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Customers of private banks to shell out more
Top industrialists to meet Nitish today
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Alliance Air to acquire 16 aircraft
Pantaloon on expansion spree
Market
UPDATE
Monetary policy may trigger movements
Seek relief u/s 89 for arrears
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Customers of private banks to shell out more
New Delhi, April 22 The ICICI Bank customers, who do not maintain quarterly average balance (QAB), will be charged Rs 50 per transaction instead of Rs 25 as done earlier. These charges would be after they avail five free ATM transactions during a quarter as against the earlier six. A debit card PIN regeneration through a branch will now be charged Rs 25. In case of an inward cheque return, charges have been hiked to Rs 350 from the present Rs 200, an ICICI Bank spokesperson said. All these charges are in addition to 12 per cent service tax and 3 per cent educational cess. The bank is already charging as much as Rs 750 for every three-month period if any customer fails to maintain a minimum average of Rs 5,000 per quarter. For receiving monthly statements, the bank charges Rs 200. The UTI Bank has also hiked certain charges for customers who maintain to fail QAB of Rs 5,000, while some other banks are also planning to hike service charges. “We have not increased service charges but only hiked penal charges from Rs 500 to Rs 750 for non-maintenance of quarterly balance. For returning cheques, charges have been hiked from Rs 250 to Rs 350,” UTI Bank’s vice-president (liabilities) Anindya Mitra said. The Centurion Bank of Punjab business director (wealth management, distribution and loans) Harpreet Singh, said: “We are not currently increasing our charges and will review the situation after three months.” Meanwhile, Punjab National Bank executive director K Raghuraman said: “Our service charges are static for the past 4-5 years and in the near future we do not plan any hike”. Notably, the RBI has instructed the banks not to levy exorbitant service charges and provide detailed information to the customers about them. A study group of the RBI has also invited public suggestions on whether banks should impose charges on making payments through cheques to encourage customers to use electronic mode of money transfer. However, another leading private lender, HDFC Bank, has no immediate plans to hike these charges. “We have no plans of the sort as of now,” an HDFC Bank spokesperson said. This bank also requires the maintenance of a minimum quarterly balance of Rs 5,000.
— PTI |
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Top industrialists to meet Nitish today
Patna, April 22 Top industrialists and heads of financial institutions, as members of the Bihar Development and Investment Council(BDIC), will participate in the first-ever meeting of BDIC to work out the roadmap for attracting private investments and suggest tangible measures to accelerate the pace of development for a resurgent Bihar. The BDIC was formed by Nitish in November last as part of the image makeover exercise for the state. The 17-member strong delegation representing industrialists include Anand Mahindra of Mahindra and Mahindra, Sanjiv Goenka of RPG, Kumar Mangalam Birla of Aditya Birla Group, Suresh Neotia of Gujrat Ambuja, Analjit Singh of Max India Ltd, Habil Khorakiwala, president, Ficci, Priya Paul of Park group of India, K.V.Kamath of ICICI bank, Homi Khursokahn of Tata Chemicals ,Tarun Das of CII, S.Ramodorai of TCS, among others. The BDIC vice-chairman, who was earlier a member of the planning commission during the NDA regime at the centre, N.K.Singh said promoting public-private partnership would be an important function of the BDIC. Nitish heads the council as its chairman. Singh pointed out that 11th five-year plan of the state visualised a private investment of Rs 1,08,000 crore to achieve the daunting 8.5 per cent GDP growth target, besides Rs 59,000 crore of public investment. Bihar has already attracted private investments of over Rs 27,000 crore in the past 16 months of Nitish rule. |
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Doctorate for Sunil Mittal
Chandigarh, April 22 He has been honoured for his invaluable contribution for the welfare of society and the nation as a whole, in the field of his profession in particular, and other areas of public interest in general. The degree was awarded to him by the Governor of Uttarakhand and chancellor of university Sudarshan Agarwal on the occasion of 23rd covocation at Pant Nagar yesterday. |
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Alliance Air to acquire 16 aircraft
New Delhi, April 22 The airline is already on the look out in the global market for various types of 50-seater turbo-prop aircraft, either through direct acquisition or through leasing, sources said. In case the government gives a go ahead to its fleet purchase plans, it would be the first time that the airline would be buying aircraft since its launch in 1996. While the sources maintained that no final decision has been taken as yet, they did not rule out leasing of all the 16 aircraft or a mix of purchase and lease. The state-owned carrier flies to all the 11 functional airports in the entire region. Its current total fleet strength is 17 planes, including 11 Boeing 737s, besides the ATRs and a Dornier. — PTI |
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Pantaloon on expansion spree
New Delhi, April 22 “We are increasing the outlets of Big Bazaar from 50 to 100 by next year. We are also adding eight more stores of HomeTown,” Pantaloon Retail (India) Ltd. managing director Kishore Biyani informed. Besides, the company would also come up with 12 malls under central and brand factory formats at places like Gurgaon, Kolkata and Chennai. The company has set a target of Rs 30,000 crore turnover by 2010-11.
— PTI |
by S.C. Vasudeva
Seek relief u/s 89 for arrears
Q. I am a senior citizen of 81 years and a Govt. Pensioner. I have been submitting my income tax returns to the Department regularly and hold PAN Number.
