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: TDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: form 3cd :: ACCOUNTING STANDARD :: VAT Audit :: ACCOUNTING STANDARDS :: VAT RATES :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: cpt :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: list of goods taxed at 4% :: articles on VAT and GST in India
 
 
Direct Tax »
 GST is a transformational business process reform. All companies will have to change
 GST Council relaxes return filing rules for July-Aug
 Here's how self-employed individual can file tax return with ITR4
 CBDT mulling new system of jurisdiction-free I-T assessment to curb corruption
 CBDT draft notice on computing tax liability of foreign firms
 CBDT forms task force for jurisdiction-free income tax assessment system
 Aadhaar must for filing returns from July 1: CBDT
 Aadhaar mandatory for filing I-T returns and obtaining new PAN card from July 1: CBDT
 Central Board of Direct Taxes cuts profit margin for safe harbour rules
 What is TDS and how does it work?
 Income tax return: Do super senior citizens have to file returns?

For rewriting direct tax code
November, 16th 2009

Federation of Gujarat Industries (FGI) here has supported the demand for rewriting the Direct Tax Code (DTC) and do away with changes suggested in Minimum Alternate Tax proposals as it could spell doom for companies.

Addressing members of FGI, Mukesh Patel, a well known tax expert said that presently MAT is charged on book profits but the direct tax code has suggested it be charged on assets which would mean even loss making companies or those facing liquidation would need to pay the tax.

Patel said the new code would not only shun foreign investment coming into India but also drive away Indian entrepreneurs to greener pastures outside the country.

Patel said that the proposed MAT would hit Gujarat based companies like Sardar Sarovar Narmada Nigam Ltd (SSNL) which may face MAT liability of Rs 640 crore while a company like Adani Power may have to pay Rs 560 crore by way of MAT.

SSNL is a company created for raising funds to implement the ambitious Rs 40,000 crore Sardar Sarovar project which is not making any profit while Adani Power is creating assets for power projects which would materialise after many years, Patel pointed out.

Capital intensive projects, infrastructure ventures, undertakings in gestation period , loss making concerns, sick units, investment companies and even companies under liquidation would be hit hard by the proposed changes in MAT, Patel 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 - We Bring IT. Offshore software outsourcing company. We use Global Delivery Model (GDM) and believe in Follow The Sun principle

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