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Telecom firms asked to pay spectrum fee by
tomorrow
Jaypee to expand footprint in hospitality
sector
Rebate under Section 80 TTA not allowed on RDs/NSCs
DoT seeks abolition of service tax on broadband
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Punjab woos industry at Vibrant Gujarat summit
Existing tariff regime to continue, says TRAI
Airbus will bid for the global tender to be floated by India for procuring 56 medium-lift transport aircraft to replace its vintage Avro planes.
Choosing a home loan wisely
Small premium, big benefit
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Telecom firms asked to pay spectrum fee by
tomorrow
New Delhi, January 13
Sources said the first instalment for Vodafone amounts to around Rs 2,093 crore, Airtel’s Rs 1,758 crore, BSNL’s Rs 1,282.98 crore and MTNL’s Rs 916 crore. The same for Idea Cellular is Rs 810 crore (includes Rs 84.45 crore of Spice Communications), Aircel's Rs 584 crore (includes Rs 1.98 core of Dishnet), Loop Mobile's Rs 607 crore and for Reliance Communications' about Rs 63 crore. Bharti Airtel and RCom declined to comment on the issue, while no immediate comment could be received from other operators. The Director General of GSM players body COAI, Rajan Mathews said their "members are evaluating legal options and may approach court over the issue". Initially, telecom firms were given 4.4 MHz spectrum along with a licence for Rs 1,658 crore for pan-India operations and later they were entitled to get another 1.8 MHz on fulfilment of certain subscriber-based criteria. In November, the government decided that the operators should pay for holding spectrum above 6.2 MHz retrospectively, from July 2008 to January 1, 2013. After that, for spectrum above 4.4 MHz, they would have to pay for the remaining period of their licences based on auction held last November. As per this decision, DoT issued demand notice to telecom operators on January 9. The government is likely to get Rs 4,251.83 crore from retrospective charges, and Rs 18,925.82 from prospective charges for excess radiowaves held by mobile operators. In all, around Rs 23,177 crore is expected from levy of one-time spectrum fee, sources added. State-owned BSNL will have to pay around Rs 6,912 crore, followed by Bharti Airtel - Rs 5,201 crore, Vodafone - Rs 3,599 crore, MTNL - Rs 3,205 crore, Idea Cellular - Rs 2,113 crore (includes Rs 231.5 crore of Spice), Aircel - Rs 1,365 crore (includes Rs 14 crore of Dishnet), Loop Mobile - Rs 606 crore and Reliance Communications - Rs 173 crore. Telecom operators have been asked to pay the amount in equal annual instalments for the balance number of years of licence in a manner that the last instalment is paid a year before the expiry of company's licence. The government has given option to telecom operators who are not willing to pay the one-time fee to surrender their additional and excess spectrum. — PTI
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BIZ TALK Jaypee Hotels, a division of the Indian conglomerate Jaiprakash Associates Ltd., was established in 1981. At present, the group has five luxury properties, strategically located to service the needs of discerning business and leisure travellers. Manju Sharma, Director, Jaypee Hotels talks to Girja Shankar Kaura about the future plans of the company. Q. What is your outlook for hospitality industry in 2013? The Indian hospitality industry is the fastest growing sectors of the Indian economy. The year 2013 seems positive. We are expecting to have 10-15% business this year from the domestic business market besides increase in meetings, incentives, conferences and exhibitions (MICE). Moreover, the Indian government is proposing several measures that will increase investment into the hospitality sector and accelerate the process of growth. With big funds pumping in money and global firms showing interest in the Indian hospitality sector, we see an immensely bright future for this industry in 2013. Q. In what terms Jaypee Greens Golf and Spa Resort different from other hotels? Set amid luxurious green landscape, the ambience clubbed with contemporary architecture and sculptures provides Jaypee Greens Golf and Spa Resort a distinctive élan which is bound to change the definition of luxury hotels in India. An ideal weekend getaway destination, away from the hustle-bustle of the city, the Jaypee Greens Golf & Spa Resort is a super-luxury designer resort built on 9 acres and offers 170 elegant rooms (152 deluxe rooms and 18 suites) with a world-renowned Six Senses Spa. Q. How has been the response to the newly launched Six Senses Spa at Jaypee Greens Golf and Spa Resort? We have received phenomenal response for our Six Senses Spa. Aptly matching the beauty and serene environment of the Jaypee Greens Golf and Spa Resort, the spa has been able to meet the exquisite demand of a luxury spa in the country. We are happy with the response which we have got so far. We are in the process of converting our regular guests into members as well. There have been a number of queries to introduce Detox and slimming residential packages for 7, 14 and 21 days, which we are finalising. Q. What are the USP of Jaypee’s hotels in Mussoorie and Agra? Jaypee hotels’ most splendid properties -Jaypee Residency Manor, Mussoorie, and Jaypee Palace Hotel and Convention Centre, Agra, have enjoyed great response from both domestic as well as international guests not only for its location but also for its exquisite features and facilities. The Agra property is spread over 25 acres of elegantly landscaped luxuriant greenery. Sprinkled with enormous water bodies and endless walkways, this magical creation impeccably blends Mughal and contemporary architecture with modern amenities. Q. In the new-age trend luxury is the recent call and most of the families opt for offbeat locations for weddings/family functions? How is Jaypee catering to this segment? Indian weddings are all about luxury and grandeur. Jaypee Hotels has a variety of options to offer. Creating the perfect mood and setting for every occasion, Jaypee Hotels are committed to making the special day in your life momentous and just perfect.
