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Saturday, January 12, 2013

On the passing away of Chhaganlal Sarda



KC PRADHAN, a Senior Citizen.
Source:SikkimNOW

On the demise of octogenarian Chhaganlall Sarda, Sikkim is poorer for his sage advice on all matters related to health. He was neither a doctor nor a pharmacist by profession, yet, his was the sound advice for treatment of any illness.
He was a tall figure at MG Marg in his own right and every senior citizen of Gangtok, or Sikkim for that matter, knew him well and in turn he knew them all very intimately and greeted them with grace whenever they stepped into his shop or passed by. Later, the little shop was named Life Line Medical Centre. In keeping with the times almost all the shops on the MG Marg donned a new avatar but he and his family continued to lead an unpretentious lifestyle and the shop too retained its simplicity with the traditional gaddi covered with white cloth – big enough for four to sit on. It was a real adda for the Gangtokians with the jovial Late PC Yapla topping the list of regulars. He was such a frequent visitor that he knew where the various types of medicines were stacked.
The shop was a hub for gossip to gather the latest news around town and collect mails and all sundries – virtually a post office – besides, of course, collecting the monthly course of medicines. Everybody relies on their meticulousness and in times where spurious drugs tend to sneak in, their supply is considered safe and reliable without an iota of doubt.
Interestingly, the old man with all his sagacity used to advise one and all to refrain from taking too much medication. As an old timer, and knowing how the pharmaceutical companies are taking us for a ride, his sage advice was samai ko phal khanu hos. In other words, develop the habit of eating fresh vegetables and fruits that Sikkim’s bountiful climate produces seasonally. This was his mantra for good health.
The Late Changanlall Sarda, and for that matter the reputed families of Motilal Lakhotia, late Khyaliram Singhi, late Chiranjilal Khatri, late Mamraj Agarwal, late Ridhkaran-Madangopal, the well extended Sarda-clan and many others are all part of a very old business community settled in Sikkim many generations ago. Their contribution to Sikkim in the field of trade is great. In the passing away of Chaganlall ji, a dignified personality and gentleman in the truest sense, we lost another stalwart. We pray that his soul rests in peace and his family continues to serve the people of Gangtok in the field of medicine as usual in the high standards set by their patriarch over decades of perseverance.

Teesta Urja Limited’s (TUL) Sikkim 1200 MW Hydro Power Project Teesta-III to go on stream from June 2013



EINPresswire.com/ •

 Sikkim Power Investment Corporation Limited obtains 26% shareholding in the project

• Industry Analysts endorse the project potential highlighting the abundant water supply with the melting Himalayan glaciers in summer


Gangtok, India : With the ending of the long standing dispute between the Sikkim Government and Teesta Urja Limited over the state government’s share holding in one of the largest hydel projects, Teesta-III is all set to on stream from June this year.

Men and machines are racing against time to ensure that project work is completed as per current schedule and provide virtually free power to Sikkim and supply to four northern States – Delhi, UP, Haryana and Rajasthan - which reel under chronic power shortages.

The Sikkim Government, through Sikkim Power Investment Corporation Limited, obtained 26% share holding in the SPV that is executing the 1200 MW Teesta-III hydro power project – the largest in the six cascade projects on the Teesta river run, a person associated with the development said.

Teesta Urja’s Board of Directors has already approved the transfer of 29,64,00,000 partly paid shares held by Athena Projects Private Limited in favour of SPICL.

The state government has, meanwhile, withdrawn its case against TUL following the amicable settlement paving the way for taking the project back on track.

The first unit will begin to produce power by June. As much as 99.2% of Tunneling Works was already completed (around 34.4 Km out of total 34.6 Km). The Excavation of 13.824 Km of Head Race Tunnel is also complete.

REC and PTC are among the big lenders to the project while a consortium of six PE players led by Morgan Stanley have pumped in Rs 750 crores signaling the FDI into country’s hydro power projects.
This was considered to be the largest PE transaction in the country’s power sector. Besides Morgan Stanley, the group of investors includes Everstone Capital, General Atlantic, Goldman Sachs Investment Management and Norwest Venture Partners.

