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Sunday, October 25, 2009High prices of essential commodities-letter
High prices of essential commodities
Sir, The sky-rocketing price of essential supplies and vegetables has crippled the common people of Kerala at present. Even a single cup of costs Rs 5 at a way-side tea vendor which was Rs 3 two months back. The tea shop owner could not be blamed as he is not able to sell below this price as the cost of milk, sugar and tea has soared up. The rice and even tapioca cost high. The disorder in the current market created by traders and hoarders are a sufficient reason for this high price. The failure of the government to arrest the price rise of essential commodities is very much visible. Certainly prices have an uptrend all over India, but the local government finds it time to abuse the Central Government instead of taking action to control the high level price. There is not even a single instance of police raid at hoarders' premises to locate the illegal storage of food items aimed at increasing price of commodities. Locally produced vegetables in Kerala too costs high because of flood or draught elsewhere in the country. To arrest the price hike of essential commodities and vegetables steps such as vigilance raid may be conducted at selected destinations. . A refusal of highly priced commodities can be also practiced by common people for the time being. When sardine fish costs only Rs 30 per kg why people run for code fish that costs Rs 300 per kg? The unauthorized tax collection on commodities by some corrupt persons should be regularly cracked down by the government with iron hand. The Food and Civil Supplies department should keep a watch on the price of essential commodities and verify the traders' justification of price hike. The so called 'corruption free' paraphernalia introduced by the Finance Minister of Kerala at border sales tax check posts should be overviewed by the Chief Minister and an amicable way out for the present imbroglio at check posts should be sorted out. As corruption and inefficiency of the bureaucracy are the main reasons for all mishaps in the State, with strict implementation of rules corruption can be checked and price rise could be effectively controlled. Chief Minister VS, though not an economist, is able to understand the misery of the common people. Nevertheless, his econometrical and realty- business friendly colleagues do not allow him to perform. One hopes his next step is to cut short the failure of his government and to contain the price rise and the bureaucracy as well. K A Solaman K A Solaman, S L Puram (Kaithakkal, S L Puram PO Alappuzha-688523 Kerala) Ph 04782863483 Mb 9142020185 Friday, October 16, 2009Happy Diwali
Thursday, October 8, 2009K VITTAL SHETTY sends a champagne
Monday, September 21, 2009spirituality.com - from a friend
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Sunday, July 19, 2009R VASUDEVAN (044- 42148569)
Thursday, July 16, 2009K VITTAL SHETTY sends a champagne
Dear Editor, I am attaching my ‘Reactions on Specific Budget Proposals', alongwith my brief profile and a photograph. Best Regards, D.R.Dogra Dy. Managing Director Credit Analysis & Research Ltd. 4th Floor, Godrej Coliseum, Somaiya Hospital Road Off Eastern Express Highway Sion (East) Mumbai 400 022 India. Tel No.+91-22-67543434 / 35 Mobile : +91-98204 16002 Fax No.+91-22-67543457 Disclaimer: This information is intended solely for the addressee. The said information is confidential and may be privileged and is also prohibited from disclosure. Any disclosure or further distribution of the email or other use is strictly prohibited. If you are not the intended recipient of this email, please delete the same and inform the sender immediately. Any views expressed in the said information are those of the individual sender. Nothing contained in the said information is capable or intended to create any legally binding obligations on the sender or CARE who accept no responsibility, whatsoever, for loss or damage from the use of the said information. The recipient is advised to scan the mail and any attachments for viruses before opening. The content of the message cannot be guaranteed to be secure or errorfree. Wednesday, July 15, 2009Opinion for Budget Line
Dear Sir, My Sanjay Razdan, managing director of Capita India has written a paragraph for budget Line. I am attaching his photograph along with this mail and I would really appreciate if you can feature the same in your budget line. “The budget has been positive for the IT-ITES sector as most of the expectations of the Industry have been met. The biggest expectation was the extension of the Income Tax holiday which has been met. Though personally I would have liked it be for at least 3 years. The elimination of the anomaly in the formula for SEZ units and removal of FBT were other long standing demands of the Industry which have been met. The other welcome measure for the sector is the introduction of the ‘Safe-Harbour’ rules and alternative dispute resolution mechanism for transfer pricing adjustments. Hopefully, this will provide a greater deal of certainty in the Transfer Pricing assessments. Though the Minimum Alternate Tax has been increased from 10% to 15% resulting in a higher payout for the IT-ITES units, but the same will now be available for set-off for a longer term of 10 years. Overall it is an inclusive and balanced budget with greater focus on increased public spending and an effort towards reviving the economy.” Quote from Sanjay Razdan on the budget. He is Managing Director Capita India. Thanks and Regards, Tushar Santra 09967462250.
