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Nokia enhances ‘email on the mobile' service :

Nokia has enhanced its ‘email on the mobile' services, for messaging and social networking. It has also introduced a new version of Nokia E63 to enable the use of email services, priced around Rs. 10,500. Speaking to reporters here on Tuesday, Head Online Marketing, Viral Oza said “The service can support up to 10 email accounts''. Rights now Nokia had tied up with mail provider Ovi Mail. Nokia will have corporate and consumer versions of its offering.

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As per the Budget:
5 per cent VAT on CNG, rope-making material, bio-inputs like fertilisers, kerosene stoves, etc
12.5 per cent VAT proposed on motion picture distribution and plastic and glass scrap
 5 per cent VAT:
On compressed natural gas, rope-making material like “rassi, ban and newar”, bio-inputs like fertilizers and micro-nutrients and plant growth promoters, kerosene stoves, lanterns and petromax and their spares and embroidery and zari items, 5 per cent VAT has been proposed .

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 Budget for 2010-11: retained service tax at the level of 10 per cent. The tax was cut by two per cent from 12 per cent as part of stimulus.
              Services Tax by levelling both exise duty and service tax to 10 per cent.
Fiscal deficit :
     The fiscal deficit of 5.5 per cent of GDP in 2010-11 works out to Rs 3,81,408 crore.
     The actual net borrowing of the government in 2010-11 would be of the order of Rs 3,45,010 crore. 
     Total expenditure of Rs 11,08,749 crore,  which is an increase of 8.6 per cent over the total expenditure       in Budget Estimates of 2009-10, 
     The plan and non-plan expenditures in Budget Estimates in 2010-11 are estimated at Rs 3,73,092 crore and Rs 7,35,657 crore respectively.
    Budget Estimates for 2010-11, gross tax receipts are estimated at Rs 7,46,651 crore while the non-tax revenue receipts are estimated at Rs 1,48,118 crore.
    The Finance Minister proposed to reduce the current surcharge of 10 per cent on domestic companies to 7.5 per cent  
    But,raised the rate of Minimum Alternate Tax (MAT) from 15 per cent to 18 per cent of book profits.  

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Economic recovery provides opportunity for a gradual withdrawal of stimulus

India''s GDP growth is expected at 7.2% in FY10, according to the Economic Survey.This matches the advance estimate of FY10 GDP announced by the CSOrecently, but is short of the RBI''s 7.5% growth projection for thecurrent fiscal year. Industrial growth is seen at 8.2% in FY10. TheEconomic Survey said that GDP growth in FY11 is seen at 8.5%(+/-0.25%). On full recovery, India''s GDP growth will exceed 9% inFY12, it added. Needto watch the progress of the economic recovery before unwinding thefiscal stimulus, the Economic Survey stated, adding that the recoverydoes provide an opportunity for a gradual withdrawal of the stimulus. Concernson high inflation will remain over the next few months, the EconomicSurvey said. High food prices are a risk for general inflation, itsaid, adding that any hike in fuel prices will impact headlineinflation. Supplyside pressure on inflation will prevail for the near term, the Surveysaid, adding that India is not immune to global price movements. The following are the key takeaways from the Economic Survey. GDP growth expected at 7.2% in FY10: Economic Survey GDP growth in FY11 seen at 8.5% (+/-0.25%) On full recovery, GDP growth to exceed 9%, in FY12. Industry growth at 8.2% Need to watch the progress of recovery before unwinding fiscal stimulus Economic recovery provides opportunity for a gradual withdrawal of stimulus Concerns on high inflation over the next few months Increased capital inflows pose challenges in policy formation: Economic Survey Higher inflows have policy implications on capital account Major decline in consumption expenditure growth in FY10 Growth in GFCF seen at 5.2% in FY20, up from 4% Exports may turn negative again as demand for imports increases Possible for India to emerge as the fastest growing economy in four years Large decline in customs and excise duty expected India not immune to global price situation High food prices a risk for general inflation Hike in fuel prices will impact inflation Supply side pressure on inflation to prevail for near term  Lower peak customs duty to 7.5% from 10% now Govt must release foodgrain stocks when food prices accelerate Need to quicken efforts to remove hurdles in infrastructure development Need to liberalise foreign investment in health insurance, higher education Economic Survey favours cuts in excise duty to make exports, industry more competitive Advanced economies'' double-dip recession risk has direct implication for India Panel recommends cap on Central Govt debt at 45% of GDP by 2014-15, for States it is under 25% Panel recommends cap on consolidated govt debt at 68% of GDP by 2014-15 Refining capacity to rise to 240.96mn tons by 2012: Economic Survey Cairn Rajasthan oil output to reach 2.4 mn tons by March-end Crude oil output to rise to 36.7mn tons in 2009-10: Economic Survey Crude oil output to rise 11% in 2009-10: Economic Survey Govt has allotted 61.61 mmscmd of Reliance gas: Economic Survey Natural gas output to rise to 50.2 bn cubic meters: Economic Survey Natural gas output to rise 52.8% in 2009-10: Economic Survey Reliance gas output to rise to 80 mmscmd by March: Economic Survey Growth depends on absorption of agricultural labor: Economic Survey Labor intensive sectors in India didn''t revive: Economic Survey Contribution of food prices to manufacturing inflation falling: Economic Survey Slowdown in Indian agriculture sector affecting industry: Economic Survey Food, leather, textile, paper sectors failed to revive: Economic Survey Tax waiver on edible oil imports to stay until Sept.30: Economic Survey High capital inflows may lead to overheating: Economic Survey Govt conducts one-time audit of Air India, Jet, Kingfisher Airlines: Economic Survey

