Leisure, Lifestyle & Wellness
'The Revenant' bags top honours, 'Mad Max...' shines at Oscars
Los Angeles : "The Revenant" had a golden night by taking home the top honours, including a Best Actor gong for Leonardo DiCaprio and Best Director for Alejandro Gonzalez Inarritu, at the 88th Academy Awards. British filmmaker of Indian origin Asif Kapadia won the golden statuette for "Amy", India's Reliance Entertainment-backed "Bridge Of Spies" won one award and Indian actress Priyanka Chopra took to the stage as a presenter.
 
"Spotlight" was named the Best Film at the glitzy Sunday night gala, where "Mad Max: Fury Road" dominated the technical categories.
 
DiCaprio, who had been nominated for the golden statuette four times for his acting earlier, finally broke the jinx this time, and took home his first Academy Award in the Best Actor category for his power-packed performance in "The Revenant". It was also a first for Brie Larson when she won an Oscar in the Best Actress category for her portrayal of a kidnapped girl imprisoned by a psychopath in "Room".
 
George Miller's directorial "Mad Max: Fury Road" won six trophies -- Best Sound Mixing, Best Sound Editing, Best Film Editing, Best Makeup and Hair Styling, Best Production Design and Best Costume Design categories.
 
The Supporting Actor category saw English actor Mark Rylance defeating Sylvester Stallone to win the Academy Award for Steven Spielberg's cold war drama "Bridge of Spies", backed by Indian businessman Anil Ambani-led Reliance Entertainment; and Swedish actress Alicia Vikander won in the same category for women, for her role in "The Danish Girl".
 
The awards ceremony, held at the Dolby Theatre here, was hosted by actor-comedian Chris Rock who tackled the 'lack of diversity' and #OscarsSoWhite controversy, in a light-hearted manner.
 
For India, while Marathi film "Court", the country's official entry for Best Foreign Language Film, did not make it to the final nomination list this year, there were proud moments for the country in abundance.
 
Priyanka Chopra looked stunning in an elegant gown, a creation by Lebanese designer Zuhair Murad. Besides flaunting a perfect red carpet appearance, she exuded confidence as she presented the Oscar in the Best Film Editing category to "Mad Max: Fury Road" along with Hollywood star Liev Schreiber.
 
Also presenting an award at the event was British actor of Indian origin Dev Patel, while London-based filmmaker of Indian origin Asif Kapadia bagged the Best Documentary Feature Oscar for "Amy", based on the life of late singer Amy Winehouse.
 
However, Indian-American Pixar artist Sanjay Patel's animated short "Sanjay's Super Team", which tells the story of an immigrant community and "a family of colour", lost the Oscar to Chilean film "Bear Story".
 
Also, Indian-born British actor Saeed Jaffrey was remembered in the annual "In Memoriam" montage, along with Alan Rickman, David Bowie and Leonard Nimoy.
 
For Pakistan, it was time for celebrations as filmmaker Sharmeen Obaid-Chinoy won the Oscar for Best Documentary-Short Subject for her project based on honour killing titled "A Girl in the River: The Price of Forgiveness". It is her second Oscar win.
 
The night of the glitz and glamour would have been incomplete without soulful music. Sam Smith performed Oscar winning song "Writing's on the Wall" from the James Bond movie "Spectre", The Weeknd getting on the stage to perform Oscar nominated song "Earned it" from "Fifty Shades of Grey" and Lady Gaga calling for an end to rape culture with a rendition of her "Till it happens to you".
 
Other star presenters at the Oscars included Julianne Moore, Reese Witherspoon, Henry Cavill, Russell Crowe and Cate Blanchett.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Luxury cars to become costlier
New Delhi : Union Finance Minister Arun Jaitley here on Monday announced that an additional 1 percent tax will be imposed on cars valued at above Rs.10 lakh.
 
“I also propose to collect tax at source at the rate of 1 percent on purchase of luxury cars exceeding value of Rs.10 lakh,” Jaitley said while presenting the national budget for 2016-17 in the Lok Sabha.
 
