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: ARTICLES ON INPUT TAX CREDIT IN VAT :: TDS :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT Audit :: VAT RATES :: Central Excise rule to resale the machines to a new company :: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: due date for vat payment :: cpt :: ACCOUNTING STANDARD
 
 
« News Headlines »
 How to save income tax? Here are 6 investments with tax free income
 10 Top salary deductions that can save tax for you
 What are the tax saving options beyond Section 80C?
 The penalties for not paying tax on time
 How to make your salary tax efficient
 I-T Department may go into overdrive this quarter
 Ways to reduce the TDS deduction from your salary
 4 Tips for choosing who prepares your 2017 Tax Returns
 Processing of income-tax returns under section 143(1) of the Income-tax Act which were filed in Forms ITR-1 to 6 & applicability of section 143(1)(a)(vi)
 Price Waterhouse gets 2-year ban in Satyam case
 How to save income tax under section 80C

Tax sops to units in hill states may go
December, 22nd 2006

The finance ministry is likely to do away with area-based tax concessions in Budget 2007-08. This will jolt Himachal Pradesh and Uttaranchal, which have attracted huge investments to the consternation of neighbours Punjab and Haryana.

A finance ministry official said, With no other means of enhancing revenues, we will need to contain the number of area-based exemptions. Such benefits to industry had cost the exchequer Rs 1,500 crore in 2004-05.

The finance ministry was planning to restrict the number of tax exemptions for Uttaranchal and Himachal Pradesh, which were extended up to 2007-08, while withdrawing several indirect tax sops.

The move would put these two states at par with their neighbours. After the Budget, new units and expansion by existing units in Uttaranchal, Himachal and Kutch in Gujarat would not be eligible for tax breaks.

The Centre was in a bind after Punjab and Haryana sought similar incentives to prevent existing industries in these states from shifting to Himachal and Uttaranchal. They claimed that exemptions had turned Baddi, an industrially-backward area in Himachal, into a pharmaceutical and textile hub, while auto companies now preferred Uttaranchal.

NO FREE LUNCH
Area-based tax benefits cost the govt Rs 1,500 cr in 04-05
Punjab, Haryana sought incentives similar to HP, Uttaranchal
Sops to J&K and the Northeast likely to be retained
 
Even Gujarat and Tamil Nadu wanted the ministry to do away with area-based sops having lost a number of pharma investments in their region to the two hill states.

Industries in the two hill states enjoy a number of sops, including a ten-year excise holiday and 100% income-tax waiver for the first five years. Besides, new units can also avail of a 15% capital investment subsidy on a maximum of Rs 30 lakh.

The government was, however, likely to retain the sops offered by Jammu & Kashmir and the Northeastern states because of their special status. The move to axe area-based exemptions is in line with the ministrys intention to prune tax sops so that deficit targets could be met.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Outsourcing Company Offshore Software Outsourcing Software Outsourcing Company India Offshore Outsourcing Company India Software BPO Software Business Process Outsourcing Software Outsourcing India Offsho

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