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Tax Advice by S.C. Vasudeva Q. Recently, you have clarified in your column that under Section 80 TTA (applicable from 2013-14), interest on deposits (not being time deposits) with a bank or a post office will be eligible for deduction from the total income subject to a ceiling of Rs 10,000. Does this mean interest (except FDRs) earned in savings account, recurring deposit schemes with bank/post offices, National Savings Certificates or even KVPs will be deductible under Section 80 TTA subject to a limit of Rs 10,000. Or only interest earned in savings account with banks/post offices qualifies for this deduction? Further, interest paid on home loan is deductible from the total income, subject to a limit of Rs 1,50,000. Please clarify if this deduction is allowed by the employer itself and is duly reflected in Form 16, issued by him. Whether an assessee has to recount it in ITR Form I (applicable to salaried class)? If so, under which column? — Sham Lal Mittal A. The deduction under Section 80TTA is not allowable in respect of recurring deposit scheme as well as National Savings Certificates or Kisan Vikas Patras. Deduction is allowed in respect of interest on savings account with bank/post office. A deduction of Rs 1,50,000 under Section 24 of the Act in respect of interest paid/payable on a loan borrowed for construction of self-occupied house can be allowed by the employer while computing the total income of the assessee provided the assessee has filed necessary particulars with the employer under Rule 26B of the Income-tax Rules, 1962 for the purposes of inclusion of income under any head other than salary for the purposes of deduction of tax at source. Q. The BBMB management has deducted income tax from the pension amount payable to employees/ pensioners, who retired between 1.1.2006 and 23.5.2010. The BBMB Pensioners Welfare Association is of the opinion that the management has earnestly treated the BBMB pensioners as the pensioners who are covered under general category i.e. under Section 10(10)(ii) or 10(10)(iii). BBMB pensioners are covered under Punjab CSR Rules and therefore the above sections are not applicable to them. Please let us know if the BBMB pensioners are governed by Punjab CSR Rules and whether their pension would be fully exempt on the lines of state government employees. — SC Singhal A. According to the provisions of Section 10(10)(i), any death-cum-retirement gratuity received by the members of the All India Services or by the members of the Civil Services of the State or holders of civil post under a State is fully exempt from the levy of income tax. Therefore, in case the BBMB pensioners are covered under the above category, no tax should be levied in respect of increased amount of gratuity payable to such pensioners.
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DoT seeks abolition of service tax on broadband
New Delhi, January 13 In its recommendation sent to the Ministry of Finance, the DoT has sought abolition of the service tax on broadband with a view to increase the Internet penetration in the country. The high cost of Internet, which currently attracts a 12% service tax in line with other telecom services, is one of the reasons for slow growth of this essential service within the country, the DoT said in its recommendation for Budget 2013. DoT has set a target of 175 million broadband users in the country by 2015. Latest data released by the telecom regulator TRAI points out that there are just 14.88 million broadband users in the country at the end of November 2012, a mere 0.47 per cent growth rate over the previous month. The DoT has, however, recommended that value-added services (VAS) should attract service tax as it needs to be treated as supply of service. At present, there are 159 Internet service providers in the country, of which state-owned BSNL has the largest share of 65.8 per cent followed by Airtel, which has 9.3 per cent of the market share. While BSNL has 9.79 million subscribers, Airtel has just about 1.39 million. |
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Punjab woos industry at Vibrant Gujarat summit
Chandigarh, January 13 Officials from departments of industry, power,
PUDA, Punjab Agro interacted with corporate honchos at the summit on January 11-12 persuading them through presentations and discussion to invest in Punjab. During the Punjab State Seminar at the event, officials also highlighted the
SAD-BJP government's vision to turn the state into investment hotspot by taking industry friendly measures, including sufficient power, improved road infrastructure, air connectivity, land availability at reasonable rates. The officials also talked about policy initiatives being taken with regard to the promotion of prominent industry verticals including textile, auto parts,
pharma, information technology and agro-processing. Punjab officials also explained the upcoming new industrial policy which is expected to address a host of issues like land availability and faster clearance of new industrial projects to turn the state into a favourable investment destination.
— PTI |
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Existing tariff regime to continue, says TRAI
New Delhi, January 13 "TRAI sought views of stakeholders on the need to review the existing regime of tariff forbearance... Taking into account the feedback received from stakeholders, the Authority has decided to continue with the existing tariff regime for the time being," TRAI said in its annual report. The Telecom Regulatory Authority of India
(TRAI) had started consultation process in February 2012 to review existing tariff regime which is under forbearance except for rural land line services, national roaming and leased circuits. Forbearance of tariff for a service means TRAI has not, for the time being, notified any tariff for that particular telecommunication service and the service providers are free to fix tariff for such service. In mid 2012, telecom operators openly said multi-fold high spectrum price recommended by TRAI can lead to increase in telecom tariff by up to 100 per cent.
— PTI |
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Airbus eyes Rs 12,000-cr IAF deal
Seville (Spain), January 13 The Defence Acquisition Council (DAC) headed by Defence Minister A K Antony had in July last year cleared a proposal to procure 56 transport aircraft. The tender, though, is yet to be floated. "Our hope is that by the next financial year we would be invited to present the RFP (Request for Proposal)," Airbus Military officials said, informing that the aircraft is being tested for further improvement. Airbus Military has already clinched the deal to supply its A-330 multi-role tanker transport aircraft after it emerged as the lowest bidder in the IAF contract.
— PTI |
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While selecting your home loan provider, you should not only focus on the interest rates and the amount that they are willing to fund you but also keep in mind the quality of customer care and personalised service you would be receiving
Consumers view a home purchase not only from the need point of view but also from an investment perspective. The entry age for home buyers has also seen a significant reduction. One of the largest contributing factors to these changes has been the wider availability of finance in the form of home loans. There are a number of things that need to be considered while taking a home loan. Remember that it is always a long-term decision that will affect a part of your life for years to come. Both current and expected future scenarios will have to be considered along with a host of other financial and non-financial factors. Getting the right figure in place
One of the basics is determining the actual loan amount that you would need. Factors to be considered here are your immediate and projected future financial and non-financial situation. A judicious evaluation of your life goals at various stages like future education, marriage, children etc should be done, as all these have financial implications. A larger than necessary loan could be an additional burden in the future, if you haven't estimated these properly. Add your currently available assets into the mix, like mutual funds, fixed deposits, gold, other savings etc, both those that you can and those that you should liquidate. You should have enough information to decide an appropriate loan amount. Shopping around for the loan
Banks and financial institutions offer a variety of home loans - the standard home loan for basic home purchase, home construction loans, home improvement loans, home extension loans, loans for purchase of plots etc. The eligibility and interest rates vary depending upon the nature of the home loan product and your personal eligibility profile, which includes an evaluation of age, occupation, income, credit history among other things. Most banks and financial institutions offer a maximum of 80-85% of the property value as a loan. Home loan providers also offer two broad types on interest rates. A flexible floating rate will work well if the prevailing interest rates in the economy drop over the course of the loan, but will have the exact opposite effect if interest rates rise. A fixed rate could help insulate you against an interest rate rise, but if the rate falls, you could lose out on some valuable savings. While selecting your home loan provider, you should not only focus on the interest rates and the amount that they are willing to fund you but also keep in mind the quality of customer care and personalised service you would be receiving. This is important as a home loan is a fairly tedious product as well as a long-term relationship which is for a period around 10-25 years. Take a good look at all these factors before singing that loan document. Paying it back
Your home loan would be repaid by way of equated monthly instalments (EMIs). There are various repayment options like accelerated repayment scheme, flexible loan instalments plan and step-up repayment facility. These options allow you to change your EMI amount or modify your loan amount over time, depending upon your current financial situation and future earning potential. You should choose the mode that is most suitable to your requirements. Another factor is the tenure for repayment, which should be chosen after considering your current age and the amount of 'income-earning' years left. Apart from your EMIs, you would also be charged other costs like processing fees, legal and technical charges, foreclosure charges, etc. It is advisable that you seek clarity on these charges at the exploratory stage itself, and before you apply for the loan. Other benefits
There are some substantial income tax benefits under Section 24(b) of the Income Tax Act, 1961 that you can avail of. They can take some pressure off your income stream during the repayment of your loan. Consult your tax adviser to take the appropriate steps to make full use of this. Taking a life insurance policy on your home loan, which can cover the loan outstanding throughout the tenure of loan and property insurance, which is recommended for apartment buildings and high rises are strongly advised at the time of taking the loan. They can secure your future liability to a certain extent and are generally offered at a discount by your home loan provider. A home is so much more than its mere structure. It is an extension of one's self, a place that gives people the freedom to truly express themselves and live life freely. Taking the right amount of time and effort for your home purchase will make it a very memorable experience, being one of the most significant decisions you will take in your life. The author is managing director, Tata Capital Housing Finance Limited. The views expressed are his own |
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Small premium, big benefit
You are really lucky if you don't have to travel by rail or road for work. Besides escaping the daily grind of travelling in overcrowded trains and buses, you are also escaping the risk of meeting an accident or getting injured. It is indeed a boon for people especially living in metros. But how many of us are among those lucky ones?
This way we see that in addition to the normal hazards of travelling, you have to endure risk of accidents which may occur during the course of travel. This is a major concern, particularly for people who have to travel everyday from the place of residence to the place of work. I would like to share with you a novel and unique insurance product introduced by National Insurance Company - "Traffic Accident Policy". It is a combination of personal accident insurance and health insurance policy that covers disabilities, death or hospitalisation. This policy is very beneficial, especially for the persons who are on the road for the major part of the day like, sales and marketing personnel, courier boys, office boys and drivers, and are generally unable to afford a Mediclaim or costly treatment. Eligibility and premium
Anyone between the age of 5 and 70 can purchase this insurance policy. The premium charged for this insurance is flat Rs 150 for an insurance of Rs 1 lakh, which is inclusive of service tax. It may be noted that the insurance is available for Rs 1 lakh only. Accident insurance benefit
Benefits available under this policy can be divided into two parts. First part covers the benefits that are normally available under a personal accident insurance. Under this part, the insurance company pays Rs 1 lakh in case the insured person dies due to an accident. The same amount is paid in case the insured person suffers loss of two limbs or two eyes or one eye and one limb. In case of loss of one eye or one limb, this insurance policy covers an amount of Rs 50,000. The policy also covers the cases of permanent total disabilities. In such a case also, the company will pay Rs 1 lakh. Benefits of hospitalisation
The second part of the benefits covered under this policy is the soul of the policy and a reason compelling enough for everyone of us to buy this policy. Under the second part, an insured person can claim the reimbursement of medical expenses incurred by him for treatment of bodily injuries as a direct result of a road or rail accident. This amount of Rs 1 lakh covers expenses incurred on medical as well as surgical treatment in any nursing home or hospital. Since the probability of getting hospitalised all of a sudden may arise only due to accident only at least for the persons who are young and healthy, this policy offers value for money preposition. Reimbursement of expenses incurred in OPD & ambulance
Another unique feature about this policy is reimbursement of expenses incurred without getting admitted in the hospital i.e. expenses incurred in the OPD of a hospital. Normally, no other health insurance policy covers any expenditure incurred in OPD. The amount covered for OPD under this policy is restricted to Rs 10,000 within the overall limit of Rs 1 lakh. In case the patient can't be moved to the hospital or the patient can't be admitted in a hospital due to lack of accommodation in the hospital, the domiciliary hospitalisation expenses are also covered under this policy. Assignment of benefits
The policy also allows the insured person to nominate an assignee to receive the benefits payable under this policy in case of death arising out of accident. Since this is an accident insurance policy, the process and the form to be filled up for the same are very simple. A person desiring to buy this insurance has to just provide the details of his name, address, date of birth and annual income. In case one is suffering from any existing disability, he has to disclose the same in the form. However, I do not see any relevance of the same in underwriting the policy. No medical examination is required for taking this policy. Considering the benefits offered under this policy, the cost of Rs 150 is negligible and even a person with very small means can also purchase this insurance policy so as to ensure that he can avail the twin benefits of disabilities due to accident as well as medical expenses incurred for hospitalisation due to the road or rail
accident. The author is CFO, Apnapaisa.com. The views expressed are his own |
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Jaypee Hotels, a division of the Indian conglomerate Jaiprakash Associates Ltd., was established in 1981. At present, the group has five luxury properties, strategically located to service the needs of discerning business and leisure travellers. Manju Sharma, Director, Jaypee Hotels talks to
Girja Shankar Kaura about the future plans of the company.
While selecting your home loan provider, you should not only focus on the interest
rates and the amount that they are willing to fund you but also keep in mind the quality of customer care and personalised service you would be receiving
"If telecom operators opt to make payment in instalments, then first instalment of all companies will be little over Rs 8,000 crore which they will have to pay by January 15," a government source said.
The rising incomes and spending power of the people have caused a paradigm shift in consumption behaviour across product categories, especially in the housing sector. The housing sector has witnessed exponential growth in the last 5 to 10 years and along with this, a change in mindset and consumer profiles.