“I propose to levy an infrastructure cess, of 1 percent on small petrol, LPG, CNG cars, 2.5 percent on diesel cars of certain capacity and 4 percent on other higher engine capacity vehicles and SUVs,” Jaitle said while expressing the government's concern over pollution and traffic situation in cities.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Budget 2016: How it will affect your personal finances
Tax on PF withdrawals of new contributions, tax deduction of interest on home loans and relief to those who live in rented houses
 
Individuals who contribute to the National Pension System (NPS) scheme will be happy to know that withdrawal up to 40% of the corpus at the time of retirement will be tax exempt. At the time of retirement, NPS subscriber can withdraw 60% of the corpus and invest the remaining 40% in an annuity. Earlier, the entire corpus, which can be withdrawn (60%) was subject to tax. The subscriber can now withdraw 40% of the corpus as tax exempt. The remaining 20% of the corpus, when withdrawn will be subject to tax. These same provisions shall apply to superannuation funds and recognized provident funds, including the employee’s provident fund (EPF). For these schemes, the same norm of 40% of corpus to be tax-free will apply in respect of corpus created out of contributions made on or from 1 April 2016.
 
Employer contribution to PF restricted to Rs1.5 lakh
Contributions made by employer to the credit of an employee participating in a recognised provident fund, which are in excess of 12% of the salary of the employee, are liable to tax in the hands of the employee. However, there is no monetary limit for the contribution made by the employer, though there is a monetary ceiling for employee's contribution (Rs1.50 lakh). Therefore, in order to bring parity in the monetary limit for contribution by the employer and the employee, employer contribution under pension schemes will now be limited to Rs1.50 lakh, without attracting tax. Contributions above Rs1.50 lakh will attract tax.
 
Affordable home: Additional deduction on interest
With a view to incentivise affordable housing sector, there will be a deduction for additional interest of Rs50,000 per annum for loans up to Rs35 lakh sanctioned in 2016-17 for first time home buyers, where house cost does not exceed Rs50 lakh. This will be over and above the Rs2 lakh limit provided for a self-occupied property under section 24 of the Income Tax Act.
 
Rebate increase for individuals earning less than Rs5 lakh
With the objective to provide relief to resident individuals in the lower income slab, it is proposed to amend section 87A so as to increase the maximum amount of rebate, for individuals with income up to Rs5 lakh, to Rs5,000 from existing Rs2,000. To provide relief to those who live in rented houses, the limit of deduction of rent paid under section 80GG from Rs24,000 per annum to Rs60,000.
 
Below are the highlights of how the budget will affect your personal finances:
  1. Additional tax at the rate of 10% of gross amount of dividend will be payable by the recipients receiving dividend in excess of Rs10 lakh per annum
  2. Surcharge to be raised from 12% to 15% on persons, other than companies, firms and cooperative societies having income above Rs1 crore.
  3. Deduction for additional interest of Rs50,000 per annum for loans up to Rs35 lakh sanctioned in 2016-17 for first time home buyers, where house cost does not exceed Rs50 lakh
  4. Increase in time period to five years from three years for acquisition or construction of self-occupied house property for claiming deduction of interest u/s 24
  5. Any redemption of Sovereign Gold Bond, by an individual shall not be treated as transfer and therefore shall be exempt from tax on capital gains. It is also proposed to amend section 48 of the Income-tax Act, so as to provide indexation benefits to long terms capital gains arising on transfer of Sovereign Gold Bond
  6. Extension of tax provision provided in case of mutual fund plan mergers. Any transfer by a unit holder in to the consolidated scheme of the mutual fund is not chargeable to tax.
  7. Increase the limit of deduction of rent paid under section 80GG from Rs24,000 per annum to Rs60,000, to provide relief to those who live in rented houses.
  8. Interest on Deposit Certificates issued under the Gold Monetisation Scheme, shall be exempt from income-tax
  9. Raise the ceiling of tax rebate under section 87A from Rs2,000 to Rs5,000 to lessen tax burden on individuals with income up to Rs5 lakh
  10. Domestic taxpayers can declare undisclosed income or such income represented in the form of any asset by paying tax at 30%, and surcharge at 7.5% and penalty at 7.5%, which is a total of 45% of the undisclosed income. Declarants will have immunity from prosecution
  11. Withdrawal up to 40% of the corpus at the time of retirement to be tax exempt in the case of National Pension Scheme (NPS). Annuity fund which goes to legal heir will not be taxable. In case of superannuation funds and recognized provident funds, including EPF, the same norm of 40% of corpus to be tax free will apply in respect of corpus created out of contributions made on or from 1 April 2016.
  12. Government will pay contribution of 8.33% for of all new employees enrolling in EPFO for the first three years of their employment
  13. Reduce service tax on Single premium Annuity (Insurance) Policies from 3.5% to 1.4% of the premium paid in certain cases
  14. Krishi Kalyan Cess, @ 0.5% on all taxable services, w.e.f. 1 June 2016
  15. Infrastructure cess, of 1% on small petrol, LPG, CNG cars, 2.5% on diesel cars of certain capacity and 4% on other higher engine capacity vehicles and SUVs
  16. Excise duties on various tobacco products other than beedi raised by about 10 to 15%

