A quick guide to Tax filing

By Rakesh Nangia

NEW DELHI, July 23: The time is here for taxpayers to file the annual income tax return (‘ITR’) for the financial year 2012-13.

The last day for filing ITR for tax payers (except for corporate and tax-audit cases) is July 31, 2013. It is worth-mentioning that the tax department has introduced certain amendments recently on filing of ITR.

Here is a quick guide to assist you in a hassle free ITR filing and we believe you will find this very helpful.

1. Mentioning correct PAN details on the ITR is utmost important. Check and recheck.

2. Use the new ITR forms as applicable:

ITR Form Applicability

SAHAJ ITR1: Income from salary/ pension, single house property and certain other sources.

ITR2: Additional sources (except from business/ profession), not covered under ITR1.

ITR3: Business income from partnership firm/(s).

SUGAM ITR-4S: Income from business availing benefit of presumptive taxation scheme.

ITR4: Income from business/ profession, not covered under ITR-4S.

The following recent guidelines are noteworthy:

• Compulsory filing of ITR in electronic form - for individual tax payers whose income exceeds Rs.5 lakhs

• Electronic filing of ITR also mandated where relief claimed under tax treaty/ double taxation relief

• ITR1 no longer applicable if an individual has any loss under the head ‘other sources’ or has exempted income above Rs.5,000 or has assets overseas or has signing authority in any account overseas or claims any double taxation relief.

• New "Schedule AL" introduced in ITR3 & ITR4 – furnish details of all immovable assets, cash, bank deposits, investment in shares, jewellery, vehicles etc and corresponding liabilities, where income exceeds Rs.25 lakhs.

• ITR-4S no longer applicable to persons having assets overseas or a signing authority in any overseas account or claiming double taxation relief or having exempted income above Rs.5,000. In all these exceptions, ITR4 would apply.

It is time for all the tax-payers to organize their income and investment documents. Following is a quick checklist:

1. Collect TDS certificates from employer, banks and other parties on time. Reconcile TDS details against Form-26AS, downloadable from income tax website.

2. Choose the correct ITR form and fill the details diligently

3. Ensure claiming benefit of tax-saving investments

4. Remember to disclose exempt incomes like dividends, PPF Interest etc.

5. Mention correct bank account details, especially in case of refund.

6. Properly disclose details of foreign assets/ accounts

7. Correctly compute tax and interest. Pay self-assessment tax if TDS falls short of total tax liability.

8. In case of e-filing, activate your online account at income tax portal. Use a Digital Signature Certificate for e-signing the ITR. If not signing digitally, print the acknowledgement form (i.e. ITRV), sign and send it to the CPC Bangalore, within 120 days of e-filing. Ensure that the department confirms the receipt of acknowledgement by email.

Ensure timely filing of your return! A stitch in time saves nine!

-- Rakesh Nangia is a leading Financial Consultant and India Entry Strategist

William, Kate Introduce Royal Baby Boy

LONDON, July 23: The newest heir to the British royal throne made his first public appearance on Tuesday, as he left the hospital with his parents, the Duke and Duchess of Cambridge.

The royal couple, Prince William and Catherine, Duchess of Cambridge, posed for photographs with their first born, who is third in line to the throne, on the steps of the London's St. Mary's Hospital shortly after 7 p.m. U.K. time.

Fielding questions for the first time since the birth of their son Monday afternoon, Prince William described the experience of becoming parents as "very emotional."

"He's got a good pair of lungs on him, that's for sure," said Prince William, holding his son swaddled in a cream blanket. "He's got her looks, thankfully," he added, nodding toward his wife. The duchess added that Prince William had already changed his first "nappy."

The first public sighting of the baby will go a long way toward satisfying the mass of world media that has been camped outside the hospital for days awaiting a glimpse of the new prince and his mother. But the royal couple is keeping them and the public guessing on another important front: the new prince's name.

"We're still working on a name, so we'll have that as soon as we can," Prince William said. The royal couple then went back inside the hospital briefly, before leaving by car to take their boy home to Kensington Palace.

Their departure followed visits Tuesday afternoon by both sets of grandparents: Prince William's father, Prince Charles, and his wife, the Duchess of Cornwall, as well as the parents of the former Kate Middleton. As she left the hospital, the Duchess of Cambridge's mother, Carole Middleton, said both new mother and baby were "doing really well."

Outside Buckingham Palace, crowds continued to gather Tuesday to view the easel officially announcing the baby's birth, which has been on public display since Monday.

