Saturday, June 30, 2012

MAIN HOON NA

Hiten Tejwani claims he’s Ekta’s go-to guy because the producer trusts him with any role

Ram Kapoor, Ronit Roy and I are in different leagues. I have an identity of my own
— Actor Hiten Tejwani
Even though TV actor Hiten Tejwani has done shows outside the Balaji stable, he has always been an Ekta Kapoor loyalist, to the extent of being called Ekta’s blue-eyed boy.
Hiten laughs, “People like to call me such names, so what can I say to that? It is true that most of my roles and shows are with Balaji. I share a comfort level with not just Ekta, but the whole Balaji team. The production guys, directors and technicians are my friends as I have worked with them for years.”
Hiten has always been Ekta’s first preference whenever she needed a replacement in her shows, whether it was stepping into the character of Anurag Basu in Kasauti Zindagi Kay in the past or the as the recent replacement of Sushant Singh Rajput in Zee’s hit show Pavitra Rishta. Moreover, whenever a Balaji show needs a boost, Ekta introduces Hiten as a new character in a cameo role, like the introduction of Hiten’s character Jatin in Sony’s Kya Hua Tera Vaada (KHTV).
So does Hiten feel privileged? “Ekta trusts me to take on any role and deliver, be it a brand-new one or a replacement or a cameo. But having said that, I don’t think she would just cast me in any role. It would have to suit me.”
The fact remains that whenever Ekta has called Hiten for a role-replacement, a cameo or a full-fledged role, he has never turned it down. “I have faith in Ekta, which is why I never ask for a detailed character sketch before signing on.”
However, this Balaji loyalist has competition with actors Ronit Roy and Ram Kapoor who are more popular, acquiring the biggest roles in Balaji serials. “Ram, Ronit and I are in different leagues. I have an identity of my own. I wouldn’t say they are competition as we are all in our respective spaces. But I would say that there is minimal difference between us in every aspect,” he claims.
He adds; “Audiences miss me when I am not on TV and want to see me in shows, which is an achievement. The money and awards come second, the love of your audiences comes first.”

7 places to find a good bargain

From Dharavi to Sassoon Docks, shop smart at these destinations in the city to get the best deals on furniture, clothing, fish and more

  The rupee is falling so fast that it seems wise to save a quick buck every time you shop. Whether you’re looking for clothes, jewellery or furniture, there are some places where you can get a great deal without breaking the bank. Here are seven such areas in the city where you’ll always find a bargain.

Dharavi: Leather 

Leather manufacturing is the biggest industry in this area. It boasts of an annual turnover of more than $600 million. You will find bags, jackets, belts, wallets and more. Ask for the latest Prada design and you might get that too. GO TO: SHEPHERD FOR BAGS, JACKETS AND TRENCH COATS.

FOOTBALL SONGS 

CARNIVAL DE PARIS by Dario G WE’RE IN THIS TOGETHER by Simply Red TOP OF THE WORLD (OLE OLE OLE) by Chumbawumba CRAZY TRAIN by Ozzy Osbourne ARE YOU READY FOR SOME FOOTBALL? by Hank Williams, Jr WAKA WAKA by Shakira DE LA VIDA by Ricky Martin FORCA by Nelly Furtado WAVING FLAG by K’naan CAMPIONE by E-type CAN YOU HEAR ME by Enrique Iglesias
THE TIME OF OUR LIVES by Ill Divo With Toni Braxton REPRESENT by Weezer SIGN OF A VICTORY by R Kelly EVERYWHERE YOU GO by Kelly Rowland OH AFRICA by Akon featuring Keri Hilson
GAME ON by Pitbull, TKZEE and Dario G


 

Get your team’s jersey 

It’s important that you wear the colours of the country you’re supporting to prove your loyalty to your side. You can get the official kit from any major sports brand or pick a fake one, for a fraction of the original’s price, at Fashion Street, Colaba Causeway, Hill Road or Linking Road in Bandra. Most local markets also stock national and club football jerseys. 


Happy hours that last till 1 am

Salt Water Cafe, which is located in Bandra Reclamation in Bandra, sent out a cheerful message on Wednesday. In what seems to be an attempt to reverse the Dhoble effect they have introduced the newest happy hours in town, which unlike most restaurants, begin at 11 pm and last till 1 am. As part of this offer, from Wednesday to Saturday, patrons will get unlimited cocktails for R595. Call 022 26434441 for details. 

Jogeshwari: Faux antique furniture

 Along SV Road, between Goregaon and Jogeshwari railway stations, is a long line of stores selling antique-looking wood and wroughtiron furniture. You will find chintz chairs, almirahs, Chippendale-style ornate cabinets, Victorian-style bookcases and wrought-iron beds, all at good prices. The shop-owners drive a hard bargain, so be prepared to stand your ground. GO TO: SHABBIR’S SHOP FOR WOODEN FURNITURE.


Crawford Market: Food

 If you love cooking, then this is heaven for you. You can practically put together your entire kitchen here — from fresh produce to meats and condiments to cooking equipment, you’ll find it all here. Make sure you check the expiry dates on packaged foods and inspect equipment for chinks. GO TO: ARIFE FOR ALL YOUR BAKING NEEDS.


Ijmima: Jewellery

The little-known building off Link Road, Malad, is home to over 400 imitation jewellery showrooms. From earrings to bangles and maang tikkas to loose beads, it’s all available here at discounted rates. Though there’s little scope to reduce the prices (they’re already marked-down), some smaller store owners will let you bargain. GO TO: MODERN ELECTRO PLATERS FOR TRADITIONAL INDIAN JEWELLERY IN ETHNIC STYLES. 


Sassoon Docks: Fish

 “Bargain like a fisherwoman” is a common Mumbai saying. What better place to get into a verbal tug-of-war than an actual fish market. The market at Sassoon Docks opens at the crack of dawn (or around 3.30 am for us landlubbers) and most of the fish is sold by 8 am. Be prepared for a hard bargain and plenty of drama. GO TO: TOUTS MIGHT CHARGE ABOUT R20, BUT THEY WILL GUIDE YOU TO THE BEST SELLER.