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 House Rent Allowance (HRA) :Typically, the employee receives a certain amount of HRA. He either already owns a flat or is about to buy one. Consequently, he is concerned that on account of the ownership flat, he may lose the HRA deduction.
          Or, the other way around — since he is receiving HRA, the concern is that he may not be eligible for home loan deductions. This week, let us find out whether these fears are justified — however, for that we need to first understand how HRA actually works.
           HRA is basically an allowance. It forms a part of your taxable salary. It is not mandatory for the employer to give you HRA, it depends upon company policy. If your employer does provide HRA, you will receive it no matter whether you own a house, don’t own a house, pay EMI, don’t pay EMI, whether you pay rent or live with your parents or whatever. In other words, HRA, like your Basic Salary, is received every month, regardless of your personal situation.
           However, the law also provides that if the employee satisfies certain conditions, a deduction will be provided from the HRA received and only the balance amount of HRA after reducing the deduction will be subject to tax. This deduction depends upon the city you live in and the amount of rent you pay.

 What if you get HRA and also own a house? Does this affect either the HRA deduction or the home loan deductions?     The answer is no: the two are not connected. In other words, HRA and home loan provisions are two different issues as far as the Income-Tax Act (ITA) is concerned and one does not influence the other. So, you may own a flat or any number of flats, either in the same city that you work in or anywhere else in the whole of India or for that matter abroad — this will, in no way influence the HRA deduction that you are entitled to. Conversely, notwithstanding the amount of HRA that you receive, your home loan deductions on the EMIs for the house that you have bought or intend to buy will not be affected. Hopefully, this has come as a relief to readers of this column. Calculating your HRA deduction    How much HRA deduction you would be eligible for, and the way to calculate it. As mentioned before, HRA is provided by the employer, and deduction is provided by the ITA, as long as you satisfy certain conditions. The first and the foremost condition is that you have got to be paying rent. After all, that is what the allowance is meant for in the first place. So, if you are one of the lucky few who do not have to pay rent for the roof over your head, you don’t get the deduction. In other words, no rent = no deduction. Note that it is not necessary that you have to pay rent to a landlord. It may be possible that you live in your parents’ house — in which case, you may pay rent to your parents and consequently be eligible for the HRA deduction. In this case, the rent received will be taxable for your parents — however, if their total income is below the taxable limit, the entire transaction would be rendered tax-free.      Now, the basic exemption limit for a senior citizen is Rs 2.4 lakh. Split between mom and dad, the total amount of rent could be much as Rs 4.8 lakh (Rs 2.4 lakh x 2) without tax incidence. So you get your HRA deduction, they don’t pay any tax, and everyone wins.      Now, before you even think about it, let me clarify that the same structure cannot be adopted in the case of your spouse. Yes, it would be very convenient to pay rent to the non-working spouse and thereby save a load of tax. But if only life were that simple!          Husband and wife are supposed to live together under the same roof — they cannot charge each other rent. In other words, the relationship between husband and wife cannot be commercial in nature.     The other factor that influences the HRA deduction is where you live. If you live in a metro city, you would be eligible for a deduction of up to 50% of your salary (Basic plus DA, if applicable), else the limit is up to 40%. So, in a nutshell, the HRA deduction is the least of the following: Actual HRA received 50% of salary for employees living in metros and 40% for those in other areas Excess of the rent paid over 10% of salary. An example Say Ashish earns a basic salary of Rs 60,000 per month. He rents an apartment
in Mumbai for Rs 25,000 per month. The actual HRA he receives is Rs 20,000. His
HRA deduction will be the least of the following three figures:
Actual HRA received, i.e. Rs 20,000
50% of salary, i.e. Rs
30,000
Excess of rent paid over 10% of salary, i.e Rs 25,000 - Rs 6,000 = Rs
19,000
Therefore, the HRA deduction for Ashish would be Rs 19,000 and consequently, the taxable component of the HRA would be Rs 20,000 (HRA received) less Rs 19,000 (HRA deduction), i.e. Rs 1,000. Last but not the least, don’t forget to maintain the rent receipts or a copy of the lease agreement as this serves as proof of having paid the rent.