France Eases Visa Norms To Attract Students; Bolster Travel, Trade Ties With India

By Deepak Arora

NEW DELHI, July 4: Keeping in mind the mandate of President François Hollande, French Ambassador François Richier has decided to facilitate and ease visa norms to attract more Indian students and issue long-term visas to Indians to bolster travel, trade and economic ties between Paris and New Delhi.
 
Inaugurating the French Scholarship Award Ceremony and the Pre-Departure Session for students leaving for higher education in France for the academic year 2013-2014 here, Ambassador François Richier said President Hollande, during his visit to India in February this year, had fixed the ambitious objective of raising the number of Indian students in France by 50 per cent in the coming five years.

Sharing a genuine partnership with India, the Ambassador said France has chosen to open its frontiers even wider to Indian students.

"It is about opening our arms and hearts for Indian students by facilitating their stay, not only in their visa area but other things like training, taking care of jobs when they are back in India. Its kind of a package," said Ambassador Richier.

This has resulted in measures to facilitate the issuance of visas for Indian students, the creation of a “France-India” network as well as an increased number of scholarships offered by the Embassy of France and its corporate partners.

In a major development in May 2012, French authorities decided to ease considerably the conditions for obtaining a work visa after studies completed in France. This allowed a large number of students graduating from French business and engineering schools to extend their stay for acquiring work experience in France.

Furthermore, Ambassador François Richier has decided to facilitate travel to France for all Indian citizens who have studied in France. As of July 14, all Indian citizens who have graduated from a French higher education institution subsequently applying for a tourist or business visa for a trip to France, will be given a visa with a long period of validity – up to five years if the studies in France were at the Master or PhD levels.

In parallel, Ambassador Richier said the French Embassy in India has simplified visa procedures for Indian students wishing to study in France. Special attention is given to students living far from any French Consulate or “Campus France” office (governmental agency promoting French higher education) to simplify and expedite the visa procedure.

In parallel, he said visa applications by Indian faculties and officials will be examined as a matter of priority. Campus France will establish partnerships with various Indian higher education institutions in order to accelerate the procedures for exchanges with French institutions and for their alumni.

The Embassy of France in India is currently organizing a “France-India job opportunities” network that will bring together the Human Resource heads of the major French companies in India and major Indian ones working in partnership with French companies, as well as International Relations heads of the renowned French and Indian higher education institutions.

The “France-India job opportunities” network aims to promote all the opportunities offered to Indian students who have pursued higher education in France. Over 350 French companies are present in India with a total investment stock of almost 18 billion dollars. They alone account for the generation of 2,40,000 skilled jobs spread all over India: corporate headquarters, factories and research centres in most Indian states, particularly in Delhi-NCR, Maharashtra (Mumbai, Pune), Tamil Nadu (Chennai, Tiruvallur, Kancheepuram), Karnataka (Bengaluru), Andhra Pradesh (Hyderabad, Chittoor), Gujarat (Ahmedabad, Vadodara), West Bengal (Kolkata, Duragpur) and Rajasthan (Jaipur, Alwar).

Simultaneously, to reach out even further to Indian students interested in studying in France, Ambassador Richier has decided to extend the Campus France network to Lucknow and Dehradun in addition to its current nine offices in Ahmedabad, Bengaluru, Chandigarh, Chennai, Delhi, Hyderabad, Kolkata, Mumbai and Pune.

This year, the Embassy of France in India, along with its corporate partners - including Michelin India - will award scholarships for a total of 7.1 crore Indian rupees (1.1 million Euros) to 235 meritorious Indian students who wish to pursue their higher education in France.

Selected for their academic excellence, these students come from the best Indian universities/colleges and institutions, such as IIT Delhi, Kanpur, Kharagpur, Madras, Roorkee; IIM Ahmedabad, Bangalore, Calcutta; National Law School of India – Bangalore; Manipal University; the Young India Fellowship Programme, to name but a few. The hosting institutions in France include the most prestigious ones, such as Ecole Polytechnique, HEC, Sciences-Po, ESSEC, ESCP, Ecole Centrale.

Last year, almost 2 600 Indian students opted for higher education in France, a jump of 50 per cent over the past five years. The vast majority of these students attend the over 700 courses taught in English in France, the number of which is increasing year by year.

Master of sound Amar Bose of US-based Bose audio firm dies at 83

BOSTON, July 13: Acoustics pioneer Amar Bose, founder and chairman of the audio technology company Bose Corp., known for the rich sound of its small tabletop radios and its noise-canceling headphones popular among frequent fliers, has died at age 83.

Bose's death was announced Friday by the company's president, Bob Maresca, and the Massachusetts Institute of Technology, where Bose began his acoustics research and was on the faculty for more than 40 years.

Details about Bose's death weren't immediately available.

Bose founded the company, based in Framingham, just outside Boston, in 1964. Maresca said the company will remain privately held.

"Dr. Bose founded Bose Corporation almost 50 years ago with a set of guiding principles centered on research and innovation," Maresca said in a written statement. "That focus has never changed."

The company's products include elegant Wave system radios boasting "lifelike, room-filling sound," cushioned QuietComfort headphones for reducing background noises such as airplane engines, home theater accessories and computer speakers.

In 2011, Bose gave MIT the majority of Bose Corp. stock in the form of non-voting shares whose dividends are used to support education and research. MIT does not participate in management or governance of the company.

Bose, who was born and raised in Philadelphia to parents who were natives of India, received his bachelor's degree, master's degree and doctorate from MIT, all in electrical engineering.

Bose was asked to join the faculty in 1956, and he accepted with the intention of teaching for no more than two years, the university said. He continued as a member of the MIT faculty until 2001.

The university said Bose made his mark in research and in teaching.

Bose started a research program in physical acoustics and psychoacoustics, leading to the development of patents in acoustics, electronics, nonlinear systems and communication theory.

"As long as there are interesting problems to solve, I'll stay active," Bose said in a 2005 interview.

MIT president L Rafael Reif called Bose "an extraordinarily gifted leader."

"He made quality mentoring and a joyful pursuit of excellence, ideas and possibilities the hallmark of his career in teaching, research and business," Reif said in a statement.

Bose loved teaching, said his son, Vanu G Bose.

"While my father is well known for his success as an inventor and businessman, he was first and foremost a teacher," the son said. "I could not begin to count the number of people I've met who've told me that my father was the best professor they ever had."

Bose was given many awards and honors during his lifetime. He was a Fulbright Postdoctoral Scholar, an elected member of the National Academy of Engineering and of the American Academy of Arts and Sciences and a fellow of the Institute of Electrical and Electronics Engineers.

In the 2005 interview, Bose said he tried to let his curiosity be a guiding principle as he demonstrated an experimental, Bose Corp.-designed car suspension system.

"Even our financial people were trying to get the engineers to discourage me, because they all saw money going into it," said Bose, a lifelong tinkerer who began repairing radios as a teenager. "But some things you just believe in."

1-year-old US girl buys car using dad's smartphone!

NEW YORK, July 11: Born shopaholic! A one-year-old girl in the US has bought a car through online trading, while playing on the mobile phone of her dad, who has decided to keep the 'purchase'.

Paul Stoute from Portland, Oregon, said he got a notice from eBay congratulating him on his purchase of $225.

He was the proud owner of a 1962 Austin-Healey Sprite.

To Stoute's astonishment, he had not made the purchase.

After verifying the purchase, he realised that his young daughter, who really enjoys playing with his smartphone, had logged into the eBay app which can be used to instantly make a purchase.

"Tap, tap, tap and now I own a car," Stoute was quoted by KPTV as saying.

Stoute had been looking at cars on eBay with the idea of tackling a rebuilding project with a friend.

"Fortunately, she didn't buy the $38,000 Porsche," he said.

Also fortunate is that the Sprite was located in Tualatin. It's now being stored in Milwaukie and is very much a fixer-upper. The eBay ad listed it as a "Frankensprite."

"It comes with two engines," said Christina Stoute, Sorella's mother. "They're both in the back seat."

The couple now hopes to take the eBay mistake and turn it into a very memorable gift.

Paul Stoute said his goal is to fix it up in time to present it to his daughter for either her 16th birthday or high school graduation.

In the meantime, they have added password protection to their phones, and uninstalled any apps that can be used to make a purchase.

"It cannot happen again," Christina Stoute said, laughing.

Students’ art show in London

LONDON, June 28: Hundreds of visitors flocked to a Sheffield college to see students showcase their very best work from the current academic year.

Creative students at Longley Park Sixth Form College took centre stage during a week-long exhibition held at the campus on Horninglow Road, Longley.

The big opening night was a VIP preview event where students from 3D design, art and design, English, graphics, media, photography and textiles presented their work in the college plaza.

The show also included dance and performing arts performances as well as a variety of music from students.

Young people produced their creations from project briefs set out as part of their A Level and BTEC courses.

