Sahara gets 3 more months to raise bail money

The Supreme Court on Monday granted three more months to the Sahara group to sell its offshore properties to raise the Rs 10,000 crore required to secure the release of its chief Subrata Roy on bail. The court said it was satisfied with the company’s latest proposal and would allow it to proceed further.

It also extended its earlier order allowing Mr. Roy and two other directors of the company to use the conference room in Tihar jail to hold negotiations with potential buyers of three luxury hotels — Dream Downtown, The Plaza (both in New York) and Grosvenor House (London).

Mr. Roy has been in jail since March last year after the company failed to repay over Rs 20,000 crore to its depositors. The apex court had asked him to pay Rs. 10,000 crore to get bail, of which Rs 5,000 crore should be paid in cash and the remaining in bank guarantees. Since then Sahara has made several failed attempts to raise the bail money.

Appearing for Sahara, senior advocate Kapil Sibal told a bench headed by Justice T.S. Thakur that the company had received a line of credit worth € 900 million from Spain’s BBVA bank, which it would use to repay a loan it had taken from the Bank of China to buy the three hotels. About Rs. 5000 crore which had to be deposited as bank guarantee would be generated from HSBC bank.

“Prima facie, we are satisfied that the proposal appears to be a serious effort and we allow it to pursue it further,” the court said. It also granted Sahara permission to sell 10 more properties across the country.

In an earlier hearing on March 13, the apex court had given the company a final chance to clinch the deals to raise Rs. 10,000 crore, noting that two earlier negotiations had to be aborted.

Kamal Haasan welcomes Supreme Court order on Section 66A

Veteran cinema star Kamal Haasan today welcomed the Supreme Court's order striking down Section 66A of the IT Act, saying technology's growth cannot be stopped.

"I feel information technology's growth should not be stopped, cannot be stopped," he said here.

In a landmark judgement, a Supreme Court bench of Justices J Chelameswar and R F Nariman had termed liberty of thought and expression as "cardinal" and said that "The public's right to know is directly affected by section 66A of the Information Technology Act."

Addressing reporters ahead of the release of his much-anticipated film 'Uthamavillain' next month, Haasan also took potshots at the Pahlaj Nihalani-led Central Board of Film Certification (CBFC) for imposing a set of guidelines and restrictions.

Such guidelines 'stifle' freedom of expression of the movie maker, said the actor-producer.

Talking about 'Uthamavillain,' directed by actor Ramesh Aravind and which has a good star cast, including Dadasaheb Phalke recipient, the late K Balachander, Haasan said that it was close to his heart since his mentor had played a role in it.

To a question on reviving his mega-budget 'Marudanayakam', he said some of his friends were holding discussions with him in this regard and that he had suggested that it be made in English since it is an 'international cinema.'

5 best ways to save tax at the last minute

Invest in ELSS

Equity-linked savings scheme ( ELSS) funds do not require recurring payments. You do not have to pay in subsequent years if you realise that the fund does not suit your needs. Moreover, you can easily invest online if you are KYC-compliant.

All you need to do is visit websites that track mutual funds. Identify the fund with the help of ratings given and log on to the selected fund house's portal to invest.

You will have to register on the site by providing the information asked for and click on the 'invest online' link. Next, select the scheme identified, choose its direct plan version and pay. The acknowledgement will serve as proof of investment.

Tax benefit: Exemptions up to Rs 1.5 lakh under Section 80C

Taxability on maturity: Exempt



Buy online term policies

Term insurance offers a large cover at a minuscule cost. Online term plans are also cheaper than physical term products. The buying process is simple and requires an hour. As the online process does away with the need for an agent, no part of your premium is directed towards commissions.

Check the insurer's claim settlement record. To buy, visit the selected life insurer's portal and furnish personal information, nominee details, income level and so on. The process is completed with payment of premium, unless you have to undergo medical tests. The premium receipt will suffice to claim tax deductions.

Tax benefit: Exemptions up to Rs 1.5 lakh under Section 80C

Taxability on maturity: Exempt



Secure your health online

Several companies and aggregators facilitate purchase of health insurance policies online. Cases which do not require pre-policy medical check-up can be bought online in an hour. Typically, insuranceseekers under 45 without any adverse health history do not need to go through medical tests.

However, it's best to buy a health cover now to ensure that the entire process is completed before March 31 as those over 45 will have to wait till the policy is issued post-medical tests.

Tax benefit: Deductions up to Rs 15,000 under Section 80D (Rs 20,000 for senior citizens)

Taxability on maturity: NA



Invest in a tax-saver deposits

A popular instrument, it is simple to invest in one if you are registered for Internet banking. All you have to do is open a five-year tax-saver fixed deposit by transferring funds from your savings account. The FD receipt mailed to your account will serve as proof for claiming tax benefits.

However, not all banks allow customers to open a tax-saver FD online, even though the facility is enabled for regular FDs.

Tax benefit: Exemptions up to Rs 1.5 lakh under Section 80C

Taxability on maturity: Interest earned is taxable



Opt for PPF and NPS

PPF is best-suited for those with a low risk appetite. You can open a PPF account with online facilities through some banks, but you will have to submit your application form and KYC proof in person at a branch. Subsequently, you can transfer funds online through your linked savings bank account.

From the next financial year, NPS will offer an additional tax break of up to Rs 50,000. Opening of the account still entails cumbersome paperwork and visits to points of presence authorised by the Pension Funds Regulatory and Development Authority.

Tax benefit: Exemptions up to Rs 1.5 lakh under Section 80C

Taxability on maturity: PPF Exempt; NPS Taxable