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: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: Central Excise rule to resale the machines to a new company :: form 3cd :: articles on VAT and GST in India :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: cpt :: list of goods taxed at 4% :: empanelment :: ACCOUNTING STANDARD :: VAT Audit :: TDS :: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment
 
 
« News Headlines »
 How to save income tax? Here are 6 investments with tax free income
 10 Top salary deductions that can save tax for you
 What are the tax saving options beyond Section 80C?
 The penalties for not paying tax on time
 How to make your salary tax efficient
 I-T Department may go into overdrive this quarter
 Ways to reduce the TDS deduction from your salary
 4 Tips for choosing who prepares your 2017 Tax Returns
 Processing of income-tax returns under section 143(1) of the Income-tax Act which were filed in Forms ITR-1 to 6 & applicability of section 143(1)(a)(vi)
 Price Waterhouse gets 2-year ban in Satyam case
 How to save income tax under section 80C

New tax code to cut SEZs I-T sops
August, 18th 2009

Factories, Business Processing Units and software development firms inside Special Economic Zones (SEZ) will lose all income tax benefitsthe most crucial incentive for the tax free industrial enclaves if the direct taxes code replaces the Income Tax Act of 1961 without any change.

The proposed norms also talk of tightening tax incentives to developers of SEZs, which are notified after the new income tax law is operationalised.

The underlying principle behind not allowing income tax incentives to the SEZs is that new code discourages profit-based exemptions of any kind. Instead, it calls for linking tax benefits to investment related expenditure in nine activities, including development of SEZs.

The SEZ Act of 2005 doles out a slew of direct and indirect tax exemptions for units and developers of SEZs. These exemptions are implemented through various provisions in the existing Income Tax Act.

The code does not mention anything about units inside SEZs, but has a separate chapter on proposed guidelines that specify how developers of the tax-free industrial enclaves will be treated in the new tax regime.

If the provisions of the code get translated in to the new Income Tax Act, it is clear that SEZ units set up after the new law is implemented, will not enjoy any direct tax exemptions.

At the moment, there are 2,279 functional units inside the zones, out of which only 478 have been set up after February 2006, when the SEZ Act became operational. There are 98 operational SEZs while the board of approval under the commerce ministry has formally approved over 570. As many as 325 SEZs are notified.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Mission

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