Please do not print this email unless you really need to. Privileged / Confidential Information may be contained in this message and intended for certain recipients. If you receive this message in error please delete immediately. If you are not an intended recipient, you are hereby notified that any disclosure, reproduction, distribution or other use of this communication and any attachments is strictly prohibited. If you have received this communication in error, please notify the sender by reply transmission and delete the message without copying and disclosing it. Opinions, conclusions, and other information in this message that do not relate to the official business of the Grey Group shall be understood as neither given nor endorsed by it. Tuesday, July 14, 2009Budget reactions on FBT abolition and its implication to employees by Dr. Rakesh Gupta
I would like to take this opportunity to write this mail to you on the recent abolition of FBT and how its going to impact the employees. Please find below the reactions on the abolition of FBT by the government and the increased burden of tax on employees by Dr. Rakesh Gupta, Senior Advocate and former ITAT (Income Tax Appellate Tribunal) member. Also, attached his photograph for the same. Hope you will be able to carry this news for the benefit of your reader and guide them about the implication of FBT abolition to them. Thanks and regards, Farooque Shaikh ----------------------------------------------------------------- Ogilvy Public Relations Worldwide Tel.: +91-22-44344669 Cell: +91-9819753272 www.ogilvypr.com (See attached file: Article on tax burden on employees post FBT abolition - Dr. Rakesh Gupta.doc)(See attached file: Photo - Dr. Rakesh Gupta.jpg) Advocate and former Income Tax Appellate Tribunal (ITAT) member Would the Tax on Perquisite (Post FBT Abolition) Over Burden the Employee? Dr. Rakesh Gupta Advocate and former Income Tax Appellate Tribunal (ITAT) member The Union Budget is out. Industry's main demand of Abolition of FBT has been met. Contribution to an approved Superannuation Fund exceeding Rupees One Lac and ESOP's to employees will be now chargeable as perquisite in the hands of the employees. That there would be further impact of taxation in the hands of the employee is clear, as the ministry would now define the tax incidence on employees on account of the fringe benefits that they get from their employers. The question that would be arising in the minds of the millions of employees would be the likely impact on them from the change. Yes, they got a few sops from the Budget. The basic exemption limits were raised by Rs 10,000/ giving them a net benefit of Rs 1,000/. Employees above Rs 10 Lacs taxable salary got extra benefit due to doing away of the 10% surcharge on their income tax. But would they still lose overall from the budget provisions, as the burden of taxation is passed back to them. After all most companies had adjusted their pay packages on the basis of the Cost to Company of the employee, including the Fringe Benefit Tax it had to pay. Would it be a windfall for the company at the cost of the employee? The valuation of perquisite should have the same exemptions for benefits as were prescribed under FBT on the employer so that employees are not taxed in more burdensome manner. These include valuation in respect of prescribed electronic meal cards, prepaid vouchers, and meals, crèches, other statutory obligations etc. However, there could still be tax incidence on account of motor car, driver, club membership, credit cards and a host of other items. Taking the sum total of the impact, the employee is likely to get burden with more tax, and this could completely override the tax advantage that the individual employee got from the budget, unless the current exemptions are continued and valuation of benefits is done to ensure no more burden on employees as was in pre FBT regime. In conclusion, we see that the employees are likely to face more tax burden from the transfer of tax on Fringe Benefits to them. It is hoped that the government would be mindful of the impact and align the rules of valuation with objective of at least maintaining the tax on benefits no more than pre FBT scenario. While framing the rules it should be borne in mind that the last rules for valuation of perquisites were defined in 2001 and inflation has been running high since then. The need to leave sufficient money in the hands of the employees to increase spending power is the need of the hour. -END- Privileged/Confidential Information may be contained in this message. If