Experts say Sikkim sets the new trend for developing hydro-power projects as the country is blessed with bounty of rivers flowing from Himalayan glaciers during summer when the power consumption is at its peak. Development of hydro power projects along the Himalayan river course, thus, could be a win-win situation for the people and the governments.

Leading analyst Mr. Sudip Bandyopadhyay, MD and CEO of Destimony Securities, said: “With potential FDI availability, including possible World Bank support, many similar projects can be successfully established along the Himalayan rivers.”

Mr. Nilesh H Karani, Head of Research at Magnum Equity Broking, pointed out: “Himalayan glaciers melt in summer and the rivers supply adequate water for hydel projects in the region. Teesta stands out as good example of harnessing the hydro power.”

Mr Bandyopadhyay explained that “Hydro-electricity is one of the leading sources of clean energy. For an energy starved nation like India which has been blessed with enough rivers, the potential of generating hydro-electricity in a cost effective manner is significant.

“At present with only 40% of Hydro power potential being tapped, India as a country has a huge scope of exponentially increasing hydel power capacity and reducing pollution through this clean and green power,” he pointed out Power produced to be transmitted till Kishenganj through 400 KV DC line to be constructed by Teesta valley Power Transmission, a JV between Teesta Urja Ltd and Power grid Corporation of India Limited (PGCIL). PGCIL is to wheel the power to the beneficiary states in the northern region beyond Kishenganj.

A World Bank report notes that severe power shortage is one of the greatest obstacles to India’s development. Over 40 percent of the people -- most living in the rural areas -- do not have access to electricity and one-third of Indian businesses cite expensive and unreliable power as one of their main business constraints, it says.

Poor electricity supply thus stifles economic growth by increasing the costs of doing business in India, reducing productivity, and hampering the development of industry and commerce which are the major creators of employment in the country, it says.

Power sector analysts say hydro power projects are zero pollutant, as compared to thermal projects which reportedly contribute to half of global carbon emissions and India relies on thermal power to the extent of 60% of its consumption today. Even the cost of raw material – water – is nil.

The government admits India’s failure to tap hydel power. In a written reply to a question in Lok Sabha, the Minister of State for Power Mr K.C. Venugopal said out of the identified capacity, 33320.8 MW i.e. 22.93% has so far been developed and another 15130 MW i.e.10.41% of is under development. He said that about 66.66% of the identified potential is yet to be developed.

Experts say increasing hydro power generation capacity would help in strengthening India's energy security. "Given India's tight domestic coal supply and increasing reliance on imported coal, hydro capacity provides the country with greater energy security,”. As per a recent HSBC Global Research Paper, the hydro power situation of the country can be termed as Water Gold !
 

Thursday, January 10, 2013


source:sikkim now

GANGTOK, 08 Jan: The Companies Bill 2012 has worked up certain sections of the society here in Sikkim as it seeks to repeal an old law of the state. The Bill was introduced in Parliament on 18 December, passed the same day in the Lok Sabha and is expected to be passed in the Rajya Sabha in the upcoming session of Parliament. Chapter 29, Section 465 (1) clearly states that “The Companies Act, 1956 and the Registration of Companies (Sikkim) Act, 1961 shall stand repealed.”
The Bill was much in the news across the country, but not in relation to Sikkim and more for the FDI regime it facilitates for the retail sector. After extensive exchange of allegations and counter-allegations, it was passed surprisingly quickly, within a day. This also caught Sikkim off-guard, but as details of the Bill became known shouts of protest against the repealing of an old law of Sikkim are coming in from various quarters. The State Government, recognizing that old laws evoke strong passions in Sikkim, has now engaged a Constitutional Expert to study the repeal of the Sikkim Registration of Companies Act, 1961 with the passage of the Companies Bill, and help draft an appropriate response for the central government.
More aptly, engaged in this study is the constitutional expert along with the two Members of Parliament from Sikkim, PD Rai and Hissey Lachungpa from the Lok Sabha and Rajya Sabha respectively. They have been formed into a kind of committee to study the repealing of the Old law from the legal and constitutional standpoint.
Besides studying the Companies Bill 2012 the team will also prepare an appropriate response to the proposed enactment in Parliament. It is likely that this remark on the bill will be read out by the Rajya Sabha MP, Hissey Lachungpa on behalf of Sikkim when Parliament convenes in a few weeks time.
The Rajya Sabha will hopefully see a proper discussion on the Bill and the State, sources inform, plans to argue from the standpoint of not just allowing an Old Law to continue but also protecting the sanctity of the Constitution of India which protects Sikkim’s Old Laws.
On the repealing of an old law, a senior bureaucrat stated that this was an emotive issue. However it was conceded that the Parliament is the authority to make laws and enactments and where it thought necessary and appropriate it could make necessary laws and interventions. The Companies Bill 2012 itself has actually been in the pipeline since 2009 when it was first drafted. Thereafter there had been various interjections from various quarters including state governments seeking certain amendments and inclusions in the bill till it was finally introduced in December 2012 in the Lok Sabha.
It may be mentioned here that Companies already registered and operating under the old law will continue to be valid and deemed registered already. The Bill also provides in section 465 that offices already existing for registration of companies shall continue under provisions of the new Act as far as the Act to be repealed is concerned. Clause 2 (g) of Section 465 clearly states that “the incorporation of companies registered under the repealed enactments (Sikkim Companies Act, 1961) shall continue to be valid…”

