Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
« Top Headlines »
Open DEMAT Account in 24 hrs
 8 reasons why old tax regime is still attractive for many taxpayers in this income tax bracket
 March 31 deadline is getting near. How to save income tax with tax loss harvesting?
 45-day MSME payment rule: Impact and details of Section 43B(h) explained
 Small savings schemes that offer tax benefits of up to Rs 1.5 lakh under section 80C
 RE-OPENING OF CORRECTION WINDOW FOR MAY 2024 CA EXAMINATIONS
 Powerful Upgrades, Tally 12+1 months renewal Plan and Connected Services for your growing Business - March 2024
 How innovative solutions can help fix the Sec 43B conundrum for MSMEs
 Income Tax dept asks many individuals to explain high value transactions of FY20-21 as Updated ITR deadline nears
 Release Notes for TallyPrime and TallyPrime Edit Log Release 4.1 | What s New!
 Deadline to file updated ITR FY20-21 ends on March 31: Details on additional tax
 4 tax-planning mistakes to avoid this season

Nasscom for I-T waiver for NRIs outsourcing jobs
December, 14th 2006

The Natioanl Association of Softaware and Services Companies (Nasscom) has recommended a slew of measures for the Indian IT sector in its pre-budget memorandum.

To boost the BPO industry as well as remove the concerns of non-residents, the industry body has sought clarifications in the Indian income tax legislation.

It has recommended tax exemption for non-resident Indians outsourcing their back-office processing and call centre activities to India. Nasscