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: Central Excise rule to resale the machines to a new company :: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: list of goods taxed at 4% :: articles on VAT and GST in India :: VAT Audit :: ACCOUNTING STANDARD :: TDS :: form 3cd :: cpt :: due date for vat payment :: empanelment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARDS
 
 
Direct Tax »
 Companies may have to submit income estimates by 15 November
 CBDT proposal on advance estimates of tax liability irks industry
 Advance tax calculation: Firms may have to furnish Apr-Sept income estimates
 Companies may have to furnish Apr-Sept income estimates to I-T dept
 CBDT working on a draft rule that makes it compulsory for companies to provide income estimates by Nov 15
 Companies, HNIs may soon have to specify reason for paying less advance tax than previous year
 TDS Applicability On Government Contracts Under Gst (Under Section 51 Of The Cgst Act, 2017)
 CBEC tells field officers to take GST disputes to Supreme Court
 Jurisdiction-free income-tax assessment on the cards
 CBDT asks I-T department to take urgent steps
 TDS on interest on deposits made under the Capital Gains Accounts Scheme, 1988 where the depositor has deceased

Rangachary panel moots easier tax rules for IT sector
September, 26th 2012

A high-level panel appointed by Prime Minister Manmohan Singh and chaired by former CBDT chairman N Rangachary has recommended a liberal tax regime for the IT sector. CNBC-TV18's Aakansha Sethi reports.

There were a lot of concerns about how the clause on royalty and connectivity charges would be implemented retrospectively. CNBC-TV18 learns that the Rangachary committee may have suggested a prospective amendment for Section 917 -- that is on the royalty and the connectivity charges -- which will impact the IT sector.

The second thing is that they have recommended tax exemption for onsite services and distinction between pure body shopping and onsite services. The panel says the CBDT should issue a circular -- pure body shopping will be taxable but otherwise onsite services will be exempt from taxation.

There were concerns that after the sunset of the Software Technology Parks of India (STPI) scheme, the IT industry may move to the special economic zones (SEZs). However, the panel has suggested that Minimum Alternate Tax (MAT) on SEZs should continue.

They have also said for development centers that transfer pricing should be based on a simple cost plus method. The Prime Minister's Office (PMO), which had set up the Rangachary committee, specifically said that India has to compete with other developing nations for a pie in the share of setting up of development centers on contract basis for research and development purposes and hence they had highlighted the emphasis of this.

Rangachary committee has put to rest tax-related concerns of the IT sector. The reports have been submitted to the ministry of finance. However, it remains to be seen when it would be made public and when the finance ministry would actually accept these recommendations.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Content Management System development CMS development Content Management Solutions CMS Solutions Content Management Services CMS Services CMS Software

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