Wednesday, January 9, 2013



Popular Deductions you can use to Save Tax     (28-Oct-2010 )




POPULAR DEDUCTIONS YOU CAN USE TO SAVE TAX

Section 80C is the most popular section for tax deduction as it has the most commonly usable investment avenues which can help you save tax. (Know more about Tax Savings Under Section 80C )
However, there are other sections which may also be useful.

These sections and their deductions are given below:


  1. How do I save tax by buying health insurance? 

    Under Section 80D, if you buy health insurance (Mediclaim) for yourself, your spouse, your parents and your children, you are eligible for a deduction on the premium paid (capped at Rs. 15,000 p.a. for self, spouse and children, and Rs. 20,000 p.a. for senior citizen parents).

    The health insurance premium should be paid for mediclaim for yourself (including spouse and children) and/or your parents.

    Thus, you can reduce your taxable income by up to Rs. 40,000 under Sec 80D if both you and your parents qualify as senior citizens and you buy health insurance for both yourself and your parents.


  2. If I have a handicapped relative, can I claim a deduction for medical expenses incurred by me? 

    Yes, under Section 80DD.
    In case you have a dependent relative (spouse, children, brother, sister, parents) who is wholly or mainly dependent upon you for support, you can claim a fixed deduction of Rs. 50,000 per year, for the following: 

    • Expenditure incurred on the dependent relative’s medical treatment (including nursing), training and rehabilitation
    • Payment or deposit to specified insurance scheme under LIC or any other insurer, for maintenance of dependant handicapped relative

    Also, if the dependant relative is a person with severe disability (of over 80%) then a deduction of Rs. 100,000 per annum shall be available under this section. 

    The handicapped dependent should be a dependent relative suffering from a permanent disability (including blindness) or mentally retarded, as certified by a specified physician or psychiatrist. 

    Please note: ‘Family’ as defined under this section this does not include grandparents.

    Thus, Section 80DD allows for a fixed deduction of Rs. 50,000 or Rs. 1,00,000 per year depending on the health situation of the dependent relative.


  3. Can I save tax by claiming a deduction for expenses incurred on my own medical treatment or treatment of a dependent relative?

    Yes, Section 80DDB makes this allowance. A deduction to the extent of Rs. 40,000 (60,000 if senior citizen) or the amount actually paid, whichever is less, is available for expenditure actually incurred by you on yourself or on any dependent relative for medical treatment of a specified disease or ailment. 
    The diseases have been specified by the Income Tax Act. 
    You will need to furnish a certificate in form 10 (I) from any Registered Doctor working (but not necessarily regularly employed) in a government hospital.

    If you have health insurance which has reimbursed part of the treatment expense, then the remaining expense can be considered as a deduction under this section. 

    Please note: this is applicable only for the treatment of certain diseases.

    Thus, Section 80DDB allows for a deduction of up to Rs. 40,000 (or Rs. 60,000 in case of senior citizens) for medical treatment expense incurred.


