Export more to quality-seeking nations: Tea Board
Indian tea exporters would get greater value realization, if they concentrate on exporting to those countries which prefer high quality tea, the Tea Board said Thursday. "The overall consumer trend is moving towards high quality tea as people have now become quality conscious and are willing to pay more for high quality tea," Tea Board Chairman M.G.V.K. Bhanu said here."Moreover, we will get greater value realisation if we concentrate on exporting to those countries which prefer high quality tea,"Bhanu said.He was presiding over an interactive session with exporters to address their concerns and to chalk out the way forward for the tea industry's export strategy. According to him, presently world tea prices in black tea segment were being governed by Russia and the CIS countries, but in the next 15 to 20 years black tea prices would be governed by the US. Bhanu stressed on the importance of the 5 focus countries - Russia, Iran, Kazakhstan, Egypt & the US.
REAL ESTATE NEWS
Property sellers without PAN face 20% tax hit
Those selling immovable property without disclosing their permanent account number ( PAN) are in for a tough time with the government mandating a 20% tax deduction at source (TDS)in such transactions.The new rules that came into effect from Saturday require buyers of immovable property, other than agricultural land, to pay TDS of 1% of the deal size for transactions in excess of Rs 50 lakh. The proposal, which was announced in the Budget, was notified on Friday, income tax department officials said. The move is part of the government's drive to clamp down on black money in the system, with real estate transactions seen as a major source of generation of black money. While the rules would result in a check on the "white" component of the transaction, as often sellers insist that a large part of the consideration be paid in cash to skirt the capital gains tax. In many cases, where the seller has undisclosed income, cash comes into play and the share can be as high as 50%. The deal size is also underreported to avoid stamp duty. The I-T department is hoping that through the latest measure, at least some part of the cash economy would come under check, although it already has information of prop. transactions above Rs 30 lakh.The rules notified on Friday require all buyers to deposit the 1% TDS electronically on the I-T department's website by filling a form online . Those without access to the online system can fill up the form and make the payment at an authorized bank branch.