you are not the addressee indicated in this message (or responsible for delivery of the message to such person), you may not copy or deliver this message to anyone. In such case, you should destroy this message and kindly notify the sender by reply email. Please advise immediately if you or your employer does not consent to email or messages of this kind. Opinions, conclusions and other information in this message that do not relate to the official business of the sender's company shall be understood as neither given nor endorsed by it. For more information on WPP's business ethical standards and corporate responsibility policies, please refer to WPP's website at http://www.wpp.com/WPP/About/ Budget Reflections
A Disappointing Budget for Small Scale and Micro Industries The Union Budget 2009-2010 came as a total disappointment for the Micro and Small Scale industries as there is no special packages given for this sector which are severely affected due to economic downturn. There is no mention about the reduction in interest rates for micro & SSIs on par with the agriculture eventhough MSEs are the largest employment provider and contributor to GDP. Rs.4000 crore allocated to SIDBI for refinancing MSMEs was already announced by The abolition of Fringe Benefit Tax comes and service tax relief for exporters will give fillip to this sector. The allocation of Rs.2080 crores for power sector is not sufficient and not realistic since most of the states are suffering due to acute power shortage. Though It was decided by the Government of India to reduce the Central Sales Tax from 2% to 1% from April 1, 2009, it was not implemented. We request that the Government of India should reconsider for reduction of CST to 1 % with retrospective effect. K. GOPALAKRISHNAN
Hon. General Secretary - TANSTIA- Tamilnadu Small and Tiny Inds. Association No.10, G.S.T. Road, Guindy, Chennai - 600 032. Ph : 044-22501302, 22500939, Fax : 044-22501890 Email : tanstiaorg@gmail.com, tanstiaassn@yahoo.co.in Website : www.tanstia.org.in Budget Reactions- Mr. Harpal Singh (Chairman- Impact Group, Chairman- CII Northern Region, Mentor & Chairman- Emiritus Fortis Healthcare Limited)Hi! Please find attached herewith my mail and given below the budget reactions from Mr. Harpal Singh (Chairman- Impact Group, Chairman- CII Northern Region, Mentor & Chairman- Emiritus Fortis Healthcare Limited) Thanks & Regards Archana Surya Senior Associate Lexicon Public Relations & Corporate Consultants Limited. (A Fleishman-Hillard International Communications Affiliate) 14-Community Centre, East of Kailash New Delhi-110065
Budget Reaction A balanced Budget
Allocations and spending in the rural economy through initiatives like enhanced allocation to NREGS, Bharat Nirman & PMGSY will not only work for the upliftment of the rural areas but will also help in the overall GDP growth of the country as the rural economy is unaffected by the global crisis. Increased spending on infrastructure will ensure liquidity in the market without increasing the fiscal deficit of the Government considerably. On taxation front, the Government has done a commendable job by not increasing taxes despite such rigid fiscal conditions. Extension of Sunset clause is a welcome step considering IT Service industry is the key to Extension of weighted deduction on R&D expenses in manufacturing will help in promoting innovation. Reduction in customs duty on various consumer goods will boost private consumption. Increase in MAT, no increase in IT exemption for home loan interest and no headway on the divestment front were some of the disappointments. However, one cannot get everything from the Budget. There are constraints which the government has to deal with and given the current circumstances, this is a decent Budget. To spur private participation in healthcare, the sector needed infrastructure status. Tax cut on import duties of medical equipments will allow healthcare institutions to access state-of-the-art med equipments. Capacity expansion of all levels of education with a focus on faculty production and training is a welcome step. Infrastructure expansion in Higher Education will lead to increased enrollment rates which had been dwindling alarmingly. The focus on employment oriented vocational education will also boost enrollments in higher education institutions. Re: Thanks Re: Budget reactions from Mr. Rohan Shah, Managing Partner, Economic Laws Practice14th July 2009
Dear Murali Sir,
Thank you very much for carrying Mr. Rohan Shah, Managing Partner,ELP budget reactions.
More Power to your pen!