They were given the chance to experiment with a variety of techniques, materials and processes, giving them an array of new skills and allowing them to build up a substantial portfolio of work.

The show had an amazing turn-out throughout the week.

Deputy director for art and design Rob Barker said: “It has been a fantastic show which has allowed our students to showcase their amazing talents. I felt immensely proud of all the creative students across college.”

Longley Park has been selected to run University of Arts London art courses from September, including architecture and fine art.

UAL is made up of six internationally renowned art colleges which include Central St Martins and London College of Fashion.

Seven Indian students get scholarship for Singapore school

NOIDA: Seven Class 10 students from across India have received the Global Indian International School's CV Raman scholarships this year to pursue their secondary education at its prestigious Singapore branch.

The seven qualified the GIIS' national level scholarship exam in April and the subsequent general discussion and interview in May. They have left for the GIIS' flagship school in Singapore's Queenstown.

The S$66,000 scholarship includes one-time return airfare, visa and tuition fees, boarding & lodging at the hostel, one-time settling down allowance of S$500 and S$200 per month for pocket expenses.

The seven recipients of the 2013-15 scholarship are Samvid Advait Kurlekar from Pune, Kamaraj Ramanujam from Mumbai, Adyasha Debahuti Mohanty from Kolkata, Nikita Anish Desai from Baroda, Dipanjan Ray from Bihar, Bikash Kumar Behera from Bihar and Jai Singh Sra from Delhi.

"Every year we select a handful of students from across India to study at our flagship school in Singapore and it is with great pride I must share that all our scholarship students have managed to get admission in colleges of their choice.

"We believe that students in India have a lot of potential and being an Indian school of excellence at the global platform I feel that it is our moral responsibility to offer education at our flagship school to deserving students to shape their future," said GIIS country director Rajeev Katyal at the felicitation for the students and their families at the GIIS school here Tuesday.

The GIIS, which has 20 campuses in seven countries including India, Singapore, Japan and the UAE with thousands of students spread over 52 nationalities, has been offering the scholarships for the last five years, he said.

Gurgaon may soon host India centre of Ivy League college

GURGAON, June 26: In a one-of-its-kind endeavour, a city-based private developer is planning to tie up with an Ivy League college to set up its India centre, to be based in Gurgaon. This project is part of developing a 'learning centre' for the university, finalized to come up along the Dwarka Expressway.

Called Sky One, CHD Developers is setting up this Learning Centre on a 10,000 sq. ft space. It will offer short-term, executive and distance learning programmes.

The centre will house an 80-seat hall for classes as well as a 12-15-seat meeting room. Other features include separate lobby area, storage area, heating kitchen and pantry.

The centre will meet all audio-visual requirements for distance learning, which will be at par with international standards.

Though there has been no direct confirmation on which Ivy League university will open its India centre, sources close to the developer said the company is in talks with institutes like Kellogg School of Management, Harvard Business School and so on. The university will be finalized by this year-end.

Ravi Saund, COO, CHD Developers Ltd. Said: "Having graduated from the management programme of a top international university made me realize the importance of exposure to global methodology of learning and management skills. Indian students who are not able to afford education abroad are deprived of this experience. It is with the aim of bringing world-class education system to India that CHD is in the process of associating with a premier Ivy League University to set up their Learning Centre in our headquarters CHD Sky One. The learning centre would offer the students a chance to interact with global faculty and experience global standard of management studies and executive programs. The tie-up is not just a significant step in the higher education scenario but also a proud moment for us to aid this establishment."

Other than the Learning Centre, CHD's Sky One would also house the company headoffice. Nestled in the next realty hotspot, the tower will be strategically located on the 150 meter wide Dwarka Expressway.

CHD had acquired commercial land for Rs 25 crore in Sector 109, after which the builder applied for all required licenses and NOCs and claims to have obtained them.

The developer boasts of incurring an expenditure if Rs 150 crore in the construction of this building.

CHD has roped in Pei Cobb Freed and Partners Architects LLP, to design the unique tower know for their innovative designs of Bank of China; IMF Building, Washington DC; Four Seasons, New York and the Grand Louvre, Paris, to name a few.

In addition to the above features, the building will offer office space and studio apartments under the same roof.

The net commercial space available in the tower is estimated to be 1 lakh sq ft. Out of this, 30,000 sq. ft will be dedicated to CHD Group offices and the 70,000 sq. ft would be leased to other offices.

Saund said, "This is a significant milestone in the company's journey of growth. The iconic building 'CHD Sky One' will be a landmark in the NCR."

Entertainment and rejuvenation options like Club, swimming pool, gymnasium and spa will also be a part of this building.

Taj Mahal ranked third among top landmarks in the world

NEW YORK, June 30: Travellers from across the globe have ranked India's Taj Mahal among the top three landmarks in the world, a leading travel website has announced.

According to TripAdvisor's 2013 Travellers Choice Attractions Awards, Taj Mahal was ranked third in the list of Top 25 landmarks.

The top two places were taken by Machu Picchu in Peru and Angkor Wat in Cambodia respectively.

"The winners of Travelers' Choice Attractions awards were determined based on the quality and quantity of traveler reviews of attractions," said a company statement.

Taj Mahal, listed among the new seven wonders of the world, is renowned the world over for its architecture and aesthetic beauty.

Built by Mughal emperor Shah Jahan in memory of his late wife Mumtaz Mahal, the white marble mausoleum in the northern Indian city of Agra is also a symbol of enduring love.

In 1983, it became a UNESCO World Heritage Site. The Taj Mahal attracts 2-4 million visitors annually, with more than 200,000 from overseas.

It shares the latest honour alongside Petra World Heritage Site in Jordan and Bayon Temple in Cambodia, which are ranked fourth and fifth respectively in the list of 25 top landmarks in the world.

Picasso's granddaughter puts his nude work on display

CANNES, June 30: As a child, Pablo Picasso's granddaughter Marina often found herself shut out of his sumptuous Cannes villa La Californie. Four decades after his death, the gates of the house she inherited, along with thousands of his art works, are always promptly opened to visitors. "Living in this house, unconsciously perhaps it's a way of recapturing lost time in a place where we were once excluded," says Marina, who for many years struggled to accept "an inheritance given without love".

To mark the 40th anniversary of Picasso's death this year, Marina has opened up her private collection to help stage an exhibition exploring the recurrence of nudes in the great Spanish artist's work.

"Picasso, Nudity Set Free" features 120 works. Around 90 come from Marina's collection, some of which have never before been on public display. But Marina, who was in her early twenties when her famous grandfather died, is matter-of-fact about the loan.

"This comes from my inheritance, I don't make anything special of it," she said with an air of detachment. Marina and her elder brother Pablito's childhood was punctuated by rare and unhappy visits to see their grandfather, who spent most of his life in France.

These often featured "long waits behind the gate" while "the master" woke up, she says. Picasso's second wife "Jacqueline used to order that we wait; she rejected anything that disturbed him", Marina recalls.

Born in 1950, Marina is the daughter of Paulo Picasso, son of Picasso, and his first wife, Russian ballerina Olga Khokhlova. Marina grew up in poverty despite her illustrious lineage and Paulo, an alcoholic, died in his fifties two years after the artist.

"He was always a bit the toy of his father. He was never able to grow up," she says. As an adult, Marina underwent years of therapy and poured her painful childhood memories into her 2001 memoir Picasso: My Grandfather. "At the beginning, I couldn't bear to see his paintings. It took me a lot of time to make the distinction between the artist and the grandfather," she says.

"He was not a real grandfather, or a benevolent father (to Paulo)..." The legacy of childhood rejection took a terrible toll on Pablito. Following Picasso's death at the age of 91 in April 1973, he swallowed bleach after Jacqueline refused him permission to see his grandfather. He died three months later. According to Marina, "my brother wanted to embrace him for one last time and Jacqueline threw him out".

"He went home and killed himself by drinking bleach." But if Picasso's grandchildren suffered as a result of their relationship with him, the fate of his muses -- bronze busts of whom dot the villa -- was equally tragic. Marie-Therese Walter hanged herself. Jacqueline Picasso shot herself. Dora Maar suffered depression and became something of a recluse.

Marina's grandmother Olga died in Cannes in 1955 unvisited by her estranged husband. "He loved women and used them in order to be creative," she says flatly.

Four decades on, Marina has tried to overcome the bitter legacy of the past. The Cannes house, long since renamed Pavillon de Flore, has been restored and is now filled with paintings, sculptures and ceramics by Picasso, and other artists.

Funding projects such as an orphanage in Vietnam has also helped the mother-of-five feel she has put her inheritance to good use and she now plans to turn her attention to philanthropic work in France. With children, she says, it is what happens at the start of their lives that is the most important. "The more that one can help (when they are) young, the better they will live later," she adds.

"Picasso, Nudity Set Free" runs until October 27 at the Centre d'art La Malmaison at Cannes.