1 MARCH,2011 HERALD PUBLICATIONS LTD

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O HERALD O

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The Voice of Goa — Since 1900 panjim, tuesday, march 1, 2011 postal reg. no. Goa 101 price rs. 3.00

What CoMes DoWN

sPorts: adulteration of tech with human thinking bad - Dhoni Pg 15

• ‘Green’ Automobiles (Battery-run, Hybrids, CNG gas kits) • Housing loans up to Rs 25 lakh • Sanitary napkins & Disposable diapers • Homeopathic medicines • Agarbattis • Pistachio • Solar lanterns • LED lights • Silk • Syringes and needles • Inkjet & Laser printers • Agricultural machinery, irrigation equipment, cattle feed • Refrigeration system • Mobile phones • Battery driven vehicles

(air surcharge rs 2.00) pages 16+4

What Goes UP

• Medical treatment in A/C hospitals • A/C restaurants with Bar • Hotels charging more than Rs1,000 per room per day • Lawyers’ fees • Air tickets • Branded jewellery • Branded clothes • Life Insurance

Goa’s heartbeat: Men have lower attention spans than women Pg 4

OLD STRIKES GOLD FM bats for senior citizens, plays safe on reforms

Significant benefits for senior citizens, higher tax exemption limit for individuals, retention of service tax at 10% and withdrawal of some duty exemptions were some of the major tax-related highlights of the Budget 2011-12 presented by Finance Minister Pranab Mukherjee Monday.

serVICe taX Net WIDeNeD Hotels, five-star restaurants and airlines will scream Service tax stays at the same level as before at 10 per cent, but several new services have been brought within its ambit. Among them: hotels with tariffs above Rs 1,000 (5 per cent service tax), restaurants with bar and A/C (3 per cent), hospitals with more than 25 beds and with A/C (5 per cent), and air travel (Rs 50 more for domestic, Rs 250 for international). Business class air travel will attract a full 10 per cent service tax.

IroN ore eXPorts hIt

Rate of Export Duty for all types of iron ore enhanced and unified at 20 per cent ad valorem. Full exemption from Export Duty to iron ore pellets.

Goa’s mining industry upset

reLIeF For taXPaYers

Goa’s mining industry is upset over the Union budget hiking export duty on iron ore by five per cent when the industry had pleaded to scale it down. (Report on page 3)

Individual taxpayers get a higher basic deduction of Rs 1.8 lakh from the existing 1.6 lakh; every taxpayers get minor relief of Rs 2,000. No special benefit for women below 60 years whose basic exemption limit remains at Rs 1.90 lakh.

soPs For hoUsING LoaNs

Small sops have been offered to housing, especially low-cost housing. The 1 per cent interest rebate will be applicable for loans upto Rs 15 lakh on houses costing upto Rs 25 lakh. Loans upto Rs 25 lakh will qualify as priority sector loans (against Rs 20 lakh now).

No FILING oF retUrNs For soMe

Salary earners having an income of less than Rs 5 lakh will not have to file tax returns from this year. In case such a salary earner has income from other sources like dividend, interest, etc and does not want to file returns, he will have to disclose such income to his employer for tax deduction. The Form 16 issued to salaried employees will be treated as Income Tax Return. The announcement will come into effect from June 1, 2011.

eXCIse DUtY oN More IteMs

An excise duty of one per cent is imposed on 130 specified items which will, however, exempt food and fuel.

Petrol prices may go up

State-run oil firms may raise petrol prices by up to Rs 4 a litre this week to offset rising crude oil costs as the Budget has ignored their demand to cut duties.

boNaNZa For seNIor CItIZeNs

Apart from an increase in the exemption limit to Rs 2.5 lakh, the entitlement age for senior citizens is now 60, not 65. A new class of Very Senior Citizens aged above 80 gets an even higher I-T exemption limit of Rs 5 lakh.

FooD bILL oN the CarDs

The government will introduce the proposed National Food Security Bill, that seeks to provide a legal guarantee for cheaper foodgrains to the poor, in Parliament this year. The Centre is close to finalisation of the Bill after detailed consultations with all stakeholders, including states.

