Latest Expert Exchange Queries

Make 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) | 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 :: due date for vat payment :: cpt :: VAT Audit :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: TDS :: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: VAT RATES
 
 
News Headlines »
 Income-tax (21st Amendment) Rules, 2017
 Deadline for filing income tax return nears; here are 10 common mistakes that you must avoid
 All you need to know about form 26AS
 How to file income tax return?
 7 changes that affect income tax return filing this year
 How To File Income Tax Return (ITR) Online For FY2016-17? Last Date July 31
 Last date for filing income tax return approaches: What is Form 26AS? How it can help you claim refunds
 Income Tax department to launch mobile app to make life easy for taxpayers
 6 things to remember while filing your income tax return
 Want to save on tax? Here are deductions you can use while filing ITR
 July 31 Is Last Date For Filing Tax Return. Why Form 26AS Has To Be Checked

Centre may grant tax sops to energy sector
November, 01st 2006
The government is considering granting tax incentives to the oil and gas sector. Some of the incentives under consideration include a 10-year tax holiday under Section 80 IA of the Income-Tax Act for gas pipelines, storage terminals and other related facilities for transportation and storage of petroleum products. 
 
The demand was raised at a recent meeting of Assocham with revenue department officials. 
 
The contention of the industry is that gas pipelines and associated infrastructure are important to ensure quick and timely distribution of petroleum products. 
 
Industry sources said there are indications that the notification granting tax breaks to the oil and gas sector may be issued soon. 
 
Meanwhile, FICCI has, in its pre-budget wish list, sought inclusion of petrol and petroleum under the value added tax (VAT) regime with uniform VAT rate across all states. 
 
The maximum VAT rate should not be over 12.5 per cent and the difference among states should not be more than 4 to 5 per cent, the Chamber has said. 
 
The chamber has also demanded that declared goods status should be granted to liquid natural gas (LNG). LNG competes with coal which enjoys declared goods status, therefore attracting a maximum of 4 per cent sales tax. 
 
Non-conventional energy could receive a boost in the Budget for the next financial year with incentives expected for the hydrocarbon sector related to exploration, extraction and production of mineral oils. 
 
Under sub-section (9) of Section 80-IB, tax holiday is provided to an undertaking in the hydrocarbon sector which begins commercial production or refining of mineral oil equal to 100 per cent of the profits for 7 consecutive years including the initial assessment year. 
 
However, in the initial few years there is hardly any profit to take advantage of the tax holiday. 
 
FICCI has urged the government to give undertakings the option of claiming tax holiday for seven consecutive years at any time during the first 15 years after the commencement of commercial production. 
 
Industry bodies have also demanded that weighted deduction of the actual expenses incurred by the assessee in drilling and exploration activities should be raised to 150 per cent from 100 per cent at present.
 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Careers

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