdrawn; and, the TUFS scheme should be extended so that technological upgradation of textile units is not halted,” he said. Rakesh Verma, a leading handloom exporter from Panipat, said besides interest subvention, some concessions in the form of raising income tax exemption limits should be there in the Budget. “Since this is a labour-intensive sector, the Finance Minister should set aside some allocation to set up a textile incubation centre for training workers in latest techniques,” he added. Other Expectations
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No cap on number of housing loans
by A.N. Shanbhag Q. I had purchased a 1 BHK flat in 2004 for Rs 5.5 lakh. I sold that flat in October 2011 for Rs 21 lakh. Then, I purchased another flat in October 2011 for Rs 30 lakh. For this, I have taken a home loan of Rs 20 lakh. Somehow, I need to sell this flat before it completes 3 years and I am planning to sell this by next year to purchase another flat due to my transfer. That flat will cost me Rs 55 lakh and builder agreement is to be done by October 2012. My queries are: 1. As I am going to buy a new flat in October 2012, can I just use first flat's money for this, as it is well within 2 years cap? In the meantime, do I need to park this money in some PSU bank's Capital Gain Scheme account? If not, then where? 2. Then what about second flat? Can I have a home loan without claiming any IT benefits and at the same time apply for a new loan in October 2012 where I claim IT benefits? Can we have more than two home loans at a time? 3. I know from your answers that if I sell second property before 3 yrs then I need to pay LTCG tax on first property. I want to know can I avail IT benefits (interest & principal repaid through EMIs) for the Rs 20 lakh loan? Can I at least claim the interest component as loss from house property if I sell this flat before 3 years, as I am paying EMIs and most of its component is interest? — Makarand A. If an assessee sells the newly acquired property within 3 years from the date of its purchase or construction, the cost of the new asset is to be reduced by the amount of LTCG exempted from tax on the original asset and the difference between its sale price and such reduced cost will be chargeable as STCG of the year in which the new asset is sold. Moreover, the next house you purchase does not carry any benefit on the short-term capital gains. Though it is not very clear from your query, possibly what you are suggesting to do is simply brilliant. Since the returns for FY 11-12 are not yet filed, you show that you have purchased a new flat during October 2011, the same month when you sold your old flat but do not claim the benefit of Sec. 54 thereon. Invest the LTCG earned by you on the sale of the old flat in a CGAS account before filing the returns for FY 11-12. Claim the benefit of Sec. 54 on the new flat from Oct 2012 onwards as and when you pay your instalments for the same. There is only one hitch. This new flat should be ready for your occupancy within 2 years if you are purchasing it or within 3 years if you are constructing it. The clock starts from October 2011. If the flat is not ready before October 2013 if you are purchasing it or October 2014 if you are constructing it (through the builder - depends upon your contract with him), you will be a loser. Brilliant idea, but take care. 2. The restriction of the holding period of 5 years for deduction of capital repayment u/s 80C is not applicable to deduction of interest. It can be claimed irrespective of the holding period. 3. There is no restriction on the number of housing loans taken. The limit will apply to all the loans taken together.
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Differently abled passengers deserve to be respected
by K.R. Wadhwaney A disabled passenger on a wheelchair deserves attention and care from the airline officials regardless of load factor. He/she should be considered a 'valued' entity, if not a 'preferred' individual. His/her good wishes will bring nothing but success to an operator. According to the International Civil Aviation Organisation (ICAO) guidelines, efforts must be made by the airline staff to make such a passenger's flight comfortable. He/she should be the last to embark and the first to disembark. This can be possible only when he/she is provided a seat near entry/exit gate. This is not difficult if the passenger manifest is handled meticulously and even if there is a demand from a VVIP, the disabled passenger should be preferred. In recent weeks, there have been increasing complaints by the disabled passengers for receiving slovenly treatment from the airlines. The complaints have been voiced by the effected passengers against both private and national carriers. The unfriendly treatment meted out to disabled passengers by private carriers is bad but a rude behaviour by the national airline staff is highly condemnable. Jeeja Ghosh, 42, a teacher at Kolkata's Indian Institute of Cerebral Palsy, was offloaded from a Spicejet flight to Goa as the pilot refused to fly with her on board. Why was she offloaded? What was her failing? The Chief Disabilities Commissioner, PK Pincha, immediately swung into action and sought explanation from the erring airline. Whatever may be the reasons, the airline needs to be disciplined for 'an inhuman treatment' meted out to a disabled passenger. As if 'insensitive treatment' to Jeeja was not bad enough, another passenger, Anjlee Agarwal, a disability rights worker, underwent harrowing experience at Raipur and then at IGIA when she was carted around on a luggage trolley. Instead of expressing 'regret' for negligent handling, Air India officials defended by saying that 'she was not transported in a luggage trolley'. The rights for differently abled passengers are already specified in the manual. The need of the hour is to compel airlines to adhere to them and provide all facilities to such passengers. Amidst already existing confusion, the Airports Authority of India (AAI) has jumped into the fray saying: "A physically challenged person carries higher risk of carrying weapons and explosives than a normal passenger and hence there should be no leniency". The screening of a disabled passenger, as laid down, is one thing, but treating such a 'passenger’ with care is another.
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Having suffered one of the biggest slowdowns in the recent history, the textile industry in the region, especially the small and medium textile units, are looking hopefully at Finance Minister Pranab Mukherjee to provide the much-needed fiscal succour, as he gets ready to present his Budget proposals for 2012-13.
