"The International Creative Craft Contest (ICCC) 2006”, an initiative by Pidilite Industries Ltd., to recognise and reward excellence in the fields of Art & Craft was kicked off in the city today, with great fanfare and enthusiasm.
The ICCC will be held in four stages: School level, City level, Zonal level and the Mega final.
The school level round commenced today and the desire for creative expression and artistic prowess showed brightly in the eyes of the students as they crafted a jungle scene and jungle king theme. Also, present were eminent Art & Craft enthusiasts to encourage the students.
The contest is being conducted in over 5000 schools and 42 cities across India and 4 international locations – UAE, Bangladesh, Nepal and Sri Lanka. The International Creative Craft Champion chosen will get an opportunity to visit an international location. The contest will provide an excellent platform for creative talent and the promotion of Art & Craft as part of the school curriculum for the all-round development of children; particularly, their cognitive, creative, spatial, motor and emotional skills.
The winners of the Mega Final will be announced in the following categories:
1. International Creative Craft Champion of the Year
2. International Creative Craft School of the Year
3. International Creative Craft Teacher of the Year
“The Creative Craft Contest gives students an opportunity to showcase their talent at the global level and win exciting prizes at the same time. This develops their self confidence, and gives them a direction to take art and craft as a career or skill for engineering, architecture and even surgery and accomplish higher goals.” Explained Sanjay Panigrahi, Chief, Sales & Marketing, Consumer Products, Pidilite Industries Ltd.
The contest is endorsed by the Department of Science & Technology, Government of India and co-sponsored by Britannia Industries.
International Creative Craft Contest kicks off in 42 cities of India
August 23, 2006, 11:06 amRajasthan welcomes hotel investors
August 23, 2006, 10:30 am
With 67 lakh domestic and 5 lakh foreign tourists coming to Rajasthan in the first six months of this year, the Rajasthan government is looking for investors to invest in its over-burdened hotel industry. In the last two years Rajasthan has seen an increase of 55 per cent in the number of tourists visiting the state.
The state currently faces a shortage of 20,000 rooms. The government has launched a new ‘Hotel Policy 2006’ to attract prospective investors to invest in its hotel industry. Ms Usha Punia, the state’s tourism minister along with tourism secretary Vinod Zutshi was here on Tuesday meeting the representatives of the hotel industry.
"The new hotel policy offers a range of concessions to the businessmen who want to build a hotel in Rajasthan," said Ms Usha Punia. She added that government is even offering land to the hotel industry at 50 per cent of the prevalent commercial reserve price. "The government has created a land bank, where land for small hotels and 5-star hotels has been identified," she informed.
Mr Vinod Zutshi made a presentation about the new ‘Hotel Policy 2006’ of the state at a function here, where Mr. Manbeer Choudhary, president FHRAI, Mr Suresh Nanda, chairman The Claridges and Mr. B.S. Rathor, chairman AIRDA were present.
Mr Zutshi said investments are expected to come from the private sector but the state has taken the initiative to offer land for joint ventures. "Hotel industry associations have hailed the policy," he said. Businessmen can view the land bank on the web site of Rajasthan government and can approach the tourism ministry for the land.
Mr Manbeer Choudhary acknowledged that the environment in the state at present is favourable for investment by the hotel industry. "The number of tourists in Rajasthan is increasing manifold every year and with the concessions the government is offering. It is a win win situation for the businessmen who wish to build hotels in Rajasthan," he said.
The state currently faces a shortage of 20,000 rooms. The government has launched a new ‘Hotel Policy 2006’ to attract prospective investors to invest in its hotel industry. Ms Usha Punia, the state’s tourism minister along with tourism secretary Vinod Zutshi was here on Tuesday meeting the representatives of the hotel industry.
"The new hotel policy offers a range of concessions to the businessmen who want to build a hotel in Rajasthan," said Ms Usha Punia. She added that government is even offering land to the hotel industry at 50 per cent of the prevalent commercial reserve price. "The government has created a land bank, where land for small hotels and 5-star hotels has been identified," she informed.
Mr Vinod Zutshi made a presentation about the new ‘Hotel Policy 2006’ of the state at a function here, where Mr. Manbeer Choudhary, president FHRAI, Mr Suresh Nanda, chairman The Claridges and Mr. B.S. Rathor, chairman AIRDA were present.
