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: form 3cd :: TDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: list of goods taxed at 4% :: articles on VAT and GST in India :: due date for vat payment :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: VAT RATES :: cpt :: VAT Audit :: Central Excise rule to resale the machines to a new company
 
 
News Headlines »
 Invoking Writ Jurisdiction For Income Tax Matters
 How to file income-tax returns online
 How Income Tax Returns Are Scrutinised
 All About New Income Disclosure Scheme to make Demonetisation successful
 Your deposit may draw income tax notice
 Accepting payment under IDS 2016
 New disclosure scheme could see 50% tax and 4-year limit on cash use for unaccounted deposits
 Pay 50% tax on unaccounted deposits, or 85% if caught, says Modi government
 Deadline to pay property tax in old currency extended
 Cabinet clears amendments to Income Tax Act
 Have you got interest on your income tax refund?

Aviation sector to seek fuel tax rationalisation
January, 15th 2008

The wish list of the domestic aviation sector from the Union Budget 2008-09 would be communicated to the Ministry of Finance on January 16 at a meeting the Minister for Civil Aviation, Mr Praful Patel, would have with the Finance Minister, Mr P. Chidambaram.

Official sources said that the issue of rationalising taxes and duties on aviation turbine fuel (ATF) and providing income tax relief by extending the benefits of carry-forward and set off accumulated losses and unabsorbed depreciation to private sector airlines going in for merger or acquisition would be the key issues to be raised.

Domestic airlines pay 70-90 per cent more than what is charged in international airports around the world. This is a major burden as ATF constitutes 40-45 per cent of the operating cost of domestic airlines. With the global increase in fuel prices any rationalisation of taxes would help the industry, an official said.

I-T benefits

In addition, private sector airlines would look at getting the benefits of Section 72-A of the Income Tax Act so that the accumulated losses and unabsorbed depreciation of the amalgamating company or companies will be set off against the profit of the amalgamated company. Such a move would help the Kingfisher Airlines buy out of Air Deccan as also the merger of Jet Airways and Air Sahara.

During Budget 2007-08, the Finance Minister had amended provisions Section 72-A of the Income Tax Act, thereby facilitating the merger of Air India and Indian.

Industry will also be looking at whether the Budget would remove the service tax on first and business class international air tickets.

Sources said that the imposition of the service tax would affect chances of India becoming a global aviation hub as passengers would prefer to transit through neighbouring airports rather than bear additional costs for travelling to Indian airports.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Quality Assurance Services Testing and Re-testing

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