Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: ACCOUNTING STANDARDS :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: list of goods taxed at 4% :: VAT RATES :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: form 3cd :: empanelment :: articles on VAT and GST in India :: cpt :: TDS :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4%
 
 
« News Headlines »
 Infosys to configure GST network for filing returns
 Save income tax through mutual fund investment. All you need to know
 Income tax returns (ITR): On sale of property, here is what you should know
 Section 35 of the Income-tax Act?
 Notification regarding extension of last date w.r.t submission of closing stock by dealer.
 Integrated Goods and Services Tax (IGST) Rules, 2017 (As on 15.11.2017)
 Central Goods and Services Tax (CGST) Rules,2017 (As on 15.11.2017)
  101st Constitution Amendment Act, 2016
 Pr. Commissioner Of Income Tax-6 Vs. Mccain Foods India Pvt. Ltd.
 Section 10 of the Income-tax Act, 1961
 Income tax returns filing: No tax on gift received from relatives in form of cash

Assocham seeks tax sop for cos holding 40% in overseas firms
November, 11th 2006

India Incs global acquisition drive has now started reflecting in the pre-Budget demands of industry bodies. Assocham, which has submitted its set of pre-budget memorandum for the upcoming Budget, has called for a specific tax concession in cases where the shareholding of the Indian company is more than 40% in the overseas company.

The demand is with respect to income tax treatment of dividend which may accrue to the Indian company from the acquired international entity. The idea being that it would not only increase the remittance of foreign exchange earnings but will also encourage companies to choose India as their international headquarters.

While taking note of the fact that the corporate tax rate was reduced last year from 35% to 30%, Assocham has suggested that the surcharge which was increased from 2.5% to 10% be reduced back to the original level. It has also suggested that the fringe benefit tax be abolished and to make it a revenue neutral measure the corporate tax rate may be increased back to 35%.

Some of the other measures with respect to direct taxes recommended by Assocham include reduction of MAT rate to 7.5% from 10%; extension of the scope of the zero long term capital gains tax to cases like buybacks, open offer etc; expansion in the definition of relative for the purpose of gift tax, etc.

In its pre-budget memorandum Assocham has also called for phasing out CST (Central Sales Tax) two years from now arguing that it is inconsistent with VAT (Value Added Tax) regime. The chamber has suggested lowering of CST further to 2% and has recommended uniformity in VAT across all the states.

With a view to prevent cascading effects of multiple taxes at different stages of production the industry body has also recommended replacement of current central and state taxes by a single GST (Goods and Services Tax) regime.

As part of its recommendations for indirect taxes, Assocham has called for reduction in excise duty rate on various manufactured goods from the current level of 16% to 14%. It has also suggested reduction in excise duty on telecom, cars, and tyre & tube products and increase in excise duty abatement on pharmaceutical products to 45%.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Organic SEO Outsourcing Organic Search Engine Optimization Outsourcing Organic Website SEO Organic SEO India Website SEO India Organic Search Engine Optimization India Organic Internet SEO India Organic Web

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