Page 14 - Banking Finance AUGUST 2015
P. 14
ROUNDUP
Geete proposes the clo- Govt alerts new income tax return forms
sure of five sick PSEs in The new income tax return forms, no- ers will have to file ITR-2. Those with
tified recently for assessment year capital gains have to mention the rate
two-three months 2015-16, are, however, much simpler being applied for to arrive at the tax
in many respects as compared to the liability, as well as past capital gains, if
The Union Minister for Heavy Indus- older ones in which, If you have capi- tax wasn't imposed on those.
tries Anant tal gains or foreign assets or are seek-
Geete had pro- ing treaty benefits, you have to file de- Those with salaried income and one
posed a closure tailed income tax returns. property will file ITR 1. They don't have
of the five sick to state the passport number, required
units under the The new forms will do away with the for those filing, ITR 2 and 2A.
Department of requirement of mentioning one's dor-
heavy Industries mant bank accounts. However, one's The new return forms are easy on ex-
which will be passport number has to be provided. patriates and non-resident Indians
For active accounts, one need not state (NRIs). "An individual who is not an
completed in the next two-three the balance. IFSC codes will suffice. Indian citizen and is in India on a busi-
months. While the cost of closure of ness, employment or student visa (ex-
these units is estimated to be around While notifying the terms, the I. T. patriate), would not mandatorily be
Rs.1,400 crore, their assets are esti- department bifurcated the ITR-2. Ear- required to report the foreign assets
mated to be worth Rs.22,000 crore. lier, those with capital gains, foreign acquired by him during previous years
The five sick CPSEs include HMT assets and income, seeking treaty ben- in which he was non-resident, if no in-
Bearing Tungabhadra Steel and efits, and with more than one prop- come is derived from such assets dur-
Hindustan Cable which have been erty, had to file this form. However, ing the relevant previous year," the
non-functional since 2007. now, those with more than one prop- government has said. Earlier, they had
erty have to fill ITR-2A, while the oth- to report their foreign assets.
"About Rs.4,000 crore has been
spent so far towards the salary and RIL to roll out 4G and complete Rs.2 L-cr projects soon
wages. Since there is no productive
outcome and it is a burden on Cen- Reliance Industries' is set to roll out its large and complex network", he
tral exchequer, we have decided to most ambitious project soon - the added.
close them down," Geete said. fourth generation or 4G telecom ser-
vice under Reliance RIL hopes to complete
However, the Minister ruled out dis- Infocomm commercially by projects worth Rs.2 lakh
investment of other CPSEs saying, December. There will be crore over the next 12-18
"There is no plan for disinvestment beta testing over the next months. The investments will
of CPSEs in capital goods sector. No few months. be made towards building
steps are being taken by the govern- new capacities in its various
ment in this direction." "The combination of Jio's business.
strong initiative and a sup-
The five sick units employ about portive global environment give me Reliance Jio is now present in
2,800 employees, of which 1,500 are the confidence that we will see 4G LTE 29 states with direct physical presence
employed with Hindustan Cable smartphones in India at price below in 18,000 cities and towns. The wire-
alone. The government will offer a Rs.4,000 by December of this year," less footprint covers over 100,000 vil-
voluntary retirement scheme (VRS) RIL chairman Mukesh Ambani re- lages, Ambani said.
for these employees. "All of them ported at the company's 41st annual
had 1987 pay scale, but for the VRS general meeting. "We are expanding the footprint to
package, we will give them the pay cover nearly 80% of India's population
sale of 2007. So the VRS package is "We are currently in the pre-launch by the end of this year. Our roadmap
very attractive," he said. "The Cabi- testing and stabilisation phase of this is to have 100% national coverage
net has given its in-principle approval within the next 3 years" he said.
(to close down the units).
14 | 2015 | AUGUST | BANKING FINANCE
