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: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: list of goods taxed at 4% :: form 3cd :: cpt :: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: VAT RATES :: empanelment :: articles on VAT and GST in India :: Central Excise rule to resale the machines to a new company :: TDS
 
 
General »
 While filing tax in India, NRIs do not have to report overseas assets
  Clarification regarding applicability of Section 16 (1)(a) of the Companies Act. 2013 with reference to cases under corresponding provisions of Companies Act. 1956 -reg.
 SH. VISHWA NATH GUPTA Vs. PRINCIPAL COMMISSIONER OF INCOME TAX CENTRAL, KANPUR AND ANR.
 No tax scrutiny of big transaction if it matches income
 Clarification regarding applicability of Section 16 (1)(a) of the Companies Act. 2013 with reference to cases under corresponding provisions of Companies Act. 1956 -reg.
  Home loan tax reliefs often missed by taxpayers
 Income tax department launches online facility for linking Aadhaar and PAN
 Home loan tax reliefs often missed by taxpayers
 Tax headache in India is a bonanza for global accounting firms
 Activities To Be Treated As Supply Even If Made Without Consideration Under CGST ACT
  Haryana Goods and Services Tax Bill passed

Commerce min meets SEZs prior to tax
October, 13th 2009

The commerce department is holding consultations with SEZ developers and units on the proposed direct tax code drafted by the revenue department in order to recommend suitable changes to the finance ministry.

The department has already written to the finance ministry pointing out that the provisions for SEZs in the draft code, which would lead to a curtailment of tax exemption that is enjoyed by SEZs, goes against the SEZ Act.

Speaking to ET, a commerce department official, who did not wish to be named, pointed out that consultations with individual developers and units and councils such as the export promotion council for EoUs and SEZs had started.

When we get all required inputs, we will begin our discussions with the finance ministry on the changes that the commerce department wants in the draft direct tax code, the official said.

As per the provisions of the draft DTC, tax benefits on profits to be enjoyed by a developer of an SEZ will only be limited to the recovery of capital and revenue expenditure incurred by the developer (not including the expenditure on land).

Under the SEZ Act, SEZ developers are entitled to 100% tax exemption on profits for 10 years in a block of the first 15 years of operation of the SEZ. SEZ units, on the other hand, are entitled to 100% tax exemption on export profits in the first five years of operation. They are eligible for 50% exemption on export profits for the next five years while for the following five years, units get up to 50% exemption on reinvested profits.

As per the proposal, in case of SEZ units, too, profit-linked incentive would be substituted by a new scheme. In the case of SEZ units, if the substitute scheme is to our liking, then there would be no problems. We will try our best to ensure that units continue to get the exemptions that they get under the present SEZ rules and Act, the official said. The tax proposals for developers, however, need an over-haul.

We are still examining which sectors would be most affected by the new proposed dispensation. We will have a clearer understanding of the situation after our consultations with stakeholders, the official added.

The proposed direct tax code aims to simplify and rationalise the direct tax structure by doing away with exemptions and reducing tax rates. The government will finalise the tax code after extensive discussions with all ministries and departments, the industry and the public.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
SEO Company Search Engine Optimization Company US SEO Local SEO Company Website SEO Company Alabama SEO Company Alaska SEO Company Arizona SEO Company Arkansas SEO Company California SEO Company Colorado SEO Company Connecticut SEO Company Delawa

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