CorPorates breathe easY

Corporates get some relief as the current income tax surcharge of 7.5 per cent on domestic companies is reduced to five per cent but the Minimum Alternate Tax (MAT) is hiked from 18 to 18.5 per cent including developers of Special Economic Zones (SEZs) in it.

the FINe PrINt

While direct tax changes are expected to result in a revenue loss of Rs 11,500 crore, the net revenue gain on account of indirect taxes is likely to be Rs 11,300 crore, including an additional Rs 4,000 crore on account of service tax changes.

FarMer-FrIeNDLY

In a relief to the farming community, loans will be available at interest rate of 4 per cent – three per cent less than market rate – for farmers who pay their dues in time.

What’s INsIDe

aNGaNWaDI WorKers

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Remuneration of anganwadi workers raised from Rs 1,500 to Rs 3,000 a month. Helpers to get Rs 1,500 from that of Rs 750.

For the aaM aaDMI

In an effort to curb diversion of subsidised items like kerosene, LPG and fertilisers, the Budget proposes to introduce from March next year a scheme that will move towards direct transfer of cash subsidy to people living below poverty line.

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MUtUaL FUNDs oPeN to FIIs

Foreign institutional and noninstitutional investors get more options for investment. While the total ceiling on debt is raised to US$40 billion, individual investors who are KYC (know-your-customer) complaint can now invest in Indian mutual funds.

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taX-Free boNDs to staY

Many sops for infrastructure have been announced. While Rs 30,000 crore worth of tax-free bonds will be on offer next year, the Rs 20,000 additional tax deduction available for investing in infra bonds will be retained for another year.

PaGe 2 budget analysis: taxes simplified

PaGe 12 body blows to industries in Goa a balanced budget, says GCCI PaGe 13 better than expected: India Inc Disappointing and directionless, says opposition l addresses inflation, boosts reforms: Pranab

The King’s Speech bags top honours at Oscars PTI LOS ANGELES, FEB 28

British drama ‘ The King’s Speech’, about George VI’s struggle to overcome his stammer, walked away with four major Oscars at the 83rd Academy Awards ceremony on Sunday. Indian musician A R Rahman’s hopes to repeat his 2009 double Oscar glory were dashed as he lost out in both the Best Original Score and Best Song categories while another contender, NRI editor Tariq Anwar, too failed to bag the Best Film Editing trophy for the British drama ‘The King’s Speech’, which went to Angus Wall and Kirk Baxter of ‘The Social Network’. The honours: The King’s Speech Best Picture, Best Director, Best Actor (Colin Firth) and Best Original Screenplay. The Social Network Best Adapted Screenplay, Best

Original Score and Best Editing. Inception Best Cinematography, Best Sound Mixing, Best Sound Editing and Best Visual Effects. Black Swan Best Actress (Natalie Portman). The Fighter Best Supporting actor (Christian Bale), Best Supporting Actress (Melissa Leo). Toy Story 3 Best Animated Feature Oscar In a Better World Best Foreign Film Oscar Alice in Wonderland Best Costume Design award The Wolfman Makeup award Inside Job Best Documentary Feature award Strangers No More Best Documentary (short subject) The Lost Thing

Civic, panchayat candidates will have to declare assets, disclose criminal cases! HERALD REPORTER PANJIM, FEB 28

(From left to right) Best Supporter Actor winner Christian Bale, Best Actress winner Natalie Portman, Best Supporting Actress winner Melissa Leo and Best Actor winner Colin Firth pose together with their Oscars at the 83rd Annual Academy Awards held at the Kodak Theatre on Sunday in Hollywood, California.

Best Animated Short Film God of Love Best Live Action Short Film.

Honorary Oscars to film historian and preservationist Kevin Brownlow, director-producer

Francis Ford Coppola, director Jean-Luc Godard and actor Eli Wallach.

There will be new rules in force for candidates seeking to contest municipality and panchayat elections as the State Election Commission (SEC) now wishes to make changes to the existing rules. The State Election Commissioner Dr M Modassir informed Herald on Monday that he will move an amendment to the Municipalities Act as well Goa Panchayati Raj Act that candidates contesting civic polls will have to file an affidavit declaring their assets as well as the number of criminal cases pending against them. Under the existing CCP Act, 92 candidates presently have not filed any such affidavits since

there was no provision made on nomination form. Currently, those candidates contesting parliamentary and assembly election have to make declaration of the assets as well criminal cases pending against them. But it is not so in the case of civic and panchayat polls.


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