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1.Actors Steve Martin and Alec Baldwin host the 82nd Academy Awards in Hollywood March 7, 2010.
2.Sandra Bullock won the best actress Oscar, and her first Academy Award,  for her role as a suburban mom who takes in a homeless black teen and guides him to a football career in the The Blind Side.
3 .Jeff Bridges won the best actor Oscar, his first ever Academy Award, for his role in Crazy Heart as a drunken country singer who finds redemption.
4.Actress Mo`Nique poses with her best supporting actress Oscar for the film Precious at the 82nd Academy Awards in Hollywood
5.Ray Beckett (L) and Paul NJ Ottosson accept the award for best sound mixing for The Hurt Locker during the 82nd Academy Awards in Hollywood March 7, 2010.
6.Director Kathryn Bigelow (L) of the film The Hurt Locker is congratulated by director James Cameron (R) after it won the Oscar for best sound mixing.
7.Actor Anthony Mackie, from the best picture nominated film The Hurt Locker, arrives at the 82nd Academy Awards in Hollywood March 7, 2010.
8.Sarah Jessica Parker arrives at the 82nd Academy Awards Sunday, March 7, 2010, in the Hollywood section of Los Angeles.
9.Maggie Gyllenhaal, best supporting actress nominee for Crazy Heart poses at the 82nd Academy Awards in Hollywood, March 7, 2010.

 
 

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Government on Monday approved a bill to allow foreign education providers set up campuses in India and offer degrees.

The Foreign Educational Institution (Regulation of Entry and Operation) Bill, 2010, was cleared by the Union Cabinet presided by Prime Minister Manmohan Singh. This paves way for its introduction in Parliament.

"This is a milestone which will enhance choices, increase competition and benchmark quality," HRD minister Kapil Sibal said after the approval of the bill by the cabinet.

The bill seeks to regulate the entry and operation of foreign institutions, which will set up centre and offer degrees in India.

This bill was hanging fire for over last four years owing to opposition from various quarters, including the Left parties, over certain provisions. Last year, it was referred to a Committee of Secretaries which brought modifications to certain provisions earlier existed.

The bill was approved by the Cabinet without any change on Monday.

The proposed law prescribes eight-month time bound format for granting approval to foreign educational institutions to set up campuses. They will go through different levels of registration process during this period and will be finally registered with UGC or any other regulatory body in place.

The regulatory body in higher education, either UGC or any other body that would replace UGC, will scrutinise the proposals of aspiring institution as per India's priorities and advice government whether to allow the institute operate in India.

Sibal has already said that quota laws will not be applicable to foreign universities setting up campuses in India.

Though 100 per cent foreign direct investment through automatic route is permitted in the education sector since 2000, the present legal structure in India does not allow granting of degrees by foreign educational institutions here.

The proposed law would facilitate the globally- renowned institutes to participate in India's higher education sector. It will bring in foreign education providers for vocational education training also.

The foreign education providers bill is one of the major reforms bills of the HRD ministry.

A revolution larger than the one in the telecom sector awaits the education sector, Sibal said.

Three other reforms bills, which were slated to be taken up in the Cabinet, were deferred to the next meeting. These are -- Prohibition of Unfair Practices in Technical, Medical Educational Institutions and Universities Bill, Educational Tribunal Bill and Accreditation Bill.

A Group of Ministers (GoM) has already cleared these three reforms bills.

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After deciding to make Class X board exam optional, India's premier school board CBSE is set to go global by introducing a new syllabus for international students and will affiliate any school from any country from the next academic session.

The Central Board of Secondary Education (CBSE) will introduce a new syllabus to make it on par with international boards like International Baccalaureate (IB).
The new syllabus will be only meant for international students and will be taught in the interested affiliated schools from abroad.

"From next session, the CBSE will introduce a separate curriculum for international students. This will help the board to become an international board like IB," a HRD Ministry official told PTI.

However, CBSE will continue its existing curriculum for domestic students.

The new curriculum will be of international standards and give a global perspective to the subjects of study.

Citing an example, the official said while the subject of history in the existing syllabus mainly deals with Indian history, the new syllabus will focus on world history. Similarly, the syllabus of all subjects would be made keeping in view the curriculum of international boards.

The CBSE will introduce the new syllabus in Class I and Class IX in the next session. Then every year, the new syllabus will be introduced in a new class.

"Over a few years, CBSE will have international standard syllabus for all classes," he said.

The board at present has affiliated schools in a number of Gulf countries and Singapore. However, such schools are mainly started by the Indian diaspora there.The new curriculum will help even other schools in any country to opt for the CBSE system and get affiliated to it.

"CBSE, in the process, will be an alternative to any international school boards," the official said.

This will help the students of those schools better compete at international level. It will be easier for them to study any where in the world.

The new curriculum will give more importance to activity-based teaching. More project works and practical experiences will be the thrust, the official said.

CBSE has set up a committee which is working on the new syllabus. The syllabus will be ready within a month.

