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: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT :: form 3cd :: due date for vat payment :: empanelment :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS :: Central Excise rule to resale the machines to a new company :: VAT RATES :: list of goods taxed at 4% :: VAT Audit :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: TDS
 
 
Direct Tax »
 CBDT denies data inconsistency over new taxpayers after note ban
 No inconsistency in number of tax payers: CBDT
 India will benefit from growing tax revenue in FY2018
 I-T plans to pursue property-holders who have never filed income tax returns
 Direct Tax Collections up to July, 2017 show Growth
 How True is CBDT’s Claim of Record New Tax Filers?
 Five Questions for Republican Tax Reformers
 CBDT signs nine UAPAs with Indian taxpayers
 Made a mistake in your tax return? Here's how to correct it
 6 ways to verify your income tax return
 Businesses can file returns, pay taxes for July on GSTN portal

Direct Tax: Need for Introduction of Technological Upgradation Allowance in the upcoming Budget 2013-14
February, 26th 2013

Need for Introduction of Technological Up-gradation Allowance in the upcoming Budget 2013-14 The total income of a company is computed in the manner in which the income of any individual is computed. The first and foremost step in this direction is to ascertain the gross total income.

Income is computed under four heads i.e., income from house property, profits and gains from business or profession, capital gains, and income from other sources is aggregated. From the gross total income that is computed, various deductions are allowed under the Income Tax Act, 1961.

In the era of fast changing technology, corporates have to upgrade their technologies to minimize their manufacturing cost with a view to achieving competitive edge, which is absolutely necessary for the survival.

Need for giving a much-needed boost to jack up investment in the sagging manufacturing sector. Sectors such as drugs and biotechnology, identified as having strong potential for growth and other strategic sectors like capital goods, engineering, electronics etc require huge amount of money for research and development. Therefore there is an acute need for introduction of allowance for technology upgradation.

Department of Information Technology (DIT) is responsible for formulation, implementation and review of national policies for promotion of usage of Electronics and Information Technology in the country.

The vision and mission for IT sector should be e-Development of India through a multi-pronged strategy of e-Infrastructure creation to facilitate and fast-track e-Governance, Promotion of Electronics Hardware Manufacturing and Information Technology-Information Technology enabled Services (IT-ITeS) industry, providing support for creation of innovation/ research & development (R&D), building knowledge network and securing India's cyber space.

Recommendations:

In this perspective, technological upgradation allowance should also be introduced whereby a Company is permitted to set apart a certain percentage, say, 5-7 percent of their profits, by way of deduction in the computation of taxable profits, to be exclusively used for upgrading their

 
 
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