Mr Zutshi said investments are expected to come from the private sector but the state has taken the initiative to offer land for joint ventures. "Hotel industry associations have hailed the policy," he said. Businessmen can view the land bank on the web site of Rajasthan government and can approach the tourism ministry for the land.
Mr Manbeer Choudhary acknowledged that the environment in the state at present is favourable for investment by the hotel industry. "The number of tourists in Rajasthan is increasing manifold every year and with the concessions the government is offering. It is a win win situation for the businessmen who wish to build hotels in Rajasthan," he said.
NRIs have to pay tax accruing to income in India
August 23, 2006, 10:28 am
Q. I left India in January 1994 and have been an NRI since then. I bought a flat in 1997 in Mumbai, in joint ownership with my wife, from the funds earned outside India and the money was remitted through the bank. I have let out the flat and earning Rs 2,40,000/- per annum as rent, which I presume can be repatriated. Will this amount be taxable along with my other interest income in India, if the amount is retained in India and not repatriated. Or will it be tax-free if repatriated outside India ?
N.S. MURTHY via email
A. You shall be liable to pay tax on the rental income and the interest income in India, irrespective of the fact that the amount is repatriated or not. A non-resident is liable to pay tax on all incomes accruing or arising in India or deemed to accrue or arise in India. You shall however be eligible to claim the admissible deductions as per the provisions of the Income-Tax Act.
Q. I am a student of Chartered Accountancy PE II course with a merit background in my CA PE I. I require your clarification with regard to the educational loan available to the students from various nationalised banks: n Whether any educational loan can be obtained from banks to pursue my professional education? I have no source of income other than the stipend paid by my principal?
n Whether the loan so taken can be utilised for the purchase of vehicle?
K. KARTIC Hyderabad
A. Deduction in respect of interest on loan taken for higher education is governed by the provision of Section 80E. "Higher Education" means full-time studies for graduate or postgraduate course in engineering, medicine, management or postgraduate course in applied sciences or pure sciences including mathematics and statistics. Deduction under Section 80E will not be available for instance, for courses in humanities, social sciences, commerce, accountancy or law [Vide Circular No 684]. Hence, you will not be eligible for any deduction under Section 80 E of the Income-Tax Act, 1961. As far as vehicle loan is concerned, you may approach banks that offer these loans.
Kamal Rathi represents Rathi & Malani, a Hyderabad-based chartered accountancy firm. The views expressed here are those of the author. They do not reflect the views of this newspaper. Readers can send their personal income-tax queries to Mr Rathi at tax@decca-nmail.com, or write him at Tax Matters, C/o Deccan Chronicle, 36, Sarojini Devi Road, Secunderabad-500003, AP
N.S. MURTHY via email
A. You shall be liable to pay tax on the rental income and the interest income in India, irrespective of the fact that the amount is repatriated or not. A non-resident is liable to pay tax on all incomes accruing or arising in India or deemed to accrue or arise in India. You shall however be eligible to claim the admissible deductions as per the provisions of the Income-Tax Act.
Q. I am a student of Chartered Accountancy PE II course with a merit background in my CA PE I. I require your clarification with regard to the educational loan available to the students from various nationalised banks: n Whether any educational loan can be obtained from banks to pursue my professional education? I have no source of income other than the stipend paid by my principal?
n Whether the loan so taken can be utilised for the purchase of vehicle?
K. KARTIC Hyderabad
A. Deduction in respect of interest on loan taken for higher education is governed by the provision of Section 80E. "Higher Education" means full-time studies for graduate or postgraduate course in engineering, medicine, management or postgraduate course in applied sciences or pure sciences including mathematics and statistics. Deduction under Section 80E will not be available for instance, for courses in humanities, social sciences, commerce, accountancy or law [Vide Circular No 684]. Hence, you will not be eligible for any deduction under Section 80 E of the Income-Tax Act, 1961. As far as vehicle loan is concerned, you may approach banks that offer these loans.
Kamal Rathi represents Rathi & Malani, a Hyderabad-based chartered accountancy firm. The views expressed here are those of the author. They do not reflect the views of this newspaper. Readers can send their personal income-tax queries to Mr Rathi at tax@decca-nmail.com, or write him at Tax Matters, C/o Deccan Chronicle, 36, Sarojini Devi Road, Secunderabad-500003, AP
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