RBI Mid-Quarter Monetary Policy Review.

Mid-Quarter Monetary Policy Review.

 

Status quo on repo rate and CRR, SLR reduced by 100 bps

Key highlights

Maintains key policy rates (Repo: 8.0%, Reverse Repo: 7.0% and MSF: 9.0%) and CRR (4.75%) at the same level

 

SLR reduced by 100 bps from 24% to 23% of banks’ NDTL

 

Monetary policy maintains status quo: The Reserve Bank of India (RBI) in its First Quarter Review of the Monetary Policy FY2013 kept key policy rates unchanged largely in line with market expectations. The RBI has maintained repo rate at 8%. Subsequently, the reverse repo rate and MSF remain unchanged at 7% and 9%. The CRR has also remained unchanged at 4.75%. The RBI slashed the SLR by 100 bps to stand at to 23%.

Market expectations of no rate cuts in the monetary policy were based on sticky inflation data with Wholesale Price Index (WPI) headline inflation continuing to read above 7% in the past five months and double-digit Consumer Price Index (CPI) for the month of June, 2012.

The RBI attributes elevated level of inflation to the a) increase in food prices, b) increase in input costs, and c) upward revision in prices of some administered items such as coal. Coupled with these factors, we believe upside risks to inflation will persist in the medium-term due to supply-side constraints, revision of MSP prices of kharif crops and the impending hike in diesel prices.

Revision in growth and inflation outlook: The RBI revised its baseline projection of growth and inflation in its review of the monetary policy. As expected the growth projection for real GDP growth during FY13 has been revised downwards from 7.3% to 6.5%. Taking in view the recent trends in food inflation, global commodity prices and the likely demand scenario, the baseline projection for WPI inflation for March 2013 has been revised from 6.5% to 7.0%. In fact, in the coming months, RBI expects WPI inflation to inch up to 8% and therefore a meaningful change in the monetary policy stance is unlikely until December 2012.

The downward revision of growth estimates was expected mainly due to a slowdown in industrial activity in addition to deterioration in macro economic fundamentals of the economy. However, slowdown of growth rate is not a key concern since the post-crisis trend growth rate, as per the RBI, has also dropped to 7.5% thereby reducing the output gap. The upward revision of inflation from 6.5% and 7% for FY13 clearly highlights that inflation will dominate the major concern area of the economy and monetary policy stance will be determined by the growth-inflation dynamics in the economy.

Mumbai boasts three Olympic gold medallists, all for hockey.

Mumbai boasts three Olympic gold medallists, all for hockey. One of them, MM Somaya, who grew up in Byculla, part of the winning team in the 1980 Moscow games, says India may yet pull off a medal in London

Last week, before leaving for London, I laid my hands on an Olympic gold medal. No kidding. It was the real thing, not a replica found in Chor Bazar, weighing approximately 250 grams, with the gold content at about six grams as ordained. It looked resplendent, unsullied by the ravages of time.
 
Former hockey player MM Somaya (left) displays his Olympic gold medal (right), which he won at the 1980 Games in Moscow. Dubious as my privilege was of holding the medal, I nonetheless felt a tingle in my spine. Imagine the feelings of a sportsperson who has actually won one!
I won’t dare to describe those, but I’ll let MM Somaya, former hockey captain, proud owner of this gold medal in Moscow, 1980, try. “This represents the greatest moment of my life,” he said. Thirty-two years afterwards, words still fail Somaya.
In a country that suffers from a perennial drought of sporting achievement, it might interest readers to know that Mumbai boasts three Olympic gold medallists. All three played hockey, the first one when India was at its zenith in the sport, the other two during the last gasp before the fadeout.
Leo Pinto, a goalkeeper who memorably removed his pads and scored a goal in the final of the London Olympics in 1948, was the first. He was then associated for decades with Tata Sports, but is alas no longer with us, having passed way in August 2010.
The other two are Somaya’s teammate, the dazzling striker Merwyn Fernandes, a boy from Ambernath who now lives in Vakola and works as a purser with Air India, and Manepandey Somaya, who grew up in Byculla, went to school in Mazagaon, studied at St Xaveir’s College and is a general manager at Bharat Petroleum.
Somaya lives in the Sportsfield apartment building on Worli Seaface with his wife Shammi, who works for Vijaya Bank in the Cuffe Parade branch. The gold medal, a memento of infinite value to him and Indian sport, made a rare public appearance when I cajoled him for a darshan when we met last week.
I don’t remember seeing the medal when I met him shortly after he had returned from the Moscow Olympics. He was barely 20, I hardly 25, and both of us a little dumbstruck by the occasion.
He was my first big sports interview. I went to see him in his flat in Spence Lane off Byculla, where he lived with his parents and brother. He hesitated to talk about his achievement and I was perhaps just overawed to ask to see the medal.
As it emerged, his brother had been my classmate in my first year at St Xavier’s. In those days, I was still unaware about the conventions of south Indian naming. How was one to know that Somaya could be Cariappa’s brother!

I prodded Somaya to reminisce about the 1980 Olympics. “It was the first time I was travelling overseas,” he recalled. “I had played for college and Bombay for two seasons before I was picked for Moscow because coach Balkishan Singh wanted to build a team for the future.’’
Was he overawed by the occasion? “You bet,” replied Somaya. “I was actually a fringe player, but my form in practice was good so Balkishan put me in the playing eleven and I held my place till the final.’’
In that heart-stopping game, India prevailed narrowly over Spain 4-3. The Moscow Olympics were boycotted by the Western Bloc because of the USSR’s invasion of Afghanistan, which meant that Australia, West Germany, the Netherlands and Pakistan — all strong hockey-playing countries — were missing.
But Somaya contests that this cannot undermine India’s victory. “We beat the Soviet Union in the semi-final and Spain in the final, both strong teams,” he says. “We must also remember that this was the first time we were playing on astro-turf.”
India did not have a single astro-turf then; now it has 32. That, of course, has not prevented our slump from winning gold in 1980 to barely qualifying for the 2012 London Games.
“The game’s changed and coaching methods have evolved,” said Somaya. “I don’t think it’s a question of talent. We have that. I think we were a step behind consistently where training drills and skill innovations are concerned.’’
Did he have any hope for India at London? “The important thing is that we are in contention,” he said. “Just being there can arouse such passion that athletes can raise their game against all odds.”
A medal for India, leave aside gold, is a far-fetched prospect, according to experts. But this is the Olympics, as Somaya says, so who knows?
Go India, go!
When he is not following sport, Ayaz Memon writes about the city
and its different worlds

Saina has China on her mind as she starts campaign today

Saina has China on her mind as she starts campaign today

The mind game had begun much before the actual Games started. By choosing Li Xuerui in their squad ahead of Wang Shixian, China made their intent clear. Xuerui has enjoyed the better of Saina Nehwal for most part of their rivalry. China knows that if anyone can pose a serious challenge for their women shuttlers, it’s Saina. But Saina refuses to be drawn into this psychological battle. She is focussing on the task at hand. And as the lone warrior up against an army of Chinese shuttlers, if she chooses to keep all her cards close to her chest, you cannot help but empathise with her. How she goes about her preparation is a well-kept secret, something that even the Chinese would be proud of. “It doesn’t make sense to reveal everything,” her coach Pullela Gopichand told DNA. He did provide some insight though on coping with the occasion: “She’s doing Yoga. She’s been spending nearly an hour a day for quite some time now. It’s a great way to relieve pressure.” The courts at the Wembley Arena, where the world No 5 will open her campaign against unheralded Swiss Sabrina Jaquet on Sunday, are expected to be on the slower side. That means longer rallies and longer matches, which will be physically demanding. But Saina seems to be in top shape. Her weekly routine includes approximately four sessions of strength training, three to six sessions of endurance and eight sessions of agility and moderate running. She does dumbbell pullovers, rowing exercises, military press for her shoulders, heel raises for calf muscles, amongst others. “She is on par with the Chinese physically. It’s all about handling the situation on that particular day,” Gopichand said. Gopichand has everything worked out for Saina. On Friday and Saturday, more time was spent analysing her opponents rather than on the court. There were no expectations from Saina during the Beijing Games. In fact, it was then that she announced her arrival. But in these four years, she’s won more than a dozen titles. “She knows how to handle things, so I am not really worried,” Gopichand said. Neither is Saina. “I have developed as a player and now I am in a position to aim high. But I am taking one match at a time. I want to be relaxed; not think of a medal or pressurise myself,” she said.

Out of the Closet | Hyderabad’s glamourgirls Badminton doubles partners, Gutta Jwala and Ashwini Ponnappa have different approaches to style on and off court

Gutta Jwala, 28, has at least three wardrobes and a few suitcases holding her clothes, shoes, bags and accessories while Ashwini Ponnappa, 22, has only one cupboard, though it’s filled to the brim. 

Jwala, who is currently living in a transit flat in Hyderabad’s Banjara Hills, can strip a shop in half an hour if she likes the stuff while Ponnappa ponders over every purchase. “She is a window-shopper,” says Jwala. “She sees everything, then wants to go back again and again before she makes the decision to buy. If I like something, I pick it up then and there.” While Ponnappa sticks to high street brands, Jwala practically has every couture brand, Indian and international, in her wardrobe.

Street theatre: Ponnappa in on-court gear with Jwala, who is dressed in a one-piece outfit designed by her kit sponsor Li-Ning.

“I do advise Ashwini on what to wear when we have to attend a function together, but our dressing styles are different because she is mostly into casuals,” says Jwala.Jwala was the first Indian to qualify for two badminton events at the Olympics—women’s and mixed doubles—and has been playing with Ponnappa since 2009. “Jwala is a senior player and approached me even though at the time she was not too sure about playing doubles with me. Someone had suggested my name to her and we have now been playing together for three years,” explains Ponnappa.

Jwala says she finds the strength in Ponnappa’s shots a big plus in their pairing and like her younger partner, is really excited about heading to London. “I want to put on a really good show since this is the first time I have qualified for the Olympics and I am going to play two events (women’s doubles and mixed doubles),” says Jwala. With their first match likely to be held on 28 July, the girls who are forever together on the tournament circuit tell us that shopping with each other can be a pain sometimes, why they both love pink, and how they are hoping to inject some glamour into drab on-court badminton dressing styles. Edited excerpts:

Gutta Jwala
How has your style changed over the years?

Courting couture: In a Satya Paul sari.

I was into a lot of casual wear through my teen years but for the last five-six years, my style has changed. I love saris and Satya Paul is a favourite. I like printed, light fabric saris. I have a lot of new saris, which I have not even worn yet. I like Manish Malhotra and Anamika Khanna too. I even have a Sabyasachi sari. Whenever Elahe (a designer store in Hyderabad) has a new collection from any of these designers, they call me first.Manish Malhotra is mostly bling. You like that kind of stuff too?
I really like it. I have those 10kg heavy kurtas from him. The last time I wore a Manish Malhotra sari, I was so tired, but I love his style. The cut of the blouse in his sari is amazing. I have never met Manish though and hope he knows someday how much I like his stuff. I wanted to order one or two saris from him and spoke to his assistant a few times but never got through to him directly. He must have been busy.
Are you a budget shopper or someone who picks up things as and when you need it?

She likes to wear short dresses like this black REDValentino dress paired with Colin Stuart heels.

I am a shopaholic and I pick up stuff every now and then. I am a quick shopper though. I don’t really shop on a budget. When I am at a store, I have to really like something—if I am doubtful about a product, I don’t look at it twice. My sister Insi and mum are also shopaholics. My poor dad is the odd one out.How important is it for a sportswoman to look good on court and off it?
Everybody wants to look good but as a popular sports personality, I feel it is my job to represent my game stylishly. Over the years, I have learnt how important it is to present your best side when you meet new people. You are not likely to meet them all the time, so the first impression is the last one. Also, sports is entertainment and as a sportsperson we have to attract audiences to our sport. What is the harm in looking good on court to do that?
People say I spend too much time in trying to look glamorous and don’t focus on the sport. If that is the case, how are we winning medals?
Where else do you like to shop?
I like online shopping. I love Net-A-Porter. I don’t get my size in Western wear in India but Net-a-porter.com has everything. It’s easy to shop from them because they ship everything within three days. I pick up a lot of dresses and tend to check the site once in two or three weeks. For dresses, I shop at Singapore and Indonesia. I like Warehouse for summer dresses, cotton tees—they have cool colours. Victoria’s Secret is a good place to shop for casual, beach-style clothes which you need in the summers here. I prefer to shop in Delhi than Hyderabad or Mumbai. They have better stuff in that metro. DLF Emporio mall is a great place.
Do you have a shoe fetish?

Jwala finds ballet flats from Tod’s most comfortable to wear through the day.