Regards,
Vivek Nair / Mohan Rajan Paradigm Shift PR Mumbai Tel: 22813797 / 98 Cell: 9833115116 / 9820030671
2009/7/10 Murali D <budget2009reactions@gmail.com> Thanks for your quick 'reactions'! -- Paradigm Shift Public Relations 10 Mistry Chambers, Ground Floor Next to Strand Cinema Mumbai - 400005 Tel: +91 - 22 - 22813797 / 98 My views on Budget
Dear Editor Giving below my comments on the budget. I am also sending my photograph and my brief profile herewith as requested. The budget presented by Mr. Mukherjee for sure was not the one to keep the reformers happy, rather it was shaped clearly on the political agenda of the Congress party. While it emphasized on the outlay for the rural India, which sector helped the Congress party to come to power, it clearly gave an impression that this government has already started laying a foundation for the preparation for the 2014 elections. Interestingly the recently released economic survey 2008-09 has been largely ignored, in the sense that the budget totally missed on the divestment target, FDI in defense and insurance and many other reforms. In that sense the budget lacked a clear strategy and vision, which if attained , could have sent clear signals to the investors, corporates and the outside world. We would have definitely preferred to see the finance minister giving clear directive with his actions for propelling India into the 8 to 9% GDP growth over the next 5 years. While abolition of surcharge and increase in taxable limits for the individuals is a welcome move, it will hardly help in bringing the money into consumption and thereby helping stimulate the demand. The increase should have been much higher so as to divert some money towards spending on consumables by individuals. For most of the industries, this budget was a non-event as there were no major changes or policy announcements, which was quite disappointing especially in the backdrop of the huge expectations built up in pre-budget period after the election results. Big increase in the expenditure side largely with huge soaps on rural development and social schemes, although a welcome feature, is going to bring in lot of strain on the economy and the tax payers. It would be a real challenge for the finance minister to manage the huge fiscal deficit. Substantially higher borrowings are likely to increase the interest rates, which will be a dampener for the business sector. Although the finance minister's intention of bridging the gap between "Bharat" and "India" is understandable, it certainly should not be at the cost of growth, especially when competing nations like China have gone several miles ahead and though quite late, we need to stand up and start running. regards Gurudas Aras Director A.T.E. ENTERPRISES PRIVATE LIMITED Bhagwati House, A - 19,CTS No. 689, Veera Desai Road,Andheri (West), Mumbai - 400 053, India T : +91-22-6676 6100 Ext : 112 M : +91-98200 39244 F : +91-22-2673 2463 W : www.ateindia.com | www.ategroup.com Tax on Income from Dividend
Dear
Sir, Sub: Union Budget 2009 – Tax on dividend distributed by companies – Inclusion of dividend as income and deduction of tax in the hands of shareholders The Finance Minister has not touched the 'income from Dividend', where there is scope augmenting income as well as for bringing in 'equity in taxation'. As the law stands today the shareholder who is getting dividend of Rs. 1 Crore and his counterpart who is getting Rs. 10,000/- are treated alike i.e. the dividend is subjected to tax in company's hand (in the form of dividend distribution tax) at the same percentage and the dividend income is exempt in their hands. Instead if the dividend income is added with other incomes and the tax suffered i.e. the tax paid on the dividend distributed is allowed as rebate/deduction form the tax payable, it will have equity in the sense that who earns more will pay more and who has no other income will pay less tax or even can get refund if his/her income is less than the maximum non-taxable taxable limit. One of the 'canons of taxation' is equity and on that principle the tax payable will be more for who earns more and will be less for those who earns less because those who are in higher bracket will have to pay additional tax than the dividend distribution tax of 15% (plus surcharge of 10% and education cess of 2% and secondary and higher education cess of 1%) whereas who earns less will pay less @10%(plus usual cesses) and those whose income is less than the maximum non-taxable limit will get refund. Will the Finance Minister will look into the matter and see that the act is amended accordingly to help those who are in the lower income bracket. Yours faithfully, L. Madhav Muthiah, B.Com. Manager, Sree Valampuri Agencies, 153G, North Veli Street, Monday, July 13, 2009RE: Thanks Re: Budget Reaction - Alroy Lobo, Kotak AMC
Sincere apologies for this but had sent it across to the Mumbai bureau.
