Friday, February 26, 2010

UNION BUDGET-what it brings, take a look!!

Highlights
  • To waive excise duty on solar panels
  • Opposition walks out of Parliament over petrol price hike
  • Petrol prices to go up
  • Fresh services to be brought under service tax
  • Service tax to GDP ratio 1%
  • Service tax to result in net revenue gain of Rs 3000 cr
  • Customs duty on silver at Rs 1500/kg
  • Custom duty on gold to be reduced
  • Mobile phones to be cheaper
  • No capital gains tax on conversion of a business entity into Limited Liability Partnership
  • To encourage manufacture of accessories such as battery chargers and hands-free sets, the concessions will be extended the mobile phone sector
  • 5% customs duty on crude petroleum back
  • Peak customs duty unchanged at 10%
  • FM raises central excise duty on all non-petroleum products from 8 to 10 per cent
  • Revenue loss of Rs 26,000 crore on direct tax proposals.
  • Taxes
    • More services to be brought under service tax net
    • Service tax to result in net revenue gain of Rs 3000cr
    • Customs duty on gold to be reduced; silver at Rs 1500/kg
    • Uniform concessional duty of 5% on all medical appliances
    • Rationalising of customs on gaming software
    • Custom duty of one of the key component of microwave oven reduced
    • Peak customs duty unchanged at 10%
    • Custom duty for importing of duplication of prints of films revised
    • No capital gains tax on conversion of a business entity into Limited Liability Partnership
    • Businesses up to Rs 60 lakh and professionals up to Rs 15 lakh to be exempted from auditing obligations
    • Nominal duty of 4% electric cars
    • Partial rollback of excise duty on cement, cement products, large cars
    • To levy excise duty of Re 1/litre on petrol
    • R&D Corp Tax break up to 200%
    • Uniform Direct Tax receipts to fall by Rs 56,000 cr
    • Pilot project for tax grievances extended to 4 cities
    • Direct tax scheme to result in revenue loss of Rs 26,000cr
    • Corporate tax surcharge down from 10 to 7.5%
    • Rs 20,000 additional tax break for infra bonds
    • Corp Min Alternate Tax up from 15 to 18%
    • New tax rates would offer relief to 60 per cent of tax-payers
    • Direct tax slabs: income upto 1.6 lakh = nil, 1.6-5 lakh = 10%, 5-8 lakh = 20%,
    • above 8 lakh = 30%
    • Centralized Tax Centre at Bengaluru fully functional
    • Gross tax receipts Rs 7.46 lakh crore
    • Deferment of goods & service tax negative for corporates in FY10-11
    • Direct tax to be implemented from April 1, 2011
    • Simple tax system with minimum exemptions near completion
    Markets

    • Realty stock gain after tax sops for developers
    • Nifty up 100 pts
    • Sensex surges over 350 pts on direct tax sops
    • BSE real estate index extends gains to 3% on sops to developers
    • 12.30am: Markets responds positively, Sensex up 300 pts
    • Banking stocks up, react to banking expansion plans
    • Markets up by 100 points
    • Fertilizer stocks up, react to reduction of subsidy
    • 11.30am: BSE Sensex, Nifty up by 0.5%
    • Markets react positively to Pranab speech
    • 9am: BSE Sensex at 16,296.59, 0.26%
    • 9am: NSE index at 4,880.55 0.4%
    Prices
    • Gold gets cheaper
    • Petrol, Diesel to be expensive
    • Mobile phones to be cheaper
    • Large cars, SUVs to cost more
    • Petro products, cigarettes to be expensive
    • Fertilisers to be costlier after the reduction in subsidy
    • High fuel prices added to inflation: Pranab
    • Pranab Mukherjee said the govt would initiate action to bridge the gap between wholesale and retail prices.
    • Govt promises to tackle food inflation in budget
    • Calls for fiscal discipline have gained urgency as inflation is forecast by some economists to reach 10 percent in coming weeks as high food prices fuel broader inflation expectations.

    Monday, February 15, 2010

    MY NAME IS KHAN-m not a terrorist.

    He repairs almost anything, including irreparably damaged relationships. But this film about damaged lives needs no repairing. My Name Is Khan is a flawless work, as perfect in content, tone and treatment as any film can get. The ‘message' of humanism doesn't comes across in long pedantic speeches.

    The film's longest monologue has our damaged but exceptionally coherent hero Rizwan telling a congregation of Black American church-goers about his dead son.

    And if that moment moves us to tears it's because the emotions are neither manipulative nor flamboyant.It isn't because Rizwan's son Sameer perished in a racial attack.

    It isn't even because Shah Rukh Khan delivers his life's best performance in that moment of reckoning. Rizwan's heartfelt rhetorics are not about changing the world with words. Born with a physical disability this is a man on the move. And boy, does he move!

    In what is possibly the most touching testament on film to the spirit of world peace and humanism (lofty ideals to achieve in the massy-masala format but see how pitch-perfect Johar gets it) Rizwan takes off on a picaresque journey to meet the US President with a message that initially strikes us as being too naïve for reiteration.

    But look closer. Some of life's basic values have been lost in recent times. Writer Shibani Bathija's seamless screenplay, arguably the best piece of writing since Rakeysh Mehra's Rang De Basanti, recovers that long -lost message of loving your fellow humanbeing unconditionally without getting trite around the edges.

    First and foremost My Name Is Khan is a wonderful story told with a flair and flourish that leave a lingering impact on the viewer.

    Almost every frame is composed with a mix of mind and heart creating an irresistible progression of moments so tender and forcible we're simply swept away in the tides of the tale about a very special man who undertakes a very special journey.

    My Names Is Khan opens with Rizwan boarding an American flight being frisked after a suspicious co-passenger hears him chanting religious passages.

    Before we begin to suspect this to be one more film on the persecution of the innocent Muslim, Karan Johar doing a smart and slick spin away from his trademark content and style, takes his hero on a journey that crosses several emotional, political and geographical borders before stopping with breathless integrity to say, life doesn't go on…it changes colours and textures with the moral values that the individual chooses to confer on the life given to him.

    Superbly scripted by Bathija with pithy outstanding dialogues by Niranjan Iyenger, the film is edited by Deepa Bhatia with just that much amount of time allotted to the character's and their thought processes to make them appear warm humane and tangible without over-punctuating their presence.

    To take one example, when Rizwan brother (Jimmy Shergil, making the best of his brief but comprehensive role) quietly tells his lovely wife (Sonia Jehan) to not wear her veil to work in the US because God would understand, the scene with beautiful economy conveys the couple's mutual empathy and determination to override the hatred outside their home.

    Karan Johar always a master of overstatement, for once holds back. The silences in My Name Is Khan often speak far more eloquently than the spoken words.The relationships that the inarticulate Rizwan forms during the course of his life from child to husband to father to a political individual are contoured with a luminous lack of laboriousness.

    Whether it's young Rizwan (played sensitively by Tanay Cheda) and his mother (Zarina Wahab, memorable in her brief appearance) or much later, Rizvan and his step-son (brilliant young discovery Yuvaan Makar) the traditional relationships are done-up in striking but subtle shades.

    We look at every moment in the film (even the clumsily-done flood sequences) as special because they are part of vision that goes far beyond the real of hop-in-hop-out entertainment.

    The director swerves out of his comfort zone without the sound of screechy wheels. Karan Johar's unconventional take on modern marital mores in Kabhi Alvida Na Kehna faltered due to over-statement.

    In Khan he doesn't try hard. The characters and their predicament as America gets increasingly suspicious and hostile about the Muslim presence, are portrayed with a lightness of touch that lights up almost every sequence.

    Then there is Kajol to provide the kind of natural light to every frame that no amount of artificial light can supplement. As Rizwan's Hindu wife Mandira with a smart intelligent son she has a distinctly secondary role to Shah Rukh Khan. She leaves a lasting impact as a divorcee and later an angry wife and grieving mother, as only Kajol can.

    The narration is carpeted with virtues, both invisible and visible. Ravi K Chandran's cinematography captures the incandescent soul of the pure-hearted protagonist as effectively as the stubbornly unbroken spirit of unknown passersby on the streets of America.

    Rizwan, we are told, is petrified of the yellow colour.The offending colour recurs with just a hint of insistence. Rizwan wears shocking pink because he hears Mandira's buddy (Navneet Nishan) say it suits her.

    He proposes marriage and sex (in that order) at the most inopportune moments. He suggests Mandira have her dinner when she's traumatized by grief. He wears his dead son's shoes as he takes off to meet the President.Rizwan moves by his clock. But his tale is timeless.

    Shah Rukh Khan doesn't PLAY Rizwan. He becomes one with the character's subconscious, portraying the man and his spirit with strokes of an invisible paintbrush until what we see is what we cannot forget. Undoubtedly this is Shah Rukh's best performance ever.

    This is no ordinary hero. And My Name Is Khan is no ordinary film. Long after the wary-of-physical-touch Rizwan has finally shaken hands with President Obama, long after the heat and dust of racial and communal hatred has settled down the core of humanism that the film secretes stays with you.

    Yes, we finally know what they mean by a feelgood film.