I dislike shoes with pointed toes and never buy those. I love heels and stilettos but my parents tell me not to wear a lot of heels because they are worried that I may twist my ankle. Being a sportswoman, I have to take care of my feet, so it is best to avoid heels as they can cause stress. I wear heels only when I am out for a short time, say, an hour or so. Otherwise, I mostly wear ballet shoes or flats. I am almost 6ft tall, so wearing heels all the time is odd.

For daily use, she uses a sling bag like this one from Gucci.

I am partial to Tod’s shoes because the leather is very, very soft and they are usually very comfortable and don’t bite. One of my favourite footwear brands is Miu Miu: They are a classy, girlie collection. I am not a Christian Louboutin fan. I choose to wear black shoes mostly because they go well with everything.
Black shoes? That sounds like you are a safe dresser.
Not really. I experiment a lot like I am now doing with saris. My friend Shilpa Reddy designs a lot of saris and she is making a few for me. I am waiting for her sari with a jacket. It won’t be very feminine.
Is badminton not glamorous because it is a sport dominated by Asians, unlike tennis, where Americans and Europeans rule?
Maybe that is the reason. Europeans are bold. I admire Maria Sharapova’s dressing style and still remember the stylish black dress she wore when she won the US Open six years ago. I always tell my sponsors that I am open to new stuff, to wearing dresses. I like the idea of one-piece dresses on court and recently even got a new dress designed for myself so that I can wear it while playing. I love colours—a lot of pink, yellow and orange; I am a proper girl, you know. I make sure my sponsors give me outfits in bright colours.
How different is your on-court style versus what you wear off court?

A Michael Kors dress, perfect for a night out.

My style philosophy is really the same: I have to be comfortable. I wear a lot of shorts and mini skirts off court. I even wear cotton salwar-kurtas and leggings.A little black dress or a coloured dress?
Coloured dress any day. Of course, we all need a lot of blacks in our wardrobe because it is the safest colour and sometimes when you are in a hurry it is an easy choice. For a red-carpet event, I would love to wear a gown though and would prefer to go with an international label. I have a dress from Diane von Furstenberg and someday hope to buy an Alexander McQueen, but they are very expensive.
What about handbags? Have you ordered your Birkin yet?
My latest buy is a Chanel bag. I am into all kinds of bags. I am into shoulder bags, totes, slingbag and oversized bags. When I have to go for a party, I carry a small sling bag. Usually I carry a pouch-like sling bag across one shoulder. Birkin is too common now and anyway, it takes too long to come.
One accessory you never leave home without?

She has a large collection of watches, such as this Harry Winston (blue strap) and IWC Cousteau Diver

I like to wear watches, especially the ones with large dials. The bigger, the better. I prefer rubber straps rather than metal or leather straps. The latter two tend to make my wrist sweaty. What will your Olympic lucky charm be?
I am planning to get a tattoo, a permanent one, on the nape of my neck. I had told myself that if I qualify for this event, I will get a tattoo. I’ve told my clothes and kit sponsor Li-Ning to give me shirts and dresses with a slightly deeper back and no collars, so that the tattoo shows.

Ashwini Ponnappa
What are you most comfortable in off-court?

Ponnappa likes to wear dresses such as this one from Promod, with wedge heels, for a night out.

Depends on my mood. If I instantly fall in love with something, I will buy it. I do have a footwear fetish. Every time I travel, I make sure I bring back at least a pair of shoes—sandals, heels, shoes, anything.How many pairs of shoes do you own right now?
I am not too sure, but I keep them all in boxes. During my last tournament in Bangkok, I bought two pairs. One was a pair of sandals and another was a real cute pair of slip-ons in pink. When I was in Birmingham before this, I bought a pair of gold sports shoes. They are really smart. I am partial to wedges. I find them more comfortable than stilettos.
You are really keen on pink?

A butterfly-shaped hair clip she likes to wear on court.

I like pink. On court, not many people wear it. I don’t know why. It is hard to find pink gear. I prefer any shade of pink on court rather than the typical black, red, yellow and white.In tennis, women experiment so much more with clothes. Why not so in badminton?
A lot of the girls are quite happy wearing shorts, especially on the Indian circuit. In fact, they like wearing long shorts. It is changing now slowly, but you can’t really blame the players either. The kind of apparel we get sometimes from organizers to wear for tournaments is quite boring; the T-shirts are what guys would typically wear.
Even internationally in badminton, you enter the tournament as part of a team and the entire team wears the same stuff. The Japanese and Koreans are experimenting a lot with their hair accessories though and I like that and try the same.
Off-court style: Is it formal or casual?

She is partial to fragrances from Victoria’s Secret; hair accessories like colourful rubber bands are a must on court; and a pair of P&B slip-ons that she bought in Bangkok.

I like wearing shorts and T-shirts mostly because it is tough to wear short skirts in India. I don’t like being gawked at and it happens all the time if you are wearing a skirt here. When I go out at night, I like wearing dresses. I prefer coloured dresses as opposed to black all the time. In fact, I have a pink dress that works best for a night out.Where do you like to shop?
When I am in Hyderabad I love shopping at Aldo—footwear fetish, so can’t help it. Promod has nice dresses. Jack & Jones is another favourite, as are Quicksilver and Zara. I hate that Hyderabad does not have a Zara yet and I have to shop at the Bangalore store. When I travel outside, I make sure I visit Billabong and Roxy stores. I love River Island for footwear and dresses. I like brands that have sporty, surfer kind of clothes. The clothes from these brands are casual, yet smart and different from what’s available at other high street brands.
What about accessories?
I don’t really go out looking for them. But I love updating stuff for my hair, such as scrunchies and clips. I have a butterfly clip that I like to wear often on court.
How often do you update your wardrobe?
I hate throwing stuff out. In fact, I almost never throw T-shirts, shoes. I still have the first pair of Nike floaters I bought for myself with the prize money I got in a tournament when I was a teenager. It must have cost around `4,000 then.
Are you a budget shopper?
No, not really. I use part of my prize money on what I like and save the rest.
Any special Olympic charm?
My mother is getting a bracelet made with the Olympic rings. It will be a tight band. The colour of the rings is proving to be somewhat of an issue right now, but let’s see.

How to watch the Olympics at home

There is just one aspect about the Olympics in which the people sitting at home have to work harder at than the athletes participating in the events: keeping track of the million things that will go on simultaneously for two hectic weeks.
Which is a pity. Because the Olympics are pure television gold. Thanks to the variety, the personalities, the expectations, the rivalries and the inevitable drama the Olympics almost always make for superb viewing for people of all tastes in sports. From athletics to fencing it is impossible to not find something or someone you want to watch from start to finish.

