Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
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: VAT Audit :: articles on VAT and GST in India :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS :: TDS :: VAT RATES :: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT :: form 3cd :: cpt :: empanelment :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4%
News Headlines »
 7 Tax-saving investments for the risk averse
 5 Tax tasks you should complete before March 31
 March 31 deadline nears: Check out these last-minute tax-saving investment options
 How to file income tax returns online without having Form 16 in 10 simple steps
 Deadline For Filing Income Tax Return (ITR) Is Just 11 Days Away: 10 Latest Details To Know
  10 incomes you need not pay any tax on
 How To File Income Tax Returns In Three Steps By March 31, 2018
 10 things about income tax every taxpayer should know
 What to do if your TDS is not deposited with the government
 What if you forget to verify your Income Tax return?
 TDS on rent and other tax tasks to complete before March 31

Panel moots I-T sops for non-residents
April, 03rd 2007

Non-residents should be exempted from all direct taxes irrespective of whether or not India has double taxation avoidance agreement with their home country or not, to make make Mumbai an international financial centre. It has also pitched for zero capital gains regime.

The high powered expert committee set up to advise the government on making Mumbai an international financial centre (IFC) has recommended that taxation of financial services should be confined to resident income and consumption while non-residents should be exempt from all direct taxes.

On the issue of taxation of capital gains, the committee feels that low or zero tax rates would put India on par with many other countries that have set up IFCs to export international financial services (IFS). A symmetric approach for both domestic and foreign investors without creating officially sanctioned loopholes of the kind that exist in Indian tax treaties allowing special tax treatment for investors in Mauritius, Cyprus and Singapore should be created, it says.

Terming transaction taxes such as stamp duties and transfer taxes on capital assets (securities transaction tax) particularly in financial transactions as bad taxes, the report seeks removal of such taxes which give incentive to evade as also distort the tax structure. The committee wants this to be done as part of the unified goods and services tax form.

An enabling fiscal regime for an IFC requires a tax policy that moves rapidly towards a modern income-tax and a modern VAT for universal applicability in India, the report has emphasised. The incidence of a VAT should fall on domestic consumption only.

Detailing the tax implications for Maharashtra and Mumbai with the setting up of IFC, the committee has stated that neither the state nor the city should expect a new revenue base emerging from large trading volumes of IFS in Mumbai, since an elimination of all transaction taxes has been proposed.

The report has pointed out that the additional demand created for goods and services by an IFC in Mumbai would generate a significant amount of additional revenue for the city without having to resort either to directly taxing IFS transactions, or the profits of firms providing or trading in IFS. Further, the city would gain from a bigger revenue stream through property taxes, the report says.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Development Software Programming Software Engineering Custom Software Development Requirement Based Software Development Software Solutions Software Serv

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