Chor Bazaar: Kitsch

Designers have taken to kitsch like Lady Gaga has to weird clothes. And funky stores have been popping up all over town. But the original big daddy of all things artsy, Chor Bazaar, is where you can get the real great deals. Find old film posters, vinyl records, art deco lamps and antique-looking marine tools at great prices here. GO TO: HABIS AND SONS FOR BOLLYWOOD POSTERS.

THE THREE STEP BARGAINING GUIDE

Always begin at a third of the quoted price. The trick is to say it nonchalantly. Do not flinch.
Shake your head vigorously and keep bringing it down until you reach the desired price. Anything below half is good.
Claim that the guy at the next store is giving you a better deal. Then pretend to walk away.

 



Gandhi Market: Clothes

Those living in the Sion-Matunga area swear by Gandhi Market. From bales of cloth to ready-to-wear garments, there’s something for everyone at affordable prices here. There are over 200 stalls, most stocking Indian wear and you can bargain at each one of them. A lot of small boutique owners in the city get their raw materials from here too. GO TO: SATGURU DESIGNS FOR TRADITIONAL CLOTHES.

Promote electronic transactions for safety

MUMBAI: The Reserve Bank of India (RBI) has released Payments System Vision Document 2012-15 on Thursday that proposed to promote electronic transactions towards a “less-cash” economy, with an intention to make payment and settlement in the country safer.
In the document the RBI said, “the document envisages by ways and means of ensuring payment and settlement systems in the country are safe, efficient, interoperable, authorised, accessible, inclusive and compliant with international standards.”
The regulation would aim at channelising innovation and competition to meet the demands consistent with international standards and best practices, as the payment systems will be driven by customer demands of convenience and ease of use to access, the RBI document said.
Earlier, the RBI had published a vision document regarding the course of action that would be undertaken in the field of payment and settlement systems within next three years.

Google futuristic glasses on the way

GOOGLE GLASSES that overlay the Internet on daily lives should hit the market within two years.
Google co-founder Sergey Brin gave the estimated timeline after a project update that included sky divers dropping in with a new version of “Glass” wearable computers.
Google Glass eyewear features built-in camera, microphone and speaker technology and can synch to the Internet using wireless Bluetooth or Wi-Fi connections. Mini-screens in the glasses can display text messages, email or other digitised information from the Internet or mobile gadgets.

RBI lowers merchant commission rate on payments via debit card

In order to encourage the use of debit cards, the Reserve Bank of India (RBI) on Thursday lowered the merchant discount rate (MDR), a charge paid by merchants to banks for a transaction done through debit cards, to 1% of the transaction. Currently, MDR ranges between 1.5% and 2.5%. Lower MDR will bring down the cost of installing Point of Sale (PoS) terminals for the merchants. As per the new RBI directive, which will be applicable from July 1, the commission will not be more than 0.75 % of transactions of up to Rs2,000 while for transactions above Rs2,000, it has been capped at 1%.

Thursday, June 28, 2012

As India’s most successful female athlete sets sight on the Olympic Games, Indraneel Das looks at the stuff the pint-sized five-time world boxing champion is made of…

Blame it on Indian Standard Time. Six in the evening, and despite this being the month of the summer solstice, the last dregs of crimson have long dissolved into the darkness. Tiny droplets crash into our faces as we cruise along deserted roads full of potholes, one of which shakes us up particularly badly as coach Ibomcha Singh points to a silhouette.
—MC Mary Kom If you fight for your life, you don’t feel the pain inside the ring There’s no power, but our destination, we are told, has an inverter.
If not for boxing, MC Mary Kom would have spent her life in darkness — perhaps, even, quite literally. In this part of the country, lack of electricity isn’t unusual, but the presence of an inverter sure is. We are in Imphal (Manipur’s capital) and headed to the home of the five-time world champion boxer. It isn’t hard to find — the well-furnished house was one of those built for the 1999 National Games and later allotted by the state government to outstanding performers. And the street in National Games Village, Langol, Zone II — on which her house is located — bears her name.
Mary’s neighbours include her old friend and teammate, Sarita Devi, and Dingko Singh. Coming from an impoverished background, Dingko gave hundreds of under-privileged children hope by winning a gold medal at the 1998 Asian Games. Among those children was Mary.
“She came with a dream. Not of becoming a world champion, but of helping herself and her family overcome poverty,” recalls Ibomcha, initially unwilling to train the frail and diminutive Mary, who used to watch boxers train under the coach at the Sports Authority of India’s boxing centre.
Her tenacity persuaded Ibomcha to change his mind and induct her into the same centre where Dingko had trained. Not that the coach had much of a choice. “She never gave up,” says Ibomcha as we enter the well-lit compound through a large green door and catch a rare glimpse of Mary in casuals. Making her way through the verandah, her movement is nimble, just like in the ring where she spends more time than in the house. She bows to her coach and ushers us in. She might be the world champion, but to her, Ibomcha is still ‘The Coach’.
EARLY LIFE
It’s the same coach she fought with, back when she was a hot-blooded youngster. The temperament is excusable given her background. “You can never imagine the pain of sleeping hungry,” says Mary as she flips through the pages of an album and points to a photograph of her in school uniform. “Class VI. Those were tough days.” After all those struggles, the physical pain inside the ring never bothered her. Long before that, Mary had come to terms with the fact that in Manipur, if you don’t have a livelihood, you will struggle all your life. Born to
jhum cultivators, Tonpa Kom and Akham Kom, in Kangathei village, some 20km from Imphal, she helped them till the field before shifting to the SAI hostel in Khuman Lampak Stadium. But, being the eldest, she had to look after her siblings (two sisters and a brother) too.
Now, 13 years and five World championships later, she’s a different person from the one who obstinately rejected a sub-inspector’s post in Manipur Police because she believed a world champion deserved better. From being a triple world champion who used to demand recognition, she has gone on to command respect by adding two more world titles and, crucially, patience to her CV.
THE BALANCING ACT
Some of the credit for the tempering must go to her husband, Onler Kom, who has been her pillar of strength ever since they met in 2001. He gave up his job in Customs and Central Excise to look after the family when Mary gave birth to twins, Rechungvar and Khupneivar, in 2007. Over the years, the two have forged a special bond. “She may be a five-time world champion but inside the house, she is a mother and a wife,” says Onler. “We share our happiness and disappointments. I have seen in her eyes the pain of losing and the ecstasy of winning. People might think she is tough because she is a boxer, but I know how emotional she is. She cries when she loses or gets hurt, but I tell her to take everything in her stride.” Says Mary, “If he is around, things are easy.”
Her routine, taxing as it ordinarily is, becomes all the more draining when Onler’s not around; regardless, she sticks to it. All three Ts of her life —training, teaching and, of course, the twins — get a dedicated slice of her time pie.
Mary’s morning rituals start at 7am sharp. In the ground bang opposite her house, she runs, skips and spars, not for a moment taking her eyes off the 25-odd students in her academy. At exactly 7.30am, the mother in her takes over for a bit, as she rushes into the house to wake her children up. “Once she’s done with the chores, she will come back for training,” says her secretary, Jimmy.
PASSING IT ON
And come back she does. Soon, the gloves are on, but just when the sparring sessions start taking a serious turn, the heavens open up. With a frustrated look, she orders her wards into the house.
Established in 2006, the MC Mary Kom Boxing Foundation still doesn’t have a permanent address. The promised land was spoken about by the state government two years ago but so far, nothing has happened. “Kyakarega? (What can one do?),” she asks, frustrated at being interrupted by rain —more than 1100mm of it annually —every now and then. “I hope we get the land soon. I want to build a shade so that we can train unhindered.”
Each month, R75,000 go from Mary’s own pocket towards the “residential” academy — the girls shack up under a tin roof within the premises of Mary’s house; the boys stay in a rented house. The gym, where the multiple world champion trains whenever she’s back home, is built in the open, covered only by a shed.
“Her dream is to produce future champions,” says Onler. “So, she spends all her prize winnings on the academy.”
During months of economic blockade, when a gas cylinder costs R1,500 and onion prices touch R50 per kg, the budget goes through the roof. But with the North East Council promising her help, and the SAI centre also “doing its bit to help” as per Onler, there is still hope of there being a permanent roof over Mary’s academy some rainy day.
AT CROSSROADS
Despite the fatigue of training, teaching and discharging household duties, there is warmth in her voice and her smiling face as she points to her twins, and says, “I train harder in national camps but it’s my twins who tire me more.”
Being a mother is tough; juggling motherhood and boxing is tougher, but she is not complaining — not just yet anyway. “I always want to be around them,” says Mary Kom, as she helps the four-yearolds with homework. “I miss them when I’m in the camp. I don’t know how long I can carry on like this,” the pain in her words betraying the smile on her face. Indeed, the unbearable thought of giving up the sport that has earned her name, fame and money has crossed her mind.
“I know the day is not too far. At 29, I am not getting any younger. But right now my focus is the Olympics. A billion hopes hinge on my fists. I cannot afford to waver at this moment.”
Though there will be just 12 boxers in her weight category, she is not leaving anything to chance. “I don’t care about the draw. All I know is there’s someone in the ring who I need to beat. And I will.”
The going will prove to be tough in a weight category she has never competed in before, but she is still confident. In 51kg, there will be more powerful boxers with better reach. But being a southpaw who is quick on her feet, she will be at an advantage.
That she has won the World championship in 45kg and 46kg, and Asian Championship and Asian Games medals in 48kg, and has now qualified for the London Olympics in 51kg, begets the question: why the numerous changes in her weight category? The answer, quite simply, is her love for food. “I love eating and this is what I do at home,” she says as she prepares a beef dish. Dried pork hangs in a basket above a gas stove. She loves meat and likes it hot.
SILVER LINING
For Mary, life outside the ring has never really been all that smooth. The Khel Ratna controversy is something she’d rather not talk about, neither is her father-in-law’s death — shot by ‘some’ insurgent group — just after her marriage. “I don’t even want to talk about it,” says Onler, whose father was a pastor. “It was the saddest moment of our lives.” Ibomcha reminds us of a menace that Mary Kom is well aware of. “There are more than 33 insurgent groups and thousands of Army men around.” The Imphal night has entered the ‘danger zone’, and we have to reach the hotel without delay. “One cannot take the risk here,” adds the coach.
While escorting us to the car, Mary Kom shows us her ‘most valuable room’, her heart under an asbestos roof. Inside a glass showcase in this makeshift structure hangs her first World championship accreditation card; medals, trophies and awards jostle for space in a cupboard.
As she bids goodbye and walks back to the house, Ibomcha breaks his silence. “I tell you, if someone has come this far from nothing, there is something in store for her.” An Olympic medal, perhaps? Now that wouldn’t be asking for the moon from a five-time world champion, would it?

Wednesday, June 27, 2012

More than 2,000 get sports marks in last year of scheme

Final figures will be released in a month, but are likely to far surpass last year’s tally

MUMBAI: In the last year of the sports marks scheme, at least 2,174 Class 10 students have been granted 25 extra marks for sports in the Mumbai Metropolitan Region (MMR), according to the latest data from the sports department.
At around the same time last year 1,077 students had been given the 25 marks. Figures for this year are still being tallied by the sports department and a final tally is likely to be available after a month.
The sports marks scheme, introduced in 2008, grants 25 extra marks to students who play a sport at the state level and above. However, with scores touching 100% and students signing up for a few months to play an unknown sport simply for marks, the government last year changed the policy for 2013 onwards. This will be the last year of the marks bonanza, as the government has decided to award them only to those who fail.
“The number of associations has grown, and with it the number of students claiming the 25 marks,” said an official from the sports department.
Of the four district sports offices (DSOs) that come under MMR, the maximum beneficiaries are from Thane, with 965 Class 10 students getting the sports marks. The Mumbai city DSO has seen 345 students claim the marks, while the Mumbai suburban office has 400 and Raigad DSO 464. “Thane covers the largest area, but Thane also has the largest number of associations for bogus games,” said the official.
Factions within the associations have only caused more problems for students. Two sets of associations for karate and taekwando, claiming to have the same name, are slugging it out in court. In the case of the karate association, the Bombay High Court last week directed the sports office to decide on the matter.

Aakash-II is ready for release, confirms Sibal

The Aakash dream may be very close to realisation yet again and we hope that it gets better this time. According to reports, the launch of the upgraded version of the Aakash tablet, Aakash-II may be as close as early next month and if a statement by Datawind CEO Sunit Singh Tuli is to be believed then the specifications of the upgraded tablet have met with the approval of the government. Reports have been quoting HRD Minister, Kapil Sibal as saying that the tablet is now ready for release and that it is packed with more features and enhanced speed. He added, "Unlike other tablet devices, Aakash can also be used to create computer programs, in Python, C, C++ and Scilab." In this report, Tuli further revealed that the production of the Aakash-II tablets will begin a few days before the device launches in the market, and that before the official launch a good number of devices would have been produced. 'UK-based Datawind, which had submitted about 100 tablets to IIT-Bombay for testing, said the government has approved the specifications for the upgraded version and it will be launched soon in the market,' elaborated the report further.
It's here
To come soon..


Sibal, reportedly was at the inauguration of a teacher training programme conducted by IIT-Bombay under 'talk to a teacher' project of the National Mission on Education through ICT. Here, Sibal, reportedly suggested it to IIT-Bombay Director Devang Khakhar that Aakash devices be given to heads of a few institutions associated with the training programme. At this event, Sibal even thanked IIT-Bombay for 'doing a "wonderful" job in incorporating useful software to Aakash.'

Datawind were the makers of the initial version of the Aakash tablet, and along with IIT-Rajasthan, they took up the task of manufacturing the Aakash tablet in India for the masses. However, soon after, it began facing a lot of criticism, since several users who had begun using the tablets began complaining of the tablet's poor build quality, less than satisfactory battery, among other things. Soon after, altercations between Datawind and IIT-Rajasthan began over a set of specifications, which the latter wanted to incorporate on the tablet. IIT-Rajasthan wanted the Aakash tablet to be water-proof, and include a set of some more military-style specifications, something which Datawind did not agree to, since they believed a humble tablet, like Aakash didn't need military-styled specifications. Soon, the project went into the hands of IIT-Bombay.

The low-cost dream also took a hit when Datawind had a fall-out with their Hyderabad-based, assembly partner, Quad Electronics Solutions Pvt. Ltd. In the blame game that followed, Quad Electronics claimed they did not receive payment from Datawind. On the other hand, Datawind said that Quad Electronics had infringed on their intellectual property rights and allegedly also signed a separate memorandum of understanding (MoU) directly with IIT-Rajasthan.

News Sources

Be Aware of Capital Gains Tax

 

How many of us are aware of Capital Gain Tax?
How many of us are really paying the capital gain tax for the shares/mutual fund units/land/house, jewellery etc sold and gained a profit out of this deal.  As per the Income Tax Law you are liable to pay tax on such gains even if you have no other income. Most of the people are not bothered to pay this tax, either because of ignorance or deliberately avoid paying tax.
Capital gain, as the word denotes, some kind of financial benefits gained as a result of sale of some capital assets.    Profit or gain arising from the transfer/sale of a capital asset made in a previous year is taxable under the head "Capital Gains". The important ingredients for capital gains are, therefore, existence of a capital asset, transfer of such capital asset and profits or gains that arise from such transfer. If you sell an asset such as bonds, shares, mutual fund units, property (house, land, and apartment) etc, you are liable to pay tax on the profit earned out of it. This profit is called Capital Gains. The tax paid on this amount of capital gains is called capital Gains tax. On the contrary, if you make a loss Capital Asset
Capital asset generally means a property – house, an apartment, office space, factory, godown,jewellery  or a plot of land or financial assets like shares, mutual fund units, bonds etc
 For tax computation purpose the capital gain is dividend in two categories.   
1)     Short Term  Capital Gain (STCG)
 If Shares, Bonds or Equity Mutual Funds are held for less than 12 months before selling, the gain arising out of it is classified as  Short Term Capital Gain. The only condition here is that the shares / equities should be sold on a recognized stock exchange (for example, BSE or NSE If the sale of shares is off-market (that is, if the sale is not on a stock exchange), the gain would be classified like that for other capital assets.    In case of other capital assets like land, building,jewellery etc. the minimum holding period is 36 months.  If those assets are held for less than 36 months before selling, the gain arising out of this deal also classified as Short Term Capital Gain.
This short term capital gain is clubbed with your income for the year, and is taxed at a rate as per the applicable tax slabs / brackets.
Short Term Capital Gain = Sale Price - Purchase Price   
 
Example:
Full Value of Consideration (Sale Price)
 10,00,000.00
Less: Cost of Acquisition (usually  the purchase value of the capital asset)
               500,000.00
Less: Cost of Improvement (the cost  incurred for the improvement of the asset, if any)
               100,000.00
Less: Transfer Expenses (expenditure incurred wholly and exclusively in connection with transfer. (Includes the brokerage or commission paid, cost of stamp fee and registrations fee, traveling expenses etc.)
                 25,000.00
Short Term Capital Gain
               375,000.00
 
2)     Long Term Capital Gain (LTCG)
 If shares, bonds or mutual fund units held more than 12 months and other capital assets for 36 months before selling, the again arising out of this transaction is classified as Long Term Capital Gains.  In practice Long Term Capital Gains is applied for Sale of two types of Capital Assets. One is properties like house, building, land etc and the other is financial assets like shares / mutual funds units, Zero coupon bond etc. Any monetary benefits thus gained as a result of sale of either type of Capital Asset attract Capital Gains Tax.  Long Term Capital Gains from Equity Shares and Equity Mutual Funds are exempted from Capital Gain Tax.  
 Exemple:
Full Value of Consideration (Sale Price)
 10,00,000.00
Less: Indexed Cost of Acquisition (usually  the purchase value of the capital asset)
               680,000.00
Less:  Indexed Cost of Improvement (the cost  incurred for the improvement of the asset, if any)
               110,000.00
Less: Transfer Expenses (expenditure incurred wholly and exclusively in connection with transfer. (Includes the brokerage or commission paid, cost of stamp fee and registrations fee, traveling expenses etc.)
                 25,000.00
Lees: Exemption Available
                            -  
Short Term Capital Gain
               185,000.00
 
 
 In Short
 
Capital Asset
Short-term
Long-term
Shares held in a company, listed securities, units of Mutual Fund or zero coupon bonds.
If held for a period not exceeding 12 months from the date of acquisition.
Capital Asset which is not a short term capital asset is long term capital asset.
All other Capital Assets like, immovable property, Jewellery etc
If held for period not exceeding 36 months from the date of acquisition
Capital asset which is not a short –term capital asset is long term Capital Asset.
 
 
 
 
 
As we are all aware the value of money decrease over a period of time due the effect of inflation. The real value of Rs. 100.00 during 1995 will be different from the value now. The Income Tax laws allows to you to reduce the net taxable gain allowing you to pay lower capital gain tax by way of adjustments against inflation.  This is the general rule that, the inflation reduces the real value of the asset over a period of time. In other words this provision allows to you increase the purchase price of assets that you have sold.  This indexation benefit provided by Income Tax laws is called indexation.
As per the Indexation procedure, the income tax assessee is allowed by Income Tax Laws to inflate the cost of his/her asset by a RBI/Government notified inflation factor. This inflation factor is called the 'Cost Inflation Index'. This inflation index is used to compute the cost price of the Asset adjusted against the cumulative inflation on year-on-year basis. This helps to counter the erosion of value in the price of an asset and brings the value of an asset at par with prevailing market price.  Our India Government every year notifies this cost inflation index factor. This index is in the form of a numerical value and is announced every year. The base year for Cost Inflation Index has been determined by Indian Income Tax Department as 1981 and had assigned 100 points for this year
The purchase price of the asset that needs to be used for calculating the long term capital gains is termed as Indexed Cost of Acquisition.
 
a)     Indexed Cost of Acquisition = Actual Purchase Price * (Cost Inflation Index during the year of sale / Cost Inflation Index during the year of purchase)  
 b)    Long Term Capital Gain = (Sale Price – Indexed Cost of Acquisition)    
The following example will give you a clear idea about, how the long term capital gain tax is worked out using Cost Inflation Index (CII)
     An apartment  was purchased in FY 1993-94 for Rs. 10,00,000.00
  • This asset was sold in FY 2009-10 for Rs. 32,00,000.00
  • Cost Inflation Index in 1993-94 was 244 and in 2009-10 it was 632
  • So, indexed cost of acquisition would be:
Rs. 10,00,000.00* (632/244) = Rs. 25,90,163.00
Long Term Capital Gains would be calculated as follows
 Capital Gains = Selling Price of an asset – Indexed Cost
 i.e. Rs. 32,00,000.00– Rs. 25,90,163.00 = Rs. 6,09,837.00.
Therefore tax payable will be 20% of Rs. 6,09,837.00 which comes to Rs. 1,21,967.00
In case you have not opted for indexation.  The Capital Gains tax would  be as follows
 Selling Price of an asset – Cost of acquisition
 i.e. Rs. 32,00,000.00 – Rs. 10,00,000.00 = Capital Gains is Rs.22,00,000.00
Therefore tax payable @ 10% of Rs. 22,00,000.00  would have come to Rs. 2,20,000.00
So you saved Rs. 98,033.00 in taxes by using the benefit of indexation.
The treatment of Capital Gain for Agricultural Land and Inherited Property is different from other assets. Also there is ways to avoid paying capital gain tax.  I will try to publish articles related to these three subjects in the near future 
This article is for general information only, please consult your Chartered Accountant/Legal Adviser/Tax Consultant for more details and clarifications
 
Prakash Nair

All about Capital Gain Tax !!


 

 All about Capital Gain Tax !!
Beware of Capital Gains Tax
How many of us are aware of Capital Gain Tax?
How many of us are really paying the capital gain tax for the shares/mutual fund units/land/house, jewellery etc sold and gained a profit out of this deal.  As per the Income Tax Law you are liable to pay tax on such gains even if you have no other income. Most of the people are not bothered to pay this tax, either because of ignorance or deliberately avoid paying tax.
Capital gain, as the word denotes, some kind of financial benefits gained as a result of sale of some capital assets.    Profit or gain arising from the transfer/sale of a capital asset made in a previous year is taxable under the head "Capital Gains". The important ingredients for capital gains are, therefore, existence of a capital asset, transfer of such capital asset and profits or gains that arise from such transfer. If you sell an asset such as bonds, shares, mutual fund units, property (house, land, and apartment) etc, you are liable to pay tax on the profit earned out of it. This profit is called Capital Gains. The tax paid on this amount of capital gains is called capital Gains tax. On the contrary, if you make a loss on sale of assets, it is treated as capital loss.
Capital Asset
Capital asset generally means a property – house, an apartment, office space, factory, godown,jewellery  or a plot of land or financial assets like shares, mutual fund units, bonds etc
 For tax computation purpose the capital gain is dividend in two categories.
 1)       Short Term  Capital Gain (STCG)
 If Shares, Bonds or Equity Mutual Funds are held for less than 12 months before selling, the gain arising out of it is classified as Short Term Capital Gain. The only condition here is that the shares / equities should be sold on a recognized stock exchange (for example, BSE or NSE If the sale of shares is off-market (that is, if the sale is not on a stock exchange), the gain would be classified like that for other capital assets.    In case of other capital assets like land, building,jewellery etc. the minimum holding period is 36 months.  If those assets are held for less than 36 months before selling, the gain arising out of this deal also classified as Short Term Capital Gain.
This short term capital gain is clubbed with your income for the year, and is taxed at a rate as per the applicable tax slabs / brackets.
Short Term Capital Gain = Sale Price - Purchase Price  
 
Example:
Full Value of Consideration (Sale Price)
 10,00,000.00
Less: Cost of Acquisition (usually  the purchase value of the capital asset)
               500,000.00
Less: Cost of Improvement (the cost  incurred for the improvement of the asset, if any)
               100,000.00
Less: Transfer Expenses (expenditure incurred wholly and exclusively in connection with transfer. (Includes the brokerage or commission paid, cost of stamp fee and registrations fee, traveling expenses etc.)
                 25,000.00
Short Term Capital Gain
               375,000.00
 
2)       Long Term Capital Gain (LTCG)
 If shares, bonds or mutual fund units held more than 12 months and other capital assets for 36 months before selling, the again arising out of this transaction is classified as Long Term Capital Gains.  In practice Long Term Capital Gains is applied for Sale of two types of Capital Assets. One is properties like house, building, land etc and the other is financial assets like shares / mutual funds units, Zero coupon bond etc. Any monetary benefits thus gained as a result of sale of either type of Capital Asset attract Capital Gains Tax.
Example:
Full Value of Consideration (Sale Price)
 10,00,000.00
Less: Indexed Cost of Acquisition (usually  the purchase value of the capital asset)
               680,000.00
Less:  Indexed Cost of Improvement (the cost  incurred for the improvement of the asset, if any)
               110,000.00
Less: Transfer Expenses (expenditure incurred wholly and exclusively in connection with transfer. (Includes the brokerage or commission paid, cost of stamp fee and registrations fee, traveling expenses etc.)
                 25,000.00
Lees: Exemption Available
                            -  
Short Term Capital Gain
               185,000.00
       
In Short
 
Capital Asset
Short-term
Long-term
Shares held in a company, listed securities, units of Mutual Fund or zero coupon bonds.
If held for a period not exceeding 12 months from the date of acquisition.
Capital Asset which is not a short term capital asset is long term capital asset.
All other Capital Assets like, immovable property, Jewellery etc
If held for period not exceeding 36 months from the date of acquisition
Capital asset which is not a short –term capital asset is long term Capital Asset.
 
 
 
 
  Cost Inflation Index
As we are all aware the value of money decrease over a period of time due the effect of inflation. The real value of Rs. 100.00 during 1995 will be different from the value now. The Income Tax laws allows to you to reduce the net taxable gain allowing you to pay lower capital gain tax by way of adjustments against inflation.  This is the general rule that, the inflation reduces the real value of the asset over a period of time. In other words this provision allows to you increase the purchase price of assets that you have sold.  This indexation benefit provided by Income Tax laws is called indexation.
Computation of Indexation Benefits
As per the Indexation procedure, the income tax assessee is allowed by Income Tax Laws to inflate the cost of his/her asset by a RBI/Government notified inflation factor. This inflation factor is called the 'Cost Inflation Index'. This inflation index is used to compute the cost price of the Asset adjusted against the cumulative inflation on year-on-year basis. This helps to counter the erosion of value in the price of an asset and brings the value of an asset at par with prevailing market price.  Our India Government every year notifies this cost inflation index factor. This index is in the form of a numerical value and is announced every year. The base year for Cost Inflation Index has been determined by Indian Income Tax Department as 1981 and had assigned 100 points for this year
The purchase price of the asset that needs to be used for calculating the long term capital gains is termed as Indexed Cost of Acquisition.
a)       Indexed Cost of Acquisition = Actual Purchase Price * (Cost Inflation Index during the year of sale / Cost Inflation Index during the year of purchase)
b)       Long Term Capital Gain = (Sale Price – Indexed Cost of Acquisition)    
The following example will give you a clear idea about, how the long term capital gain tax is worked out using Cost Inflation Index (CII)
     An apartment  was purchased in FY 1993-94 for Rs. 10,00,000.00
  • This asset was sold in FY 2009-10 for Rs. 32,00,000.00
  • Cost Inflation Index in 1993-94 was 244 and in 2009-10 it was 632
  • So, indexed cost of acquisition would be:
Rs. 10,00,000.00* (632/244) = Rs. 25,90,163.00
Long Term Capital Gains would be calculated as follows
 Capital Gains = Selling Price of an asset – Indexed Cost
 i.e. Rs. 32,00,000.00– Rs. 25,90,163.00 = Rs. 6,09,837.00.
Therefore tax payable will be 20% of Rs. 6,09,837.00 which comes to Rs. 1,21,967.00
In case you have not opted for indexation.  The Capital Gains tax would  be as follows
 Selling Price of an asset – Cost of acquisition
 i.e. Rs. 32,00,000.00 – Rs. 10,00,000.00 = Capital Gains is Rs.22,00,000.00
Therefore tax payable @ 10% of Rs. 22,00,000.00  would have come to Rs. 2,20,000.00
So you saved Rs. 98,033.00 in taxes by using the benefit of indexation.
Please click here to see the Ready Reckoner Chart of Cost Inflation Index 1981-1982 to 2011-2012

Friday, June 22, 2012

London Olympics: 58 days to go; Tokyo bid chief says 2020 last chance

Tokyo bid chief says 2020 ‘last chance’Tokyo’s 2020 Olympic bid leader Tsunekazu Takeda has said that another failure to land the Games would mean a very long wait to host the world’s biggest sporting spectacle. “It’s our last chance,” Takeda said. “We’ll win. We have to win. With the rotation of the Olympics it will be many years before Tokyo can go for it again.
“For (our generation) it’s the last chance,” said the Japanese Olympic Committee president, while adding Tokyo was in better shape this time after its failed 2016 bid. “We have a better bid this time. We have kept the best components and improved all other areas.”

Malaysia Olympics boss fears for medal chancesMalaysia’s Olympics boss has said their medal chances are slim in London, now that badminton player Lee Chong Wei is injured, and that the country needs to do more to develop young talent. Lee will receive injections of his own stem-cells into his damaged ankle in an effort to get him fit in time for the Olympics, and he has vowed to train “every body part apart from my injured ankle” while he recovers, which could take six weeks. Olympic Council of Malaysia president Tunku Imran Tuanku Ja’afar said national sports associations had failed to nurture young talent.

Poonia has medal to win and promise to keepIndian discus thrower Krishna Poonia has no problem buying a T-shirt for her 10-year-old son Lakshya Raj, but the message he wants emblazoned on it gives her pause for thought. Poonia threw 64.76 meters in an event in Hawaii earlier this month to break India’s national record but when she spoke to her son by telephone thousands of miles away in the north Indian city of Jaipur, all she got was a stern reminder. “I have promised him I would clear the 65m mark and he called me to remind me that I have fallen short,” 30-year-old Poonia said. “I have promised him to achieve it in London so that he can fulfill his wish of wearing a T-shirt which will have ‘Poonia Crosses 65 metres’ written over it.”

Australian diver Mitcham relishes underdog tagOlympic champion Matthew Mitcham thrilled in his moment in the sun when the Australian smashed China’s “Great Wall” of diving at the Beijing Games, but now relishes being the “underdog” ahead of the London Games after long battles with injury. “I feel like the underdog again in London,” he said. “I’ve had a few injuries that have kept me from my best but it is good to go in without all that pressure. No one expects me to win and I feel more comfortable when I am in that position.”

Olympics moments: Sports the greatest unifier

The Olympics aren’t just about athletic achievement and setting world records. They are also about moments that transcend sports. Following the medal ceremony in the 10-metre air pistol event at the 2008 Beijing Olympics, bronze medallist Nino Salukvadze of Georgia embraced and kissed silver medal winner Natalia Paderina of Russia, even as their countries were on the verge of a full-scale war.

Salukvadze and Paderina’s act of solidarity came just hours after the entire Georgian Olympic squad had considered withdrawing from the Games in protest of Russia’s role in the conflict over South Ossetia. “That kind of sportsmanship is really remarkable,” International Olympic Committee president Jacques Rogge said.
It was a poignant moment of sporting conciliation in what had been a jarring weekend of dissolution. Russian president Vladimir Putin stood on the welcoming line at the opening ceremony of the Beijing Games – a Friday – while at the same time, Russian tanks moved into South Ossetia, a breakaway region of Georgia that has support from Moscow. Putin returned home the next day. By Sunday, the conflict between Russia and Georgia had left hundreds dead. That morning, Georgia considered withdrawing from the Games, but their president, Mikheil Saakashvili, instructed the 35-member team to remain in Beijing. Russia also decided to continue competing at the Beijing Games.

Hours later, Salukvadze won Georgia’s first medal of the Games. “This is a small victory for my people,” Salukvadze said. Of Paderina, she added, “When it comes to sport, we will always remain friends. If the world were to draw any lessons from what we do, there wouldn’t be any wars. There should be no hatred between athletes and people in general. We’ll leave it to the politicians to figure it out.”

Paderina, a Russian soldier from Yekaterinburg, said she and Salukvadze had always been close on tour. In fact, they were both once teammates together under the old Soviet Union flag. “We are friends,” she said. “We’ve been shooting together for a long time. We don’t get mixed up in political things. Sport is beyond politics.”

A couple of days later, the beach volleyball players from both countries too embraced each other, showing solidarity.

Olympics moment: Rathore wins silver in Athens

Not much had gone right for India in the build up to the Athens Games 2004. The controversy over the appointment of Gerard Rach as the coach of the hockey team a few months before the Olympics and the doping scandal involving Pratima Kumari a couple of days prior to the Games had dominated the news.
Performance-wise too, there wasn’t much to brag about. At the previous two Olympics in Atlanta (1996) and Sydney (2000), India had at least won a bronze medal. In Athens, it looked like India would return empty handed.

But in the end, Major Rajyavardhan Singh Rathore changed it all. He was easily the hero of the 140-member Indian contingent, which also had 65 officials. The ace shooter fulfilled India’s long cherished ambition of going past a bronze in an individual event at the Olympics. In a dramatic final round, the proud Rajput held his nerve to come up with a stellar display to win the silver. He did so after a below-par performance in the preliminary round.

Rathore had prepared hard and systematically for the Athens Games. He made the best use of the resources and retained a strong focus in landing the biggest prize and came into the Games with some good results under his belt.

Other shooters — Abhinav Bindra, Suma Shirur and Anjali Bhagwat — had put up disappointing shows. It came as a huge relief when Rathore shot 179 out of 200, one point ahead of Wang Zheng of China, to finish second.

Rathore looked good for the gold, but the wind took it away. The windy conditions during the second round saw Rathore shoot a 43, but he put up a spirited show with nerves of steel in the final. Ahmed Almaktoum had already taken a virtually unbeatable lead, while Rathore showed great character to beat the rest. He needed to shoot both the birds on the last attempt to deny the silver for the other three contenders. He did it in style and punched the air, even as the Indians greeted him with applause.

Olympics moment: Lee-hesh lose bronze medal match at Athens

It is the closest they came to winning an Olympic medal. They had steamrolled almost every opponent to reach the quarterfinals of the Athens Olympics in 2004, a match they were expected to win without breaking much sweat. But alas, it was a case of so close yet so far for Leander Paes and Mahesh Bhupathi!
After parting ways a couple of years earlier, the duo had decided to reunite for the Athens Olympics. They started playing together a month before the Games and pulled off some impressive wins. Their superb form going into the Olympics made them the favourites for the doubles gold medal.

It was heart-warming the manner in which Paes and Bhupathi handled the challenge, first from Andy Roddick and Mardy Fish of the US and then from Roger Federer and Yves Allegro of Switzerland in making a smooth progress. They were the only seeded team to figure in the semifinals after beating Wayne Black and Kevin Ullyett. The world looked under their feet, but they slipped in the next round against Nicolas Kiefer and Rainer Schuettler of Germany.

But the worst was yet to come. In the bronze medal play-off, they were up against wild cards Mario Ancic and Ivan Ljubicic of Croatia. The Indian Express failed to capitalise on numerous opportunities to win the doubles bronze, and were pipped at the post 6-7(5) 6-4 14-16 in three hours and 58 minutes in a nerve-wracking contest that began on Friday night and ended in the wee hours of Saturday. Both the teams had won 164 points each; the Croats had dropped 23 points in their last 13 service games while Paes and Bhupathi had dropped one less on their serve. But they dropped one too many in the last game, which ultimately was the deciding factor.

Paes spoke of a “hollow” feeling that had gripped him and Bhupathi after the match. “It is a huge disappointment. We are feeling a bit hollow at the moment,” Paes said. “It was my fault. These things happen in sport and we have to accept it. We gave it our best shot but unfortunately we could not get the medal.”

Olympic moment: Christie sprints to glory

Jamaican-born Linford Christie did not make his breakthrough until the age of 26 when he claimed a surprise gold at the 1986 European Championships. But by the time he quit the international stage 11 years later, he had won every major outdoor title on offer. Coached by Ron Roddan, Christie’s first taste of the Olympics came at Seoul 1988 when his impressive bronze was upgraded to silver after controversial Canadian Ben Johnson tested positive for a banned anabolic steroid.

But he won the 100 metres title at the uniquely advanced age of 32. Before him, Americans had won the blue riband competition 15 times in 23 Olympics. Christie was only the third Briton to have accomplished the feat, after Harold Abrahams in Paris in 1924 and Allan Wells in the boycotted final in Moscow in 1980. As with Abrahams, a Jew, the Jamaican-born Christie seemed driven by a desire to fight against perceived discrimination.

He stormed to glory ahead of Namibia’s Frankie Fredericks and Dennis Mitchell of the USA in a time of 9.96 seconds, becoming the oldest 100m Olympic champion in the process.

His legendary rival Carl Lewis had failed to qualify for Barcelona but a year later Christie had the opportunity to take his scalp at the World Championships in Stuttgart, while fellow Americans Mitchell and Andre Cason would also be tough to beat.

However, the British hero produced the fastest performance of his life to keep gold away from the dangerous American trio and his time of 9.87 seconds remains a national and European record to this day. Christie, who became famous for his “tunnel vision” approach, missed out on the medals two years on and his reign as Olympic king ended in bitter disappointment in Atlanta when he was disqualified for two false starts in the final.

Olympic moment: When Singh was king

Year 2008, August 20, will be forever etched in the memory of sports lovers in India. A country that had managed only one medal in the previous Olympics managed to win two on a day, taking India’s tally to an unprecedented three medals at Beijing.

Hours after Sushil Kumar wrote his name on history books, boxer Vijender Singh assured himself of a medal by winning the quarterfinal bout against Ecuador’s Carlos Gongora. Having lost to Cuba’s Emilio Correa in the semifinals, Vijender settled for a bronze. For the first time ever, an Indian boxer had won a medal at the Olympics. The news was met with disbelief and elation. An Indian winning a medal at the Olympics was rare. People wondered if his opponents had truly mounted a challenge.

Vijender, though, had a laser-like goal: win a medal. Four years ago, he disappointed at Athens. He more than made amends at the 2006 Commonwealth Games and the Asian Games in the same year.
Naturally, he’d a pep in his step at Beijing. In the round of 32, he thumped Badou Jack of Gambia 13–2. In the round of 16, he defeated Angkhan Chomphuphuang of Thailand 13–3 to reach the quarterfinals. A win here would assure him of a medal, but the challenge was tough.

Gongora, a southpaw, had won the bronze at the Pan American Games in 2007 and was in top shape at Beijing. But he had no answers to Vijender’s uppercuts and left-hand jabs. The Indian pugilist won 9–4 to enter the semifinal and, in the process, create history. “This is a great day for Indian boxing. We’ve been under a lot of pressure recently so one of us had to do it,” Vijender said after the bout. “This was my best fight because I’ve achieved something for the country. I want to thank every Indian for praying for me.”

Sitting next to the greats was fantastic: Suma Shirur

All my life, I worked towards going to the Olympics. I experienced great joy when I qualified for the Olympics with a world record score. That was the stepping stone and it gave me so much confidence. I qualified in February and had another five months for the Games.

There was nothing else in the head but to put up a good performance. The whole journey, going to the Olympics and stepping on to the Village, gave me a feeling that I had finally arrived. You have marked yourself in your career. That was just the beginning. I had only been to the Village in the Asiad and the Commonwealth where you don’t have the world’s best athletes. In fact, you have the best of the best in the Olympics. That was fantastic. You have the greats sitting next to you and I was among them. It was a fantastic feeling.

I was so focussed that I really didn’t stop to look around. Unfortunately, I could not attend the opening ceremony as my event was scheduled the next day. It’s never possible to attend the opening event. The first event was the big thing. You live every moment so thoroughly as if you are in an air-tight chamber. I remember every moment of my shooting. I‘d my strategies, stuck to my game plan, I gave every shot as if it was my last. I scored 396 in the prelims and made it to the finals, which was like a second victory.

There was huge attention from the media, which we shooters were not used to. That’s when it dawned that it was a big thing. You know you have a huge responsibility. I managed it well. After I made it to the finals, I tried not to look around. There was no time between the match and the finals, but teammate Deepali Deshpande helped me a lot. The whole experience of being in the final hall was a ‘dream come true’. I had a decent final which could have been better. Considering the time and resources, I was happy with my performance.

When I was leaving the Village for the airport, there was a feel of total emptiness. I had tears, for it was all over. Life wouldn’t have been meaningful without the experience. The day after my match will be etched in my memory. Rajyavardhan Singh Rathore winning the Olympic medal gave me as much joy. More than my experience, watching the India tri-colour flutter was memorable.

— Shooter Suma Shirur took part in the 2004 Olympics in the 10m air rifle event. She is still involved in competitive shooting.
She spoke to G Krishnan

I still don't know how I missed gold: Karnam Malleswari

It’s been 12 years and it still haunts me that I was unable to win the gold at the Sydney Olympics in 2000. Though I am still the only woman from India to have won a medal at the Olympics and have successfully been able to set a record; winning the gold would have been a more satisfying achievement.

With the Olympics only 50 days to go, I can’t help but think of my time in Sydney. I failed in my last lift and for some technical reason I was unable to win gold. Had I got one more opportunity to lift, things would have been completely different.

Nevertheless, I am proud I was able to represent my country and win a medal in the biggest event of all. When your name is announced and you step on the podium to receive the medal...that is the moment when you want the time to stand still. It is your moment, the moment you’ve waited for all your life. And no one can ever take that away from me.

Participating in the Olympics is an experience I guess no one can ever forget. You end up meeting athletes from different countries. The best part is you still keep in touch with all the people you met then and have now become good friends with.

I hope that this time a woman can bring home another medal for the country and break my record. I pray that India does well in London and wish all the athletes the best of luck.

—Malleswari won the bronze medal in the 69kg weightlifting at the Sydney Olympics. Till recently, she was the vice-president of the Indian Weightlifting Association and currently works with the Food Corporation of India. She spoke to Namita Handa