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-	Fiscal deficit pegged at 5.5% of GDP
-	I-T dept to notify simple two-page Saral 2 form for individuals for current year
-	Personal income tax: Nil for income up to Rs 1.6 lakh, 10% for income bet Rs 1.6 -5 lakh
-	Personal income tax: Income between 5-8 lakh: Tax at 20%
-	Personal income tax: Above Rs 8 lakh, tax at 30%
-	Professionals with Rs 15 lakh income need account audit
-	Partial rollback of excise duty relief on large cars
-	To provide subsidy in cash instead of bonds for fertiliser, oil
-	Customs duty on gold, platinum imports raised to Rs 300 from Rs 200
-	Service tax to GDP ratio is 1%
-	Net revenue gain of Rs 43,500 cr from customs, excise proposal
-	Direct tax proposals result in Rs 26,000 cr loss; indirect tax yield Rs 45,000 cr gain
-	News agencies exempt from service tax
-	Some services hitherto not taxed would be brought under the purview of new Service Tax
-	Service Tax rates unchanged at 10%
-	No import duty on some equipment in road projects
-	Cut in duty for photovoltaic units
-	External commercial borrowing will be available for food storage industries
-	Clean energy cess on domestic, imported coal
-	Peak customs duty remains unchanged at 10%
-	Central excise on LED lights halved to 4%
-	Agricultural seeds exempt from service tax
-	Full excise cut on electric cars
-	For solar mission, solar power generating units rates are to be reduced by 5%
-	Cut on personal tax rates means saving of Rs 50,000 for income up to Rs 8 lakh
-	Partial rollback of excise duty relief on large cars
-	Peak excise duty hiked from 8% to 10%
-	Market borrowing were up to 3,45,000 cr. Enough to meet credit need of private sector
-	Duties on smoking and non-smoking tobacco products up
-	Excise duty on large cars, SUVs, multi utility vehicles hiked
-	Petroleum products: basic excise duty of 5% crude, 7.5% on diesel & petrol; 10% on other products
-	Structural changes in excise duties of tobacco, propose to extend excise duty
-	Revenue loss of Rs 26,000 cr on a/c of direct tax proposals
-	Surcharge for companies reduced to 7.5%
-	Due to direct taxes, result in a revenue loss of Rs 26,000 cr
-	Threshold limit for TDS applicability to be rationalised
-	Extended scope of presumptive taxes up to Rs 40 lac
-	Real estate sector now gets 5 years for completion instead of 4 years before
-	To boost tourism investment, offers investment linked tax deductions
-	Addl Rs20,000 deduction available for investment in infra bonds
-	Reduces current surcharge of 10% on domestic comp to 7.5%
-	Automation of excise, service tax already rolled out
-	FY11 market borrowing pegged at Rs 3.45 lakh cr
-	Govt to set up apex level Financial Stability and Development Council
-	FY13 fiscal deficit seen at 4.1%
-	Fiscal deficit seen at 4.8% in FY12
-	Allocates Rs 1,900 cr for UID project
-	Planned expenditure up 15% over 2009-10
-	Increase in non-planned exp up only 6%
-	Total exp proposed up 8.7% over 2009-10, to Rs 11 lakh cr
-	Taskforce to counter problems in Maoist affected areas. Adequate funds will be allocated
-	Allocation to Defence over Rs 147,000 crore
-	Technology advisory group to be set up under Nandan Nilekani
-	Smart card extended to NREGA
-	RBI to dole out more banking licences: Pranab
-	Sign language training centre for hearing impaired
-	Rs 4,500 cr for program of social justice, sr citizens, backward classes, handicapped
-	Rs 100 cr allocated for women farmers
-	Exclusive skill dev prog in textile and garment sector
-	Rs 48,000 cr for Bharat Nirman plan
-	Asks state govt to contribute for social security to workers in unorganised sector
-	Infra stocks spurt on higher allocation
-	To allocate Rs 22,300 cr to Health Ministry
-	Allocates Rs 100 cr for new pension scheme, to benefit 100,000 low income citizens
-	Khadi institutes get Rs 400 cr
-	GOI sign $150 mn deal with ADB for implementing Khadi programme
-	Rajiv Awas Yojana now ready' gets Rs 1,270 cr for FY11
-	Rs 7300cr in 2011 for backward sections
-	GST, Direct Taxes Code from April 2011
-	Housing loan: 1% interest subvention scheme extended, allocation Rs 700 cr
-	Urban dev allocation up more than 75% to Rs 5400 cr
-	Allocates Rs 1,200 cr for drought mitigation
-	Indira Awas Yojana: allocation up by Rs 10,000 cr
-	NMDC, SVJN stake sale to fetch Rs 25,000 cr in FY10
-	NREGS gets Rs 40,100 cr in FY11
-	Rs66,1000 cr allocateds for rural development in FY11
-	IIFCL disbursements at Rs 9000 cr by March 2010
-	School education outlay for FY11 at Rs 31,000 cr
-	States to get Rs 3,675 cr for primary education at rural level
-	To set up coal regulatory authority
-	Spending on social sector at Rs 137,000 cr
-	Rs 25,000 cr allocated to develop rural infrastructure
-	Growth to exceed 7.2% in this fiscal
-	Final FY10 GDP figure maybe higher than estimate of 7.2%
-	To set up National clean energy fund
-	Plan outlay for Renewable energy ministry up 61%
-	Power allocation doubles to Rs 5,100 cr
-	To set up 5 more mega food park projects
-	Allocation for road tansport Rs 19,894 cr
-	Farm loan repayment extended by 6 months
-	ECB to be available for cold storage
-	To provide Rs 400 cr to boost farm output in eastern India
-	Timely repayment of crop loans: subvention raised from 1% to 2%
-	Govt is committed to growth of SEZ to promote exports
-	Proposes allocation of Rs 200 cr for climate-resilient agricultural program
-	Extend 2% interest subvention for exports for another year
-	FY11 capital for PSU banks at Rs 16,500 cr
-	Extends interest subvention of 2% for handloom, handicrafts for 1 more yr
-	Propose new bill to address problems in corpoate sectors
-	Will augment assistance to RRBs to strengthen rural sector
-	RBI may give license to some more private sector players and NBFCs
-	Rs 1,900 cr addl capital in four PSU banks
-	Ownership and control clearly defined in FDI policy
-	To discuss Kirit Parikh report in due course
-	Subsidy for fertiliser sector to increase farm productivity
-	Govt to raise Rs 25,000 cr this year to meet cap expenditure requirements
-	GST and DTC can be introduced in April 2011
-	Steps to reduce public debt, paper to be presented in 6 months
-	Signs of food inflation going to non-food items
-	Need to review stimulus, move to fiscal consolidation
-	Double digit food inflation in 2009
-	Export figures encouraging; pvt investments can be expected
-	Concerned over emergence of double digit food inflation
-	18.9% growth rate in manufacturing sector in 2009
-	Final figure may be higher if earnings in last quarters are strong
-	Need to make recovery
-	Growth slows down to 6% in Q3 vs 7.9% in Q2 this fiscal
-	Focus shifts to non-governmental actors
-	3rd challenge: relates to problems in government system
-	2nd challnge: harden economic growth to make dev more inclusive
-	1st challenge: quickly revert to higher GDP growth path of 9%, cross double digit growth
-	Economy is in a better position than a year ago, however, challenges remain
-	Uncertainity was there on account of delay in monsoon, concerns about production and food prices
-	Pranab Mukherjee starts announcing Union Budget
-	Bond yields steady ahead of Budget