Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: empanelment :: ACCOUNTING STANDARD :: TDS :: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: cpt :: due date for vat payment :: ACCOUNTING STANDARDS :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT :: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
 
 
News Headlines »
 India is second most complex tax jurisdiction
 How to link your Aadhaar and PAN details to file income-tax returns
 How to calculate capital gains tax on property sold at less than stamp value?
 Return Filing - Under GST, this is how you will file tax returns from July 1
 Income tax filing FAQs part 1
 Filing Income Tax Returns? Things To Keep In Mind As Deadline Approaches
 Filing of online return for 4th quarter of 2016-17- extension of period thereof.
 New tax accounting standards may reduce leeway for infrastructure companies
 GST – CONCEPT & STATUS – As on 01st May, 2017
 Govt extends VAT deadline, relief for developers
 Income Tax Appellate Tribunal Rules, 2017

Commerce dept to bat for sops in tax code
October, 20th 2009

The commerce department has decided to ask the finance ministry that the proposed direct taxes code retain the tax benefits available to the units located in special economic zones (SEZs), as it fears changes in the tax regime for SEZs could affect the flow of investments to these zones.

The draft tax code, which seeks to simplify and rationalise the direct tax structure, has proposed a flat 25% tax on corporate profits against the current 34%, including various cesses, but in exchange has suggested all exemptions be withdrawn.

The units located in SEZs enjoy tax rebate under section 10AA. SEZ units are entitled to 100% tax exemption on export profits in the first five years of operation.

For the next five years, units can enjoy 50% exemption while in the following five years, units get up to 50% exemption on reinvested profits. SEZ developers, on the other hand, get 100% tax exemption on profits for any ten years in a block of the first 15 years.

The draft direct tax code has not clarified in what manner SEZ units will be given incentives. The commerce department has decided to insist that for SEZ units, section 10AA of the income tax act should continue to be applied, a commerce department official, who did not wish to be identified, told ET.

The SEZs have attracted more than Rs 1,00,000 crore since the SEZ rules were enacted in February 2006. For SEZ developers, however, the going may be tougher as the draft tax code has clearly specified that tax relief will be limited to the recovery of capital and revenue expenditure of developers.

We are also going to express our unhappiness with the provisions in the tax code for developers and ask them to change it. We are in consultations with the industry and would soon come up with our proposal, he said.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Team

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions