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 :: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company :: VAT Audit :: cpt :: list of goods taxed at 4% :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: VAT RATES :: empanelment :: ACCOUNTING STANDARD
« Budget Extravaganza »
 With demonetisation inducing tax compliance will PM Modi cut tax rates in Budget 2017?
 State plan budget utilisation in Odisha
 Maharashtra wants budget advanced to February
 Coastal economic zones may get 10-year tax exemption in next Budget
 Why advancing the Union Budget date may not make much difference
 Govt keen 2017-18 budget should not clash with polls: Arun Jaitley
 Finance Ministry seeks industry suggestions on taxation for Budget
 Budget should focus on fiscal firm up
 Finance ministry keen to present Budget on February 2 or earlier
 Poor railway performance may mar merged Budget
 Cabinet’s formal nod to be sought for Budget on Feb. 1

IT cos will continue in Budget
February, 17th 2010

Minister of State for IT and Telecom Sachin Pilot on Tuesday expressed hope that the exemptions and benefits given to the Indian IT firms would be extended in the upcoming Budget to help them cope with the slowdown.

"It is important that we have a view which will foster investment and create job opportunities. The IT sector has been growing...and so we hope the exemptions and benefits that the IT sector has been getting, there would be some more relief given," Pilot told reporters here.

The sector currently employs about 2.5 million people directly and about eight million indirectly.

"It is expected that another one lakh people would be added this year," Pilot said.

The Indian IT sector was hit by the global financial meltdown and the strengthening dollar pulled it down further.

The industry has been demanding further extension of the sunset clause for deduction in respect of export profits under sections 10A and 10B of the Income Tax Act. This was extended in the last Budget to March 2010.

While IT companies pay a minimum alternative tax of 15 per cent, which was raised by 4 per cent in the last Budget, their effective tax rate is still around 20 per cent. When the STPI scheme ends, this will go up further.

The companies have also been demanding clarity in policy matters, especially SEZ and Direct Tax code.

"There are certianly ambiguities in the direct tax code which is not a budget issue but we have raised it and in case of SEZ, clarification and so on," Tata Consultancy Services Executive Director and Chief Financial Officer S Mahalingam said.

The extension of the tax holiday for a longer period was a good idea for the industry as a whole, added Mahalingam.

According to industry body Nasscom, India's software and BPO exports are expected to grow at an annual 13-15 per cent to touch $56-57 billion.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 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