Perquisite taxation norms liberalized
New Delhi: The government has liberalised the perquisite taxation norms for the employees getting salary below Rs 1 lakh and airlines and railway employees.

According to an official release, it has been decided that no tax deduction at source will be made under Section 192 of the Income Tax Act for the current financial year in respect of the value of perquisites received in non-monetary form for assessees having income under the head "salaries" (exclusive of such perquisites) not exceeding Rs 1 lakh.

Further, TDS will also not be deducted in 2001-02 in respect of the vale of perquisites received in the form of free or concessional tickets received by employees of airlines or railways.
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IIM-A moots short-term courses
Ahmedabad: The Indian Institute of Management, Ahmedabad, is seriously working towards starting short-term executive management courses.

While executive MBA programmes are highly sought after courses in countries like the US, in India the concept is still in its infancy though some management institutes, including the Ahmedabad-based Nirma Institute of Management are now offering executive MBA programmes.

IIM-A is considering various options including a one-year programme spread over weekends. Participants for such a programme would be individuals and not corporate-sponsored.
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Govt mulls break-up of FCI
New Delhi: The government is considering a proposal to restructure Food Corporation of India into state wise or function wise entities.

The proposals, based on a study by the Administrative Staff College, Hyderabad, are for a break-up of FCI into smaller units either on provincial lines or for functions like handling, procurement and distribution of foodgrains.

The proposal would be finalised on the basis of the recommendations of the high level committee on foodgrains, which was currently considering these options.
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India-EU begin talks on textiles
New Delhi: India has expressed optimism about the outcome of deliberations with European Union in Brussels beginning 6 February to obtain duty-free access for its textiles, similar to those granted to Pakistan last year.

"We are hopeful of a positive outcome of the deliberations on textiles, which have commenced on Wednesday at Brussels," textiles minister Kashiram Rana said.

Rana said the meeting was the first round of official deliberations and a follow-up to meetings held in New Delhi during the visit of EU trade commissioner Pascal Lamy last year on the issue.
India has been demanding concessions similar to Pakistan granted by the EU under a special generalised system of preferences scheme treating it as a country which is combating drugs trafficking.

Under the GSP scheme, EU has granted zero duty benefits to exports from Pakistan to EU for all products including textile articles.
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