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: Central Excise rule to resale the machines to a new company :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: list of goods taxed at 4% :: TDS :: ACCOUNTING STANDARDS :: empanelment :: VAT RATES :: due date for vat payment :: articles on VAT and GST in India :: VAT Audit :: form 3cd :: cpt
 
 
Direct Tax »
 High court judges, experts brainstorm on likely GST litigations
 Businesses need not deduct GST on advances received for goods supply: CBEC
 Redress taxpayers' grievances on priority: CBDT to I-T department
 No tax relief on EPF interest if not employed: ITAT
  CBDT signs 7 more unilateral APAs with taxpayers
 Income tax returns (ITR) filing: Get capital gains tax exemption on new property; here is how
 Reach out to non-filers of GST returns: CBEC to fields offices
 CBDT may shelve plan to seek corporate tax estimates in advance
 IT expertise at banks' board level a must, says RBI ED
 Clarification on Indirect Transfer provisions in case of redemption of share or interest outside India under the Income-tax Act, 1961
 To avoid double-taxation CBDT says no tax at upstream foreign fund if local fund paid already

Assistant Commissioner of Income Tax, Circle-3, Vardaan, Lower Ground floor, MIDC, Wagle Indl. Estate, Thane
November, 21st 2015

Preparing the ground for gradual reduction of corporate tax to 25 per cent from 30 per cent, the Finance Ministry today proposed a roadmap for ending various tax exemptions currently enjoyed by the industry.

According to proposal of Central Board of Direct Taxes (CBDT), sunset clauses with regards to tax exemptions will be renewed and no weighted deduction will be allowed for any specified business activity from April 1, 2017 onwards.

"The provisions having a sunset date will not be modified to advance the sunset date. Similarly, the sunset dates provided in the Act will not be extended.

"In case of tax incentives with no terminal date, a sunset date of March 31, 2017 will be provided either for commencement of the activity or for claim of benefit depending upon the structure of the relevant provisions of the ( Income Tax) Act," the CBDT has proposed.

The sunset clause date of March 31, 2017 will apply on tax exemptions provided for activities concerning infrastructure, special economic zone, commercial production of natural and mineral oil.

Further, CBDT proposed that "profit linked, investment linked and area based deductions will be phased out for both corporate and non-corporate tax payers". The CBDT has invited comments on the proposal in 15 days.

Finance Minister Arun Jaitley had announced in his last Budget speech that the rate of corporate tax will be reduced from 30 per cent to 25 per cent over the next four years along with corresponding phasing out of exemptions and deductions.

This, he had said, was a step towards simplification of tax laws, which is expected to bring about transparency and clarity.

Commenting on the proposal, Amit Maheshwari, Partner, Ashok Maheshwary and Associates said: "Tax reduction would make the headline tax rate competitive vis-a-vis other nations competing for FDI. The tax base is also expected to be widened because of lower tax rate."

It proposes to do away with 100 per cent deduction of capital expenditure on incurred by specified businesses such as laying and operating a cross country natural gas or crude or petroleum oil pipeline network, building hotel, warehousing facility for sugar with effect from April 2017.

The CBDT also proposes to do away with weighted deduction of 150 per cent currently given in case of a cold chain facility, warehousing facility for storage of agricultural produce, an affordable housing project, production of fertiliser with effect from April 2017.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Desktop Application Development Outsourcing Desktop Application Development Offshore Desk

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