Latest Expert Exchange Queries

Make 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) | 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 :: due date for vat payment :: empanelment :: VAT RATES :: articles on VAT and GST in India :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT Audit :: form 3cd :: list of goods taxed at 4% :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS
 
 
Indirect Tax »
 Why rejig of financial year could upset your tax planning
 The threat of harsh penalty should not impede tax compliance
 What are the tax exemption limits for allowances, reimbursements paid to employees? Find out
 High-income taxpayers to get priority treatment and extra facilities
 GST input tax credit rules: How taxpayers will benefit from ITC
 More complications in filing income tax returns
 Guidelines for selection of cases for scrutiny during the financial-year 2017-2018
 CBDT asks Income Tax officials to pull their socks up as revenue collection not satisfactory
 Nearly 15 pct growth in direct tax collections for fiscal 2017-18
 Transformation of indirect taxation landscape
 Plenty of hiccups' expected as India rolls out new tax reform

Government notifies tax rebate for 21 backward districts in Bihar
August, 19th 2015

Ahead of the assembly polls, the Centre has notified 21 districts of Bihar, including capital Patna, as "backward" areas for conferring income tax rebate of 15 per cent on setting up of new manufacturing plants and buildings.

The Central Board of Direct Taxes (CBDT), the apex policy making body of the Income Tax department, has issued a notification in this regard yesterday putting these select districts under section 32 and 32AD of the I-T Act.

Beginning this financial year, the districts, will stand to benefit where entrepreneurs will pay 15 per cent less on income tax on investments in buildings, new plants and machinery in such a notified backward area.

The notified districts include Patna, Nalanda, Bhojpur, Rohtas, Kaimur, Gaya, Jehanabad, Aurangabad, Nawada, Vaishali, Sheohar, Samastipur, Darbhanga, Madhubani, Purnea, Katihar, Araria, Jamui, Lakhisarai, Supaul and Muzaffarpur.

The said section 32AD was first "inserted" in the I-T Act in the Finance Bill, 2015 in order to provide incentive and economic boost to the newly bifurcated states of Andhra Pradesh and Telangana.

"The proposed sub-section (1) of the aforesaid section seeks to provide that where an assesses sets up an undertaking or enterprise for manufacture or production of any article or thing, on or after the 1st day of April, 2015 in any backward area notified by the Central Government in this behalf and acquires and installs any new asset for the purposes of the said undertaking or enterprise during the period beginning on the 1st day of April, 2015 and ending before the 1st day of April, 2020 in the said backward area.

"Then, there shall be allowed a deduction of a sum equal to fifteen per cent of the actual cost of such new asset for the assessment year relevant to the previous year in which such new asset is installed," says the relevant provision.

Similarly, section 32 of the I-T act deals with depreciation of "tangible" assets like buildings, machinery, plant or furniture.

The I-T exemption, according to the CBDT notification, will come into force with the publishing of the order in the official gazette.

In a major pre-poll sop for the state, Prime Minister Narendra Modi today announced package of a whopping Rs 1.25 lakh crore, promising that the state will touch new heights of development if the BJP is voted to power.

The 243-seat Bihar Assembly is slated to go to polls in September-October later this year.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Multimedia Presentations Multimedia Solutions 3D Solutions Corporate Presentations Business Presentations Multimedia Presentation India M

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