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COMMENTS

Sunil Aggarwal

1 year ago

With so many taxes and restrictions on EPF and PPF, it is best to go for equity which is spared as of now.

Sudheer M

1 year ago

FM has silently increased the service tax by another 50 basis points by introducing Krishi Kalyan Cess. So, now the service tax is 15% w.e.f 01st June 2016.
Indirectly, the common man suffers due to all these cess. The money collected specifically for a purpose, be it Swachh Bharat or Krishi Kalyan, we have the right to know how much is collected and how it is spent.

Mr FM and Mr PM, I am disappointed with this budget.

MG Warrier

1 year ago

With reference to “Withdrawal up to 40% of the corpus at the time of retirement to be tax exempt in the case of National Pension Scheme (NPS). Annuity fund which goes to legal heir will not be taxable. In case of superannuation funds and recognized provident funds, including EPF, the same norm of 40% of corpus to be tax free will apply in respect of corpus created out of contributions made on or from 1 April 2016.”
This is a pathetic effort to market NPS. NPS suffers from several uncertainties and deficiencies (Ref; Chapter 10.3 of VII CPC Report) and best way to save it from causing further damage to those who have been forced to become part of the scheme is to merge NPS with the pension scheme administered by EPFO. Here, just because a scheme(NPS) has been introduced to deny the benefits of Defined Benefit Pension Scheme/s to ‘future’ employees, features of other retirement plans are being disturbed to make NPS attractive in comparison.

Dr Anantha K Ramdas

1 year ago

The FM forgot a few important things based on the oft spoken "Make in India" theme: it would have made sense to either impose substantial duty on radial and other vehicle tyres that are imported from China and made it mandatory for Indian manufacturers to make them here at home.

In a similar fashion, he ought to have ensured some taxation benefit to iron ore miners in the country provided they supplied these to Indian manufacturers of steel and other related products so as to encourage domestic production. He ought to have similarly imposed high duty on steel imports.

Sorry, FM, it is a disappointing budget!

Dr Anantha K Ramdas

1 year ago

The FM forgot a few important things based on the oft spoken "Make in India" theme: it would have made sense to either impose substantial duty on radial and other vehicle tyres that are imported from China and made it mandatory for Indian manufacturers to make them here at home.

In a similar fashion, he ought to have ensured some taxation benefit to iron ore miners in the country provided they supplied these to Indian manufacturers of steel and other related products so as to encourage domestic production. He ought to have similarly imposed high duty on steel imports.

Sorry, FM, it is a disappointing budget!

Anand Vaidya

1 year ago

Does the 40% tax upon withdrawal apply to PPF also? Please clarify

REPLY

Balwant Jain

In Reply to Anand Vaidya 1 year ago

not yet

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