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 VAT and GST in India :: empanelment :: due date for vat payment :: ACCOUNTING STANDARDS :: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT Audit :: TDS :: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: VAT RATES :: list of goods taxed at 4% :: cpt
 
 
Direct Tax »
 Income tax officers should not threaten taxpayers: CBDT
 Non-payment of TDS by mumbai companies: Showcause notices to over 300 firms
 In some instances, filing of income tax return may not be mandatory
 Best 5 Income Tax-Saving SIP plans in India: How To save taxes by Investing in SIPs under 80C
 Tax refund checks are finally in the mail
 Income Tax dues in advance can be paid at RBI or at authorised bank branches by March 2017
 Why you must be looking beyond tax planning
 I-T dept. to lauch app for paying tax
 CBDT to taxman: Step up TDS survey operations to boost collections
 Tax Officers Asked To File Self-Appraisal Report On E-Assessment
 CBDT to taxman: Step up TDS survey ops to boost collections

Reforms in Direct Tax code
November, 27th 2009

Some suggestions on modifying provisions in the Indian Direct Tax code such as search and seizure and tax on gross assets, and incentivising units in SEZs and EOUs, were presented by the Indian gem and jewellery industry to the Indian Government.

The industry believes that such provisions are pulling back growth from the industry, which has only just begun getting back on its feet after the economic slowdown, reports say.

The search and seizure provision could cause harm, due to the unique characteristics of stock-in-trade, reports say. It may result in loss of exports and defaults in fulfilling order deadlines.

The Gem and Jewellery Export Promotion Council of India (GJEPC) suggested that as stock is purchased on bank loans, the stock should be inventorised and not seized. The recommendation was sent to the Finance Minister, Mr Pranab Mukherjee, and the Commerce Ministry.

The industrys recommendation on the issue of taxes suggested that tax should not be levied based on value of assets of the company, and there should be a provision for credit of tax paid on value of assets to set-off tax payable in subsequent years, reports say.

It also suggested continuation of the tax incentives in SEZ and EOUs and provision of objective parameters to enable rule based determinations of residential status of foreign companies.

The Indian gem and jewellery industry saw a 2 percent increase in exports in September valuing USD 2.56 billion, which was after a long gap of 11 months, reports say.

According to the GJEPC, manufacturing still should a dip of 30 percent; trading is however on the rise.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Website Ranking Website Ranking Company Website Positioning Alexa Ranking Website Promotion Website top 10 ranking website top 10 promotion search engine result promotion Strategic Internet Marketing Website Optimization Website Ranking Factors

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