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: ARTICLES ON INPUT TAX CREDIT IN VAT :: list of goods taxed at 4% :: articles on VAT and GST in India :: due date for vat payment :: ACCOUNTING STANDARD :: empanelment :: ACCOUNTING STANDARDS :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: Central Excise rule to resale the machines to a new company :: cpt :: VAT Audit
 
 
Direct Tax »
 CBDT signifies achievements towards eliminating domestic black money
 Seafarers get tax exemption from Ministry of Finance
 Financial institutions need to get accounts self-certified for FATCA by April 30
 Direct tax incentives to promote start-ups
 Employer didn't deposit the TDS it deducted on your salary. How to claim it?
 Central Board of Direct Taxes clarifies on cash curb, Aadhaar
 CBDT to issue PAN, TAN within a day to improve Ease of Doing Business
 Expats who stayed in India for 182 days or more must apply for Aadhaar card: CBDT
 CBDT accomplishes direct taxes collection target for FY 2016-17
  No relief to those who defaulted on 1st IDS installment: CBDT
 New Income Tax forms: What information is being asked for? All you want to know about the new rules

Nasscom to push govt to retain SEZ sops under DTC
June, 30th 2010

Software lobby Nasscom will make a pitch to the government, seeking continuity of tax benefits on special economic zones (SEZs) in the Direct Taxes Code (DTC). It is scheduled to meet the government on Wednesday in this regard.

The government said in the DTC paper, while benefits will continue for existing units, it will be retired for units that came up after the DTC is implemented, in March 2011.

Nasscom president Som Mittal who was in the city on Monday for an executive council meeting said that the SEZ policy should be continued to encourage the balanced regional development. The DTC just simplifies things and gives the world a message that India is a country easy to do business with. Our software exports are around $60 billion and we have scope to expand it further. SEZs are one way of encouraging exports, said Mr Mittal.

He added, We created SEZs just a few years back and the policy should have continuity. SEZ is a great way to encourage investment not only in tier-I but also in tier-II cities.

It is important for the government to take a long term view on SEZs and it should be provided in the DTC on a continued basis and not grand-fathered.

He also noted that Nasscom is already preparing a paper in this regard and will present its views to the government.

At the same time, a section of the industry feels that this norm in the DTC might lead to companies setting up smaller offices closer to the city. It might also lead to small and medium enterprises looking at tier-II towns to set up offices, without being constrained by the scale that a SEZ requires.

The sizes of IT companies are large that you cant accommodate everyone is the city. It wont change the nature of business but this will be a positive move for small and medium businesses, said Mindtree CEO Krishnakumar Natarajan. According to the revised DTC draft, which will replace the Income Tax Act of 1961 after approval by Parliament, the tax exemptions for the SEZs will be provided only for existing units and not new units.

Units set up in SEZs get 100% income tax exemption on export income for the first five years and 50% for the next five years. They also get exemption on 50% of the ploughed back export profit for the next five years, after the first 10 years.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 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