My income from all sources i.e. pension, bank interest and rent for a portion of my self-occupied house let out, had till now been below the prescribed taxable income limit after allowing permissible exemptions and rebates. During the current financial year 2006-07 I have received payment of arrears of various pensionary/retiral benefits amounting to Rs90,000 approx. as a result of implementation of a court judgement. These arrears relate as under: Old age pension @5% & 10% of basic pension on completion of 70 & 75 years age, respectively, for the period 01.01.1997 to 30.09.2006, and dearness relief thereon. Difference of fixed medical allowance for the period 04.03.1995 to 30.09.2006 and travel concession equal to one month’s basic pension on completion of 2 calendar years during the period 01.01.1991 to 31.12.2004. If the amount of arrears is added to my normal income it will far exceed the taxable exemption limit of Rs 1.85 lakh. Being an old man, I have no plans to invest the amount of arrears in any tax saving scheme of long-term duration. In view of the above, I seek your advice for reducing my income tax liability for the Assessment year 2007-08. — R.S. Sood, Chandigarh A.
You should seek a relief under section 89 of the Act in respect of arrears of salary etc; received by you. The said section provides that where an assessee is in receipt of a sum in the nature of salary being paid in arrears or in advance or is in receipt, in any financial year, of salary for more than 12 months due to which his total income is assessed at a rate higher than that at which it would otherwise have been assessed, Assessing Officer shall, on a application made to him in this behalf grant such relief as may be prescribed. Rule 21AA of Income-tax Rules 1962 provides filing of Form No. 10E for seeking such relief from tax department. This form should be filed along with the return. Tax liability
Q. I am a senior Punjab government officer. My income during financial year 2006-07 (Assessment year 2007-08) will be as under: (a) Gross salary: Rs 4,31,066 Deductions: GPF subscription: 60,012 GIS: 1,440 LIC: 5,645 Pension scheme: 10,000 Tuition fee: 7,920 HRA: 44,682 You are requested to calculate tax to be deposited during the Year 2006-07. — Dr Ashwani Kumar A.
The computation sheet sent by you makes no mention about the deduction in respect of LIC premium and the tuition fee paid by you. The query also does not indicate whether the amount paid for the pension scheme is covered within the provisions of section 80CCC or 80CCD. If it is so covered, the amount of pension contribution should be within the overall limit of Rs 1 lakh provided for by section 80C of the Act. Presuming that you comply with the conditions specified in relevant provisions of the Income-tax Act 1961 (The Act) regarding the allowability of deduction of the L.I.C. premium, tuition fee as well as pension contribution, these three sums will also have to be deducted in addition to the deduction of Rs.61,452 allowed by your office. The total deduction thus allowable would be Rs 85,017 (61,452 + 5,645 + 10,000 + 7,920) against your total income of Rs.4,31,066. The deduction in respect of house rent allowance under section 10(13A) of the Act read with Rule 2A of the Income-tax Rules 1962 is allowable to the extent of the following amount: (a) the actual amount of such allowance received by the assessee in respect of the relevant period; or (b) the amount by which the expenditure actually incurred by the assessee in payment of rent in respect of residential accommodation occupied by him exceeds one-tenth of the amount of salary due to the assessee in respect of the relevant period; or (c) an amount equal to (i) where such accommodation is situate at Mumbai, Kolkata, Delhi or Chennai, one-half of the amount of salary due to the assessee in respect of the relevant period; and (ii) where such accommodation is situated at any other place, two-fifth of the amount of salary due to the assessee in respect of the relevant period. Whichever is the least of (a), (b) and (c) The details with regard to the payment of rent as well as the place where the accommodation has been taken on rent by you, are not available in the query. It is therefore not possible to compute such deduction. Further the tax payable in respect of your income cannot be computed in the absence of the aforesaid details. II
Q. My annual income is 2,34,000 from my salary and my savings is approx. 70,000 (P.P.F., L.I.C.) etc. I am also trading through share broker and giving brokerage charges. My question is 1. What will be my tax liability if I am earning Rs 5,000 approx. from day trading monthly. 2. Is brokerage given to share broker is tax free or not. — Amritpal Arya A.
It is presumed that you are carrying on the business of purchase and sale of shares and therefore the amount of Rs 5,000 approximately per month being earned by you would be taxable as income from business and profession carried on by you. After adding such income to your salary income and allowing deduction of Rs 70,000 toward savings, the taxable income would work out at Rs 2,24,000 on which a tax of Rs 20,196 including the education cess would be payable for the assessment year 2007-08 i.e. previous year ending 31st March 2007. The brokerage paid by you on sale of shares would be deductible from the gross consideration. The brokerage paid on purchase of shares would be taken as part of the acquisition cost of shares. ULIP account
Q. I have opened one ULIP A/c in name of minor son and one PPF account in name of minor daughter. Now both are major. Kindly let me know that this money belongs to son and daughter or to me. — Vikas Gupta, New Delhi A. The amount deposited by you in the account of ULIP/PPF in the name of your minor son and minor daughter would belong to them. |
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