Guess it got lost in translation amongst the deluge of reactions.... Warm Regards, -----Original Message----- Thanks for your quick 'reactions'! Warm regards Budget Reaction - Alroy Lobo, Kotak AMC
Hi, Please find below a quote from Mr. Alroy Lobo - Chief Strategist and Global Head, Equities Asset Management, Kotak AMC on the Union Budget 2009: “It is a realistic budget and has an expenditure-led fiscal stimulus which is positive for domestic demand and medium term growth. The budget is also largely tax neutral which is positive for both growth and inflation expectations. The budget has worked with a nominal GDP growth assumption of 10% which is fair given the slow start to monsoons this fiscal year. The equity and bond markets have reacted to a high fiscal deficit as it has implications for monetary policy and the interest rate environment. However, if growth does pick up on the back of the fiscal and monetary stimuli, and divestments (no major revenue assumptions made in budget) materialize, it could be positive for Also find attached his photograph for your reference. Please feel free to get in touch if you need anything more. Warm Regards, Roshan.M.Negi Associate Genesis Burson-Marsteller THE HOLMES REPORT, 2008 CONSULTANCY OF THE YEAR 1st floor Elegant House | Raghuvanshi Mill Compound | Lower Parel | | Mumbai 400 013 , Maharashtra, India | Website: www.genesisbm.in Email: roshan.negi@bm.com| Tel PBX: + ( 91 22 2491 0783 | Ext : 266 |Mob : +91 98201 34864 | Fax: + 91 22 24911788 Disclaimer: The information in this email is confidential and may be legally privileged. It is intended solely for the addressee and others authorised to receive it. If you are not the intended recipient, any disclosure, copying, distribution or action taken in reliance on its contents is prohibited and may be unlawful. 300 word Article from Mr. Moon B. Shin, LG Electronics
Dear Sir, Also find attached a 300 words write up on Behalf of Mr. Moon B. Shin, MD, LG Electronics on post budget reactions. Thanks and regards,
Vineet Sharma Hanmer MS&L|Member of PUBLICIS GROUPE) E-228, Ground floor, East of Kailash New Delhi – 110065 M: +91 9999870197 B: + 91-11-46517700 F: +91-11-46517799 E-mail: vineet@hanmermsl.com WebSite: www.hanmergroup.com Information contained in any e-mail transmitted from or on behalf of Hanmer MS&L Communications Pvt. Limited are confidential and intended solely for the addressee(s) and may be legally privileged or prohibited from disclosure and unauthorized use. No legally binding commitments will be created by this E-mail message. Hanmer MS&L Communications Pvt. Limited may not be held responsible for the content of this email as it may reflect the personal view of the sender and not that of the company. Post budget comments from Mr. Moon B Shin, Managing Director , L G Electronics
Budget 2009-2010
Moon B Shin Managing Director, LG Electronics India
The Union Budget 2009-10 is a very progressive budget in terms of focus on public- private sector partnership & infrastructure development.
The government has stood by its plans in the positive development of the overall economy with a thrust on the rural development.
E The Announcement of Goods and Service Tax (GST) with effect from 01.04.2010 will bring about a phase change on the tax equitably between manufacturing and services and will accelerate Economic Growth and Competitiveness.
E The decrease in custom duty on LCD Panels from 10% to 5% will enhance market for LCD TVs.
E On direct tax side, key announcement is the abolishment of Fringe benefit Tax. It will lead to decrease in operational cost which will further impact pricing of the products positively.
E Allowability of expenditure on In House R&D @ 150% to all manufacturing entities will encourage the technology development in India and will reduce the import of know-how.
E The extension of tax holiday to export oriented units will boost exports and economic growth.
Overall, I foresee an improvement in the macro-economic condition of the country as this union budget proposes to boost agriculture, rural industry, education & infrastructure
Vineet Sharma Hanmer MS&L|Member of PUBLICIS GROUPE) E-228, Ground floor, East of Kailash New Delhi – 110065 M: +91 9999870197 B: + 91-11-46517700 F: +91-11-46517799 E-mail: vineet@hanmermsl.com WebSite: www.hanmergroup.com Information contained in any e-mail transmitted from or on behalf of Hanmer MS&L Communications Pvt. Limited are confidential and intended solely for the addressee(s) and may be legally privileged or prohibited from disclosure and unauthorized use. No legally binding commitments will be created by this E-mail message. Hanmer MS&L Communications Pvt. Limited may not be held responsible for the content of this email as it may reflect the personal view of the sender and not that of the company.
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