  4. I have taken an education loan. How do I save tax based on this loan? 

    If you have taken an education loan for graduate or post graduate studies (for any field of study – no longer limited to engineering, technology, management, applied and pure sciences) for either yourself or your spouse or child, and you are the one paying the interest on the loan, then you are eligible for a full deduction of the interest you are paying on the loan, under Section 80E. 

    This deduction is available to you for a maximum of 8 years, or till the interest is paid, whichever is earlier. 

    This is also applicable if you have taken a loan to sponsor the education of a child of whom you are the legal guardian.

    Thus, Section 80E implies education. Taking an education loan for yourself, your spouse, your child or a child for whom you are the legal guardian, can help you save tax up to the amount of the interest of the loan (capped at 8 years).


  5. I donate to certain institutions, can I save tax on these donations? 

    Yes, if you give to certain charitable foundations, you will save tax.

    If you donate to the following institutions then either the full amount of donation, or 50% of the donation amount is deductible from your taxable income.*

    CHARITABLE INSTITUTIONSAMOUNT DEDUCTIBLE
    National Defence Fund100%
    Prime Minister’s National Relief Fund100%
    Prime Minister’s Armenia Earthquake Relief Fund100%
    Africa (Public Contributions – India) Fund100%
    National Foundation for Communal Harmony100%
    Any approved university or educational institution100%
    Maharashtra Chief Minister’s Relief Fund and Chief Minister’s Earthquake Relief Fund100%
    Any fund set up by Gujarat State Government for providing relief to earthquake victims100%
    Jawaharlal Nehru Memorial Fund50%
    Prime Minister’s Drought Relief Fund50%
    National Children’s Fund50%
    Indira Gandhi Memorial Trust50%
    Rajiv Gandhi Foundation50%
    *Amount deductible is capped at not more than 10% of your gross total income, after deductions made under Sec 80C to 80U (not including Sec 80G).

    There are also other charities and charitable institutions that are eligible for deduction under Section 80G. The full list is available here: 
    http://www.incometaxindia.gov.in/Acts/INCOME TAX Act/80g.asp


  6. I suffer from a physical disability, can I save tax because of this?

    Yes you can, under Section 80U. A deduction of Rs. 50,000 per annum is available to an individual who suffers from a physical disability (including blindness) or mental retardation. Further, if it is a severe disability i.e. more than 80% disabled, then a deduction of Rs. 100,000 per annum is available under section 80U. You will need to provide a certificate from a Government Doctor to show eligibility.


QUICK GUIDE TO TAX SAVING DEDUCTIONS
INCOME TAX DEDUCTIONMAXIMUM DEDUCTION ALLOWED PER YEAR
SECTION 80C
Life Insurance premium




 Actual amount contributed / invested, up to Rs. 1 lakh
Contribution to Employee Provident Fund (EPF)
Contribution to Public Provident Fund (PPF)
National Savings Certificate (NSC)
Unit Linked Insurance Plans (ULIPs)
Repayment of Home Loan Principal
Equity Linked Savings Schemes (ELSS)
5 Year Bank FDs
Pension Funds
SECTION 80CCF 
Long Term Infrastructure BondsActual amount invested, up to Rs. 20,000
SECTION 80D 
Mediclaim Premium for self and familyActual premium paid, up to Rs. 40,000 (if both self and parents are senior citizens)
SECTION 80DD 
Expense on treatment of a disabled relative, or payment of insurance premium for said relativeRs. 50,000 or Rs. 1 lakh depending on severity of disability
SECTION 80DDB 
Expenses incurred on medical treatment for yourself or for a dependent relative (not necessarily disabled)Actual expense incurred, up to Rs. 40,000 (Up to Rs. 60,000 in case of senior citizen)
SECTION 80E 
Interest of an education loan taken for yourself, your spouse or your childFull interest amount paid during the year, for a limit of 8 years
SECTION 80G 
Donation to certain charitable institutions100% or 50% of donation given, depending on the institution, subject to limitations
SECTION 80U 
Deduction in case of a disabled assesseeRs. 50,000 or Rs. 1 lakh, depending on severity of disability