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: Central Excise rule to resale the machines to a new company :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: articles on VAT and GST in India :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment :: list of goods taxed at 4% :: cpt :: empanelment :: form 3cd :: TDS :: ACCOUNTING STANDARDS
 
 
From the Courts »
 Ravneet Takhar Vs. Commissioner Of Income Tax Ix And Ors.
 Jaiprakash Associates Ltd. Vs. Commissioner Of Income Tax
 Formula One World Championship Limited Vs. Commissioner Of Income Tax, International Taxation-3 And Anr.
 Commissioner Of Income Tax International Taxation-3 Delhi Vs. Formula One World Championship Ltd. And Anr.
 Reliance Communications Ltd vs. DDIT (ITAT Mumbai)
  Sushila Devi vs. CIT (Delhi High Court)
 Ashok Prapann Sharma vs. CIT (Supreme Court)a
  Vatsala Shenoy vs. JCIT (Supreme Court)
  Vatsala Shenoy vs. JCIT (Supreme Court)
 M.K.Overseas Pvt. Ltd. Vs. Pr.Commissioner Of Income Tax-06
 Arshia Ahmed Qureshi Vs. Pr. Commissioner Of Income Tax-21

Only state-run refineries to get tax holidays
June, 05th 2008

Finance Ministry has restricted tax holidays to only new refineries run by public sector firms and has barred units under construction by private sector companies like Essar Oil from the benefit.

Finance Ministry on May 30 notified eight projects like Indian Oil's Paradip refinery, HPCL-Mittal's Bhatinda unit and Bharat Petroleum's Bina plant for extending seven-year holiday from payment of income tax.

Besides 15 million tons Paradip refinery, 6 million tons Bina project and 9 million tons Bhatinda unit, it also listed Oil and Natural Gas Corp's 3,000 barrels per day and 1,500 bpd mini-refineries at Gandhar in Gujarat and Tatipaka in Andhra Pradesh, official sources said.

Other projects eligible for tax breaks include Phase-III expansion of Mangalore refinery by 5.31 million tons, 7.5 million tons capacity new Visakh refinery expansion of Hindustan Petroleum, and 3 million tons capacity expansion of IOC's Panipat refinery.

The seven-year income tax holiday to refineries will be available before March 2012 only if they are owned by public sector company or built by companies where state-run firms have 49 per cent stake.

For the refineries to be eligible for the tax sops they should have been notified before May 31, 2008 and only eight projects have been notified, sources said.

These conditions have kept out refineries planned by Essar Oil at Vadinar in Gujarat, Nagarjuna Oil at Cuddalore in Tamil Nadu and Cals Refineries at Haldia in West Bengal out of the tax benefit purview as they neither have public sector equity nor have been notified.

Sources said even though work on private sector refineries began much before the sunset clause was introduced, the Finance Ministry has ignored their cause.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Achievements

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