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: list of goods taxed at 4% :: TDS :: due date for vat payment :: VAT Audit :: VAT RATES :: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT :: cpt :: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: Central Excise rule to resale the machines to a new company :: form 3cd :: articles on VAT and GST in India :: TAX RATES - GOODS TAXABLE @ 4%
Direct Tax »
  CBDT issues second round of Certificates of Appreciation to tax payers for their contribution towards Nation building
 CBDT unveils norms for computing FMV of trust assets
 CBDT starts issuing second round of Certificates of Appreciation to tax payers
 Income Tax Department Launches SMS Alert Service on TDS Deductions
 Salaried taxpayers to get SMS alerts for TDS deductions
 Salaried tax payers to get SMS alerts on TDS deductions
 Mumbai zone direct tax collection flat in H1 FY17
 CBDT issues final rules for taxing share buy back by companies
 CBDT issues final rules for taxing share-buyback
 The direct tax collections up to September, 2016 are at Rs. 3.27 lakh crore which is 8.95% more than the net collections for the corresponding period last year.
 IDS is tremendous success: CBDT chief Rani Singh Nair

New direct taxes code likely to hit PFC ops
October, 29th 2009

The new direct taxes code (DTC) is expected to hit hard the state-run Power Finance Corporation (PFC) whose cumulative sanctions crossed Rs 2 lakh crore and disbursements Rs 1 lakh crore in the fast changing Indian power sector.

PFC in its presentation to the Centre argued that provision of minimum alternative tax (MAT), withdrawal of tax exemption under special reserve, under reserve for bad debts and introduction of long-term capital gains tax would severely impact its operations and the power sector in general. Besides, over-riding provisions of double taxation treaty may increase withholding tax on interest payments on ECBs.

PFC official told FE, Implication of MAT on power projects will be quite severe as it may affect cashflow of the borrowers and consequently loan servicing ability of borrowers. The centre also needs to reconsider provisions of restricting benefit of tax exemption for infrastructure companies under section 80 (IA) and shifting the benefit of depreciation on financial lease assets from lessor to lessee."

The official informed that PFC has already taken up the matter with the power ministry and hoped that the centre may review these provisions including MAT and over riding provision of double taxation treaty agreements.

PFC, which had not gone for foreign currency loan for last two years due to economic downturn and other adverse factors, plans to raise $300 million through bond issue or syndicated loans. PFC fears that the over riding provisions of double taxation treaty may increase withholding tax on interest payments on its proposed foreign currency loan.

Mumbai-based analyst said PFC's concern is to be seen in context with the requirement of funds of over Rs 11 lakh crore in 12th plan for capacity addition of over 80,000 mw and the related transmission and distribution projects.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Achievements

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