Workers construct satellite dishes for the world's media ahead of the Olympic Games. Reuters

But the problem is if you’re someone who can’t tell your dressage from your eventing where do you even begin planning your TV schedules, iPhone apps, online research and the rigorous physical and mental conditioning that is needed to watch a complete Olympic Games?

This is a eight-step programme to get you in shape for the big event in London.

Step 1: First print out a big A4-sized copy of the complete Olympics schedule. Printing out the chart in the official Wikipedia entry for the Games is highly recommended.

Step 2: Draw up a list of all the events you already know you want to watch. This might include essentials such as the Athletics sprint finals and Indian interest events such as Mary Kom’s boxing matches, the shooting and archery. Mark the event timings and finals on your chart. Detailed event timings are available on the Olympics website.

Step 3: Already you should see gaps on the schedule. Pack these in with other potentially interesting events. For instance events starring stars from Great Britain like Jessica Ennis and Philips Idowu should be pulsating to watch. Also look out for stories like Liu Xiang’s. The extraordinary Chinese hurdler pulled out of the 110m hurdles in Beijing in 2008 in front of a stunned home audience. But he promised to be back in London. The world smacks its lips in anticipation.

Step 4: If you are anything like us you still have no idea if you should be watching obscure events like sailing, canoeing, kayaking and fencing. Don’t ignore them completely. Instead first buy and read a copy of the excellent book ‘How to watch the Olympics’ by David Goldblatt and Danny Acton. The book is an eminently readable guide to all the events, rules, records and trivia. You may be surprised by how many events seem accessible now that you know what to look out for. Goldblatt and Acton also suggest their own list of sportspeople and rivalries to watch out for. The book should take you no more than two or three days to read. Once you’re done go back to Step 3 and fill in more gaps in your TV viewing schedule.

Step 5: Now it is time to couple your viewing aspirations with your viewing realities. While Olympic productions are normally smooth as silk, broadcasters do have a habit of cutting from the water polo the split second before the Hungarians score a goal. Thankfully between Doordarshan, ESPN and Star Sports you should have multiple video streams. Check if the broadcasters will put out schedules beforehand of what events they will be covering on which day.

Step 6: Chances are the TV broadcasters are going to be skipping some of your favourite ones. So keep an iPad or laptop handy. Because India is one of the 64 countries that will enjoy full Youtube streams of the events. Between all your TV and computers screens, and the recording function on your Set-top Box if you have one, you should be well set.

Step 7: Of course one must also go to work occasionally during the Games. And attend meetings and convene conference calls. No need to fret. You can still keep abreast of all your scores and news updates through this simple trick. First find an RSS feed of alerts and headlines for your chosen event. The NBC Olympics website has every single sport and every single nation. Now go to the If This Then That website (www.ifttt.com) and set up SMS or Email alerts for these feeds. Boom. Now every time a headline involving Table Tennis or Morocco (or both) comes up IFTTT sends it to your mobile phone or email inbox. Make the office jealous with your Olympics mastery.

Step 8: Bid farewell to your family. Tell them to pretend you’re going away on a two-week business trip.

One-medal wonder? Not anymore There was a time when hockey was India’s only claim to fame. Since Beijing 2008, the country may have evolved as an Olympic nation,

One-medal wonder? Not anymore

There was a time when hockey was India’s only claim to fame. Since Beijing 2008, the country may have evolved as an Olympic nation,

If you want to include India’s Olympic history in an encyclopaedia, it may not consume more than a couple of pages. Yet, there’s something intriguing about India’s Olympic story. Since 1900 when Norman Pritchard won two silver medals for the country, there have been smiles, tears, joys, heartbreaks, memories to savour and plenty of moments to regret. Kind of stories that Olympians can recount to their grandchildren. Over the years, India may have evolved as an Olympic nation. Once a hockey superpower, India are going into the London Games with medal expectations in other fields, which certainly wasn’t the case at the Beijing Games. Today, Saina Nehwal, Leander Paes, Mary Kom, Sushil Kumar and Vijender Singh are called pride of the nation. Yet, for every success story, there is a beginning. While India first tasted success at the 1928 Amsterdam Games, the actual story began with Pritchard, who participated in the 1900 Games in Paris. Everything about Pritchard is a mystery, including his nationality. While the International Olympic Committee (IOC) says he won two silver medals for India in track and field events, the International Association of Athletics Federations claimed he was a British citizen. For now, let’s suppose he was an Indian and laid the foundation for the country’s Olympic history. India didn’t participate in the Olympics for another 20 years. The reasons are not documented; it is assumed that Indian athletes were not allowed to participate or hadn’t qualified in the first place. Another speculation is that the Britons, who had settled in India, were compelled to represent the motherland. This is where Dorabji Tata’s role has to be highlighted. The son of India’s first great industrialist, Jamsetji Tata, Dorabji was instrumental in founding the Bombay High School Athletic Association, now popularly known as the Mumbai School Sports Association or MSSA. He was also the brainchild behind the Harris-Shield Trophy, the oldest inter-school cricket tournament in India. Dorabji identified a few Indians who, he believed, could hold their own against the European counterparts despite not having proper training facilities. He sent three runners to the 1920 Antwerp Games at his own expense. The funding was also helped by princely states, collections and the Indian government. Little else is known about the trio that represented India at Antwerp, except Dorabji’s contribution. In comparison, the 1924 Paris Games was better organised. This time, India sent nine of its best athletes chosen from a national tournament called the Delhi Olympics. Organising the games for India was the All India Olympic Association. Three years later, another body (the Indian Olympic Association) was formed, with Dorabji as president. Apart from the Tatas, the Young Men’s Christian Association (YMCA) had a role to play in India’s Olympic movement. The YMCA has always played a role in promoting sport in developing countries; its role in India was no different. No surprise that Dorabji associated himself with it. With these contributions, it was only a matter of time before India attained Olympic glory. India’s golden years at the Olympics began at the 1928 Amsterdam Games — the country won its first gold medal in field hockey. The pioneer for India’s success was a sepoy in the Indian army named Dhyan Chand. Considered to be the greatest exponent of field hockey, Dhyan Chand was part of the team that won gold in 1928, 1932 and 1936. The third, of course, is considered to be one of the greatest games of all time. India played Germany in the final in the presence of Adolf Hitler and the Third Reich in Berlin. India won six consecutive gold in field hockey — a record unsurpassed — before losing to Pakistan in the 1960 Games in Rome. India reclaimed the gold in 1964. Sadly, this was the beginning of India’s decline in field hockey. It was held that the country couldn’t adapt to the new Astroturf field. Europe and Australia subsequently became hockey superpowers. India won its final Olympic gold in the 1980 Moscow Olympics — an event boycotted by the hockey superpowers who were allies of the United States fighting the Cold War with the Soviet Union. We’ll leave Indian hockey for some other space. Let’s focus on 1952, an interesting and surprising year for India. While India was eyeing glory in hockey, an individual medal wasn’t expected at all. Khashaba Dadasaheb Jadhav, a wrestler from a village in Maharashtra, went to the Helsinki Olympics with no expectations, but ended up winning a bronze. Yet the country didn’t place him at exalted heights. Only his village accorded him a hero’s welcome. Jadhav’s story was rather tragic. He was ignored by the government, served as a cop, and died in extreme poverty in 1984. Between 1980 and 1996, India was starved of medals. As if losing the clout in hockey wasn’t enough. Indian athletes, weightlifters and boxers were found several notches below the desired standard. There was no sponsorship and most participants were from the armed forces. There were two heartbreaking moments when Milkha Singh and PT Usha missed out on medals in the 1960 and 1984 Games respectively. India didn’t have a spectacular run in Barcelona (1992). However, it was the first Olympics post liberalisation. And Indian athletes did benefit from international sponsorship. India finally broke the Olympic jinx when Leander Paes won a bronze at Atlanta 1996. Since then, India has surged ahead, with the Beijing Games being the country’s best in a long time — one gold and two bronze. And so, the Indian caravan moves to London. A country once considered a one-medal wonder has truly come a long way. Let the surge run its course.

Somdev Devvarman will open his campaign against Finland’s Jarkko Nieminen in the Olympic tennis competition on Saturday

Hesh-Bops handed tough draw

Somdev Devvarman will open his campaign against Finland’s Jarkko Nieminen in the Olympic tennis competition on Saturday. The 27-year-old had received an ITF wild card in the 64-player draw graced by the likes of Roger Federer (Switzerland), Novak Djokovic (Serbia) and local hope Andy Murray. Spain’s Rafael Nadal, the 2008 Beijing Olympics gold medallist, has pulled out.
In the men’s doubles, Mahesh Bhupathi and Rohan Bopanna, and Leander Paes and Vishnu Vardhan have been handed tough match-ups. Bhupathi-Bopanna, seeded seventh, will face Belarusians Max Mirnyi and Alexander Bury in the first round. Bhupathi had, in fact, partnered Mirnyi to win the 2002 US Open. The unseeded duo of Paes-Vardhan will take on the Dutch pairing of Robin Haase and Jean-Julien Rojer in the 32-team draw which includes the Bryan brothers (US), the Murray brothers and defending champions Federer and Stanislas Wawrinka.
The women’s doubles pairing of Sania Mirza and Rushmi Chakravarthi, also handed wild cards, will begin their challenge against Su-Wei Hsieh and Chia-Jung Chuang of Chinese Taipei.
Bhupathi-Bopanna are drawn to meet third seeds Nenad Zimonjic and Janko Tipsarevic from Serbia in the quarterfinals. The going will be tougher for Paes and Vardhan, who will run into No 2 seeds Jo-Wilfried Tsonga and Michael Llodra of France in the second round.

The opening ceremony’s of Olympic main theme will be called ‘Isle of Wonder’

OPEN SESAME

The opening ceremony’s main theme will be called ‘Isle of Wonder’ The theme, inspired by William Shakespeare’s The Tempest, will be about a land recovering from its industrial legacy The ceremony will start with the ringing of the world’s largest harmonically tuned bell weighing 27 tons The stadium will be packed with at least 62,000 spectators, 16,000 athletes and 10,000 performers Daniel Craig is set to make an appearance as James Bond. Craig or a look-alike will either parachute down or ride a rope ladder attached to a helicopter into the stadium to bring in the Olympic torch The opening scene is called ‘Green and Pleasant’ where traditional countryside cottages will stand together with a mining wheel, harking back to the country’s proud industrial heritage, all drenched in faked pouring rain to reflect Britain’s typical weather The scene will also include pastoral set of meadows, peasants and real animals comprising horses, cows, and sheep grazing next to picnickers A cricket pitch has even been laid with a game planned for during the ceremony There are rumours of Paul McCartney closing off the show with a three-song performance. Fifty dancers will perform alongside in Sgt Pepper style costumes The latest rumour is that David Beckham will light the Olympic cauldron with a flaming football Around 250 British former Olympic medallists are expected to be a part of the ceremony A secret device will be used to control the 205 teams marching at the ceremony to ensure they do not delay the parade. Every country will parade in alphabetical order with the exception of Greece, who will go first, and hosts Great Britain, who will be the last There will be speeches by Sebastian Coe and Jacques Rogge Finally, the Queen will declare the Olympics open

Let’s cross that bridge There are no strikes at Heathrow, the traffic is holding up just well and the Village is abuzz with over 10,000 athletes from 205 countries. Everything’s falling in place…

Let’s cross that bridge

There are no strikes at Heathrow, the traffic is holding up just well and the Village is abuzz with over 10,000 athletes from 205 countries. Everything’s falling in place…

It’s just a notch below 30 degrees Celsius here in London. Sunshine is something the locals haven’t seen in months. But finally, London is making proverbial hay as the sun shines. There are no strikes at the airport, the traffic is holding up just well, no lost busses and a Village that is abuzz with approximately 10,000 athletes from more than 200 countries. It’s all coming together at the right time. Weathermen are predicting light showers on Friday, the day the 30th Olympic Games will officially be declared open. “There are hurdles at the start of every big thing. The important part is that we’ve stayed together and dealt with it head-on. And here we are, ready to host the biggest show on planet,” London Games organising committee chairman Sebastian Coe said. The coming fortnight will see some of the gifted athletes in the world put up some breathtaking performances. Records will be broken, medals will be won, hearts will be broken. The fourth-place finishers will cry inconsolably...the gold winner will say how relieved he feels. You can sense the apprehension on the athletes’ face. For them, it’s a chance to end their four-year itch. “It all comes down to this...what we have done till now doesn’t matter anymore. It’s what we do in the next 14 days that will count. That’s true for every Olympian,” Chris Hoy, the host nation’s flag-bearer said. It’s an opportunity for the Indian athletes as well to return home with a record haul. Never has an Indian contingent had so many world beaters. On one hand, we have the Bindras, the Sushils and the Vijenders while the young brigade of Saina Nehwal, Shiva Thapa and Deepika Kumari is raring to take on the world. A billion Indians will closely monitor what these athletes do over the next two weeks. The British are trying everything to ensure the Beijing ‘ghost’ doesn’t haunt them. There’s constant comparison with the Beijing Games at the Main Press Centre — a three-storey building that will be a virtual home to more than 20,000 journalists. London Games do not have a unique point like China did four years ago or Rio de Janeiro will have in 2016. Beijing was about China’s re-emergence as a global and sporting superpower. Four years from now, Rio should be a coming-of-age party for Brazil and a bridge to a continent as South America stages its first Olympics. Point that out to the British and they say London has heritage. Plenty of venues will still be in classic London: archery at Lord’s Cricket Ground, beach volleyball at Horse Guard’s Parade, football at the Wembley, tennis at Wimbledon. “Also, look what the Olympics have done to the East end of the city!” Coe says. No one’s complaining now. Britain is ready to show its pomp. Let the Games begin!

For Tab Cab, slowdown is a growth driver

For Tab Cab, slowdown is a growth driver

SMS Taxi Cabs Pvt Ltd, a part of SMS Infrastructure Ltd, which runs radio taxi cab service in Mumbai under the Tab Cab brand, sees demand growing due to rising petrol prices. The company, which plans to roll out 4,000 cabs by year-end, is looking at replicating the model in other cities, too. Prasenjeet Bagchi, chief marketing officer, spoke about the company’s plans. Excerpts from the interview:

Could you elaborate on the growth potential of the radio cab industry? Only in Mumbai there is a demand for 7,000-8,000 cabs. We see similar kind of demand in other cities, too. There is a good potential and that is why we have entered this business. We are the first tendered radio taxi services to be launched in India. As part of the tender, we have to procure total of 4,000 cabs by December-end. We have already launched around 1,200 cabs, out of which 100 are Maruti Suzuki’s SX4 in Tab Cab Gold in the premium category (`2 higher category) and 1,100 are Toyota’s Etios. Another 100 Etios and 300 SX4s are ready to be launched but because of driver shortage we have not been able to launch them. There is a huge shortage of drivers within the radio taxi industry. Could you elaborate? There is a huge shortfall of drivers across the industry. There is a requirement of drivers with a taxi badge who are willing to get into the radio taxi business. Because of a certain mindset, the existing black and yellow cab drivers feel that they do not have ability to get the business and pay a daily rental to the company. We are trying to break this mindset as a barrier. We have launched a promotional campaign, wherein we are guaranteeing them a monthly income of `12,000 for the first three months. It’s not salary though. We have also created a team which is encouraging potential drivers who fulfill the RTO requirements to acquire a taxi badge. What are the investment plans? Out of the `700 crore planned investment, `100 crore has already been invested by the promoters and `100 crore by banks. Another `100 crore will be pumped in by investors in the 3-4 months and banks will lend `200 crore more. So by end of December, `500 crore will be invested. What is the scenario on fare hike? There has been an increase in CNG prices (`5 per kg) since the time we have been awarded the tender, but we have not raised the fare. We have applied for a fare hike with the authorities. Black and yellow cabs have already given the hike. We plan to hike by around Rs.4 at least. Are you looking to add more categories? We are planning to add another category – Platinum – which is `2 higher than the Gold. These will be `12 lakh and above cabs. We are looking at 2-3 new models there. How has the overall slowdown affected the demand for radio cabs? This has given growth to the radio cab industry because people are hiring more taxis. A lot of people don’t want to use their own cars. We have seen demand increasing month on month. What is your expansion plan? We are looking at having similar services across India. By next year we are looking at covering other metros such as Delhi, Hyderabad, Bangalore, Chennai and Kolkata. As part of the long-term plan we would be launching in other countries such as Sri Lanka and Thailand.

Bindra gets ‘mad’ with his training for Games

Perhaps it is just coincidence. As Abhinav Bindra walks out of the Indian team building at the Games Village, the DJ at Central Plaza — where recreational activities for the athletes take place — plays: “We are the champions... we’ll keep fighting!” At the same time, a bunch of Chinese athletes, who stay just opposite, make their way out of the building. The usually poker-faced Bindra breaks into a slight smile. “Feels like the Olympics now,” he says and leaves for a training session. For Bindra, training is not about studying the strategies of his rival shooters; it is about challenging himself to improve each time he is at the range. “If you can shoot perfectly when no one is around, if you can challenge yourself to the limit and succeed, there is nothing that can hold you back,” he explains. Bindra’s preparations for the 2008 Beijing Olympics startled most psychologists. He once bought yak’s milk from China, believing it could enhance concentration; it did not. He spent 20 days experimenting with a single pair of shooting shoes before concluding that the sole on one needed to be 1mm thicker. He seeks perfection. He attains perfection. To prepare himself mentally for the London Games, he went skydiving a couple of weeks ago from approximately 20,000 feet. He slept amidst red ants a year ago, just to see how long he could hold on. “He is getting mad again,” says his coach Heinz Reinkemeier. ‘Mad’ refers to Bindra’s obsessive nature. Reinkemeier was to join Bindra in London but could not as he is chief coach of the Dutch shooting team. “Abhi is getting into the groove again. After winning gold in Beijing, he perhaps lost his way a bit. But the focus is back now. He is back doing the weird things,” he says. It is not surprising when you consider the tiny margin for error. One bad shot and four years of preparation will amount to nothing. “When you are shooting, you are too focused on your job,” says Bindra. “At the end of the day, you have to see that your best is better than that of others.” Is he satisfied with his preparation for the Olympics? “Well, one is always striving to do better,” he says. “I was world champion and Olympic champion, but I always try to better my own performance. I don’t like to think about what’s going to happen. Maybe that’s how others prepare. When I go to sleep, I need to be happy with the effort I have put in. I am sleeping peacefully. I am happy.”

FAQs on Income Tax Returns Filing for AY 2012-13

 

FAQs on Income Tax Returns Filing for AY 2012-13

 

Q.1. If there is mismatch between the actual tax deducted and the amount shown in form 26AS, how to get it rectified and claim the balance?

It is advised to claim the actual tax deducted in the return. Such mismatch will be handled in accordance with Instruction No. 4/2012, in the following manner:

(a) Where difference between claim and amount reported in AS-26 does not exceed Rs. 5,000,the claim shall be accepted;

(b) Where zero claim is matching, the credit shall be allowed only after due verification by department;

(c) Where there is claim with invalid TAN, the TDS credit for such claim is not to be allowed; and

(d) In all other cases, the credit shall be allowed after due verification by the department.

Q.2. I have heard that a salaried person is not required to file return of income. Is it correct?

It is partially correct. In view of Notification No. 9/2012, a salaried person is not required to file his return, if following conditions are satisfied:

(a) The total income of assessee does not exceed Rs. 5 lakh;

(b) The total income consists of only following:

(i) Salary from a single employer; and

(ii) Interest on deposits in a savings bank account  up to Rs. 10, 000.

(c) The assessee reports his PAN and the amount of interest income to his employer; and

(d) The employer deducts the tax due on total income including interest and furnishes a certificate in Form No.16 to the assessee.

It must be noted that, the benefit of this notification would not be available, if assessee has earned:

(a) Any income other than salary or interest income; or

(b) Salary Income  from more than one employer.

Example: The exemption from filing of return of income would be available in case salary income of assessee is Rs. 5,50,000 and interest on saving account is Rs. 10,000, provided assessee invests at least Rs. 60,000 to get section 80C deduction.

Q.3. How a salaried person can claim the refund if he is not required to file return of income by virtue of aforesaid Notification No. 9/2012?

Income tax refund can be claimed through filing of income-tax return only.

Q.4. Can a salaried person take the benefit of this notification, if during the year he has incurred losses under the head 'Income from house property'?

No, the benefit of this notification would not be available even if the total income of assessee is reduced to less than Rs. 5,00,000 after setting off the losses from house property.

Q.5. Can I seek exemption under this notification from filing of return of income in response to notice I received during the year under section 148?

No, you can't avail of the benefit of this notification. You have to file the return of income to comply with the requirement of notice issued under section 148. The said notification provides that the exemption from furnishing a return of income-tax shall not be available where a notice is issued under section 142(1)/148/153A/153C for filing return of income.

Q.6. I did not submit rent receipt and investment proof to my employer; the actual tax deducted from my salary income is much higher than my actual tax liability. How to claim refund of such excess tax deducted?

Even if the benefit of HRA deduction under section 10(13A) and deduction under Chapter VI-A were not considered by the employer in Form 16, it can be claimed in the income-tax return and, in turn, can claim the refund of excess tax deducted.

Q.7. During the relevant year, I have received advance rent pertaining to previous year 2012-13. Tax was deducted by the tenant from advance rent as well. Though the advance rent will be taxable in next year and the TDS certificate would be received in current year, how can I claim the partial benefit next year?

The portion of TDS credit, pertaining to income taxable in next year, can be claimed through same TDS certificate.

Q.8. When is income-tax return to be filled?

Every company is required to file return of income. However, for an individual and HUF, it is mandatory to file return of income, if their gross total income (before claiming Chapter VI-A deduction) exceeds the maximum limit. The maximum exemption limit and the slab rates are given in the following table:

Class of persons	Tax slab (Amount)	Tax rate
For resident women (aged less than 60 years)	Up to Rs. 1,90,000	Nil
	Rs. 1,90,000 to Rs. 5,00,000	10%
	Rs. 5,00,000 to Rs. 8,00,000	20%
	Above Rs. 8,00,000	30%
For resident senior citizen (aged 60 years and above but less than 80 years)	Up to Rs. 2,50,000	Nil
	Rs. 2,50,000 to Rs. 5,00,000	10%
	Rs. 5,00,000 to Rs. 8,00,000	20%
	Above Rs. 8,00,000	30%
For resident super senior citizen (aged 80 years or more)	Up to Rs. 5,00,000	Nil
	Rs. 5,00,000 to Rs. 8,00,000	20%
	Above Rs. 8,00,000	30%
	Up to Rs. 1,80,000	Nil
For any other individual or HUF	Rs. 1,80,000 to Rs. 5,00,000	10%
	Rs. 5,00,000 to Rs. 8,00,000	20%
	Above Rs. 8,00,000	30%

Q.9. Is it mandatory to file return of income, if I have a PAN?

No, it is not mandatory to file return of income if your income is less than maximum exemption limit.

Q.10. I am an individual and a resident of India. Do I need to file return, if my income is below taxable limit but have an account in a foreign bank?

Yes, it is mandatory for you to file the income-tax return. In view of newly inserted provision in section 139(1) it is mandatory to file income-tax return, if following conditions are satisfied:

(a) The assessee is resident and ordinarily resident in India;

(b) Assessee is possessing any of following:

(i)  A bank account in a bank located abroad;

(ii)  An immovable property located abroad; or

(iii) Financial interest in any entity located abroad.

An assessee is required to provide details of such bank account, immovable property or financial interest in the return.

Q.11. Which form should I choose to file income- tax return for the previous year 2011-12?

The following Table will be helpful to you for the purpose:-

Individual and HUF
Nature of income	ITR 1(Sahaj)	ITR 2	ITR 3	ITR 4	ITR 4S (Sugam)
Income from salary/pension	✓	✓	✓	✓
Income from other sources (Only interest income or family pension)	✓	✓	✓	✓
Income/loss from other sources		✓	✓	✓
Income/loss from house property		✓	✓	✓
Capital Gain//loss on sale of investments/property		✓	✓
Partner in a partnership firm			✓	✓
Income from proprietary business/ profession				✓
Income from presumptive business					✓
Details of foreign assets		✓	✓	✓

 

Other Assesses
Nature of income	ITR 5	ITR 6	ITR 7
Firm	✓
Association of persons (AOP)	✓
Body of Individuals (BOI)	✓
Companies other than companies claiming exemption under sec. 11		✓
Persons including companies required to ü furnish return under:(1) Section 139(4A); (2) Section 139(4B); (3) Section 139(4C); and (4) Section 139(4D)			✓

Q.12. What are the due dates for filing of income-tax return for the year ending March 31, 2012?

It will be clear from the following Table:-

Assessee	Due date
An Individual or HUF	July 31, 2012
A Company	September 30, 2012
A person whose accounts are required to be audited	September 30, 2012
A working partner of a firm whose accounts are required to be audited	September 30, 2012
An assessee who is required to furnish a report under sec. 92E for international transaction	November 30, 2012
Any other person	July 31, 2012

Q.13. Whether it is mandatory to file return electronically?

(a) It is mandatory for every company and other class of persons who are required to get their accounts audited.

(b) For all other assessees, it is mandatory if their total income exceeds Rs. 10 lakh during the previous year 2011-12.

Q.14. How to file return electronically?

Income-tax return can be filed electronically with the help of following instructions:

(a) Visit https://incometaxindiaefiling.gov.in;

(b) Determine the ITR form suitable for your status and source of income (Refer FAQ 2) and download excel utility from the above listed website;

(c) File income-tax return in the downloaded excel utility and generate XML file;

(d) Click on following link to create your account: https://incometaxindiaefiling. gov.in/portal/register.do?screen=registerPage1

(e) After creating your account, log in and click on "submit return";

(f) Select the 'assessment year' and 'form name', then click on 'next';

(g) Click on Browse to select the generated XML file and upload it;

(h) On successful uploading, a pop-up menu will be displayed on the screen. Click on "Download" button to get the acknowledgement, i.e., ITR-V;

(i) The final step is to get the printout of such an acknowledgement; get it signed and send it to "Income Tax Department – CPC, Post Bag No. – 1, Electronic City Post Office, Bengaluru – 560100, Karnataka" within 120 days of uploading the return either by ordinary post or by speed post only.

If ITR-V is not submitted within stipulated period of 120 days, then it will be deemed that assessee has not filed the return of income.

If assessee is using digital signature ("DSC") for uploading the return, it is to be registered on the website beforehand. If return is filed through DSC, assessee would not be required to send the printout of the acknowledgement to CPC.

Q.15. I have forgotten the log in details of https://incometaxindiaefiling.gov.in. How to proceed now?

(a) Click on forget password or the following link (https://incometaxindiaefiling.gov.in/portal/register.do?screen=showforgotpwd);

(b) In the password reset page, one of the following options can be selected:

(i) Re-enter your answer to the secret question;

(ii) Select the assessment year and enter e-filing acknowledgement number of any of the returns filed electronically since assessment year 2007-08; or

(iii) Enter your credentials, i.e., PAN number, name of assessee, date of birth and father's name;

(c) Enter new password twice and click on 'Reset Password' to generate new password;

(d) If you are still unable to retrieve your password then send an email request from registered email-id, to validate@incometax india.gov.in with following details:

(i)  PAN Number;

(ii)  Name of the assessee as appearing on the PAN card;

(iii) Date of Birth/Date of incorporation;

(iv) Name of father as appearing on the PAN card;

(v) Address;

(vi) Mobile number; and

(vii)  Registered email id.

(e) New password will be communicated to you by the income-tax department via email.

Q.16. If the last date of filing of income-tax return is a public holiday, can the next working day be treated as "last date of filing"?

Generally, income-tax department continues its operation during the last days even on Sundays and holidays. However, if department is closed on that day, then as per Sec. 10 of "General Clauses Act, 1897″ upcoming working day of the department will be considered as the last date of filing of income-tax return.

Q.17. How can I find my jurisdictional Assessing Officer?

Either click on Services>Know your Jurisdiction on the home page or click on following link https://incometaxindiaefiling.gov.in/portal/common.do?screen=jurisdiction to know your Jurisdictional Assessing Officer.

Q.18. How can I come to know about TAN of my deductor?

It can be found either on the Form 16/16A or in the 26AS tax credit statement available on NSDL website.

Q.19. How would I know if my e-return has been processed at CPC Bangalore?

Log on to the e-filing website and select CPC processing status to check the status of your return.

Q.20. I have e-filed my income-tax return and sent the signed copy of acknowledgement to CPC. However, I have received a letter from CPC that said form has not been received. Since time-limit to resend the acknowledgement has already expired, whether it will be deemed that I have not filed the return?

The same issue has been dealt with by the Bombay High Court in the case of Crawford Bayley & Co. v. Union of India [2011] 16 taxmann.com 323, wherein the Court, inspite of expiry of the specified time-limit, condoned the delay in sending of acknowledgement and allowed additional time to assessee to resend the same.

Based on the above ruling, you can resend the acknowledgement, even though the time-limit for filing ITR-V has already expired.

Q.21. Can I file the return even if I couldn't file the return within due date?

The return can be filed belatedly, however, before completion of any of following time limit:

(a) One year from the end of relevant assessment year; or

(b) Before completion of assessment.

Income-tax return for the previous year 2011-12 can be filed by an assessee upto March 31, 2014. Please note that in that case assessee may be subjected to levy of interest under section 234A and penalty under section 271F.

Q.22. Can I file return of income even if my income is below taxable limits?

Yes, you can file return of income voluntarily, even if your income is less than the maximum exemption limit.

Q.23. I have filed my return of income; however, I forgot to claim benefit of section 80C deduction. What should I do now?

The benefit of omitted claim can be availed of by filing of revised return only. It must be noted that the return can be revised, only if originally it has been filed within due date. An income-tax return can be revised within one year from the end of the relevant assessment year or before completion of the assessment, whichever is earlier.

Q.24. I am a salaried person. My total taxable salary is Rs. 5,40,000 on which tax has been duly deducted under sec. 192 amounting to Rs. 41,200. During finalization of return, I found that my bank has given me a credit of Rs. 124,500 towards interest. Please guide me what should I do now?

In this situation, you have to pay the balance taxes on the interest income (or any other income) before filing of return. As per revised computation, your total tax liability would be Rs. 66,847. Since tax of Rs. 41,200 has already been deducted under sec. 192, the balance tax of Rs. 25,647 should be paid along with interest under section 234B and 234C amounting to Rs. 1026 and Rs. 949 respectively.

The above tax and interest can be paid in any authorized bank, through Challan No. ITNS 280. Alternatively, it can be paid through online bank portal through following link https://onlineservices.tin.nsdl.com/etaxnew/tdsnontds.jsp

Q.25. What documents are to be enclosed along with the return of income?

New return forms are annexure less. Hence, no need to enclose documents along with the return of income.

Q.26. During the year, I have given a donation to an organisation registered under section 80G. How to claim deduction for the same under sec. 80G?

Deduction under section 80G is available if following details are furnished:

(a) Name of donee;

(b) PAN of donee;

(c) Address of donee;

(d) Amount of donation; and

(e) Eligible amount of donation.

Q.27. During the year, the accrued interest on deposit in my saving account is Rs. 15,000. My total income including such interest income is below taxable limit. How to avoid deduction of tax under section 194A?

You can file a self-declaration to your banker in Form 15H stating that your income is below taxable limit

Note:  Errors and omissions are expected.  In case you need more information/guidance, please consult your Chartered Account/Tax Consultant.  This FAQ is just for the general information of the readers.