« Top Headlines » Open DEMAT Account in 24 hrs  Foreign Assets Missing From Your ITR? Income Tax Department Opens One-Time Disclosure Window  Tax Audit Deadline September 30: Why AIS, TDS and GST Figures May Not Match Your ITR and What Taxpayers Should Do  Tax audit deadline September 30: Common mistakes taxpayers should avoid  Your ITR says ‘verified’, but the refund hasn’t arrived? 5 reasons why your money could be stuck  Missed the ITR Deadline but TDS Refund Is Due? Here’s How You Can Still Claim Your Money  ITAT Cuts ?4.85 Lakh Penalty After ?14.02 Lakh Interest Income Was Missed in ITR  ITR filed under old regime, tax calculated under new regime; Delhi ITAT gives taxpayer relief  ITAT Delhi Quashes Tax Notice on AMU PG Student’s ?18.34 Lakh Stipend, Declares It Tax-Free Under Section 10(16)  Advance tax deadline September 15: What happens if you missed the previous instalment payment?  How much gold jewellery can you keep at home? Nagpur ITAT explains rules on ownership, gifts, taxability  ?5.31 lakh TDS refund allowed by ITAT Delhi: Why absence of an original ITR did not block the taxpayer «  Service tax likely for IMFL distillers... I-T department plans to outsource data entry... » Finmin not for tax sops to Delhi Metro October, 05th 2006 Says the state-specific project is not eligible for incentives from the Centre The finance ministry has expressed reservations against giving tax sops to Delhi Metro Rail Corporations (DMRC) second phase construction on the grounds that the state-specific project is not eligible for tax sops from the Centre. The ministry, however, is in the favour of giving specific benefits through budgetary mechanisms like direct subsidies to the project. It has said the entire issue of fiscal relief should be reconsidered by the empowered group of ministers on Delhi metro rail, headed by defence minister Pranab Mukherjee, sources told FE. The DMRC is seeking tax and duty exemption of around Rs 1,194 crore. This includes a Rs 605.34-crore customs duty waiver, Rs 352.24 crore of excise exemption, tax waiver of Rs 146.63 crore and another Rs 90.93 crore as work contract tax exemption. These apart, the corporation wants a cut in electricity tax and immunity from exchange rate fluctuations. The DMRC will not pay any dividend till the senior debt (56% equity of Japan Bank for International Cooperation, approxImately Rs 4,523 crore) is fully paid. What DMRC wants Tax and duty exemption of Rs 1,194 crore. This includes: Customs duty waiver of Rs 605.34 crore Excise exemption of Rs 352.24 crore Tax waiver of Rs 146.63 crore contract tax exemption of Rs 90.93 crore A cut in electricity tax and immunity from exchange rate fluctuations The BJP government had given customs and excise duty exemption of Rs 1,407 crore to the DMRC in 2002 for the first phase of the project. In phase II, the DMRC will construct a total of 53.02 km-42.24 km of elevated corridors, 8.93 km of underground corridors and 1.85 km of surface corridors. The total cost of phase II is estimated at Rs 8,118 crore. There will be six lines in this phase, which will cover the 6.36 km distance from Delhi University to Jahangirpuri; the 10.87 km section from Central Secretariat to Qutub Minar; 18.07 km stretch from Indraprastha to New Ashok Nagar via Yamuna Depot in East Delhi; 6.16 km Yamuna Depot to Anand Vihar ISBT route; 3.09 km Shahdara to Dilshad Garden; and 18.47 km Kirti Nagar to Mundka section. Once the phase II of the project takes off, the DMRC will be able to go ahead with its construction on the line up to Noida, which is expected to be ready by 2009, just ahead of the Commonwealth Games. DMRC had got tax incentives from the Centre for the phase I of the project.