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% :: Central Excise rule to resale the machines to a new company :: cpt :: form 3cd :: articles on VAT and GST in India :: VAT RATES :: ACCOUNTING STANDARDS :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: TDS :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT Audit :: empanelment
 
 
« General »
 While filing tax in India, NRIs do not have to report overseas assets
  Clarification regarding applicability of Section 16 (1)(a) of the Companies Act. 2013 with reference to cases under corresponding provisions of Companies Act. 1956 -reg.
 SH. VISHWA NATH GUPTA Vs. PRINCIPAL COMMISSIONER OF INCOME TAX CENTRAL, KANPUR AND ANR.
 No tax scrutiny of big transaction if it matches income
 Clarification regarding applicability of Section 16 (1)(a) of the Companies Act. 2013 with reference to cases under corresponding provisions of Companies Act. 1956 -reg.
  Home loan tax reliefs often missed by taxpayers
 Income tax department launches online facility for linking Aadhaar and PAN
 Home loan tax reliefs often missed by taxpayers
 Tax headache in India is a bonanza for global accounting firms
 Activities To Be Treated As Supply Even If Made Without Consideration Under CGST ACT
  Haryana Goods and Services Tax Bill passed

Finance Ministry has ruled out extension of Income Tax holiday for STPI beyond March 2011
September, 30th 2010

The Finance Ministry has ruled out extension of income tax holiday beyond March 2011 for software technology park of India (STPI) units.

The tax breaks for STPI scheme has a sunset for March 31, 2011, implying that the tax holiday will end for units on that date.

Nasscom had recently said that there was a case for a one-year extension of the STPI scheme beyond end March 2011 as the Direct Taxes Code (DTC) is likely to come into force from April 1, 2012.

STPI has its sunset. There is no question of extending it. My biggest worry is that the effective rates of tax for STPI and hardware related units are only about 11-12 per cent. They are earning so much money for themselves and the country. We value that, but they should also pay their taxes, Mr Sunil Mitra, Revenue Secretary, said at a CII meeting on DTC here.

Mr Mitra also felt that STPI scheme should not be compared with the tax regime being provided for special economic zones (SEZs). Even now, to give SEZ developers one more year and to give SEZ units two years beyond is in my view not fair, he said.

He defended the DTC proposal to replace the profit-linked deductions with the investment linked incentives. Investments are easier for me. I have no way to monitor profits. I have ways to monitor investments. It is much smarter way. Profit linked deductions has created aberrations.

Mr Mitra also rued that sometimes incomprehensible amounts of profits are being claimed as deduction. That can only happen if these are profits earned elsewhere within the Group and brought in for deductions or exemptions. These distortions have become serious, he noted.

He also ruled out a rethink on the proposal to impose minimum alternate tax (MAT) on book profits of companies at 20 per cent rate. Mr Mitra pointed out that a MAT credit would be available for 15 years. I don't think it is unfair at all, he said.

Meanwhile, on goods and services tax (GST), the Centre has rejected the alternative model proposed by both Madhya Pradesh and Gujarat. The model suggested did not require a Constitutional amendment for GST introduction.

Our view is that Constitutional amendment is a must for GST. We have regretted our ability to accept either the suggestions of Madhya Pradesh or that of Gujarat that they communicated in a letter or the suggestion of the empowered committee, which he conveyed through a separate letter, Mr Mitra said.

Their suggestions do not enable basic features of GST, which require a seamless flow of credit to neutralise the cascading effect of taxes, he said.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Work Flow Workflow Software Software Automation Workflow automation Software Design Workflow Design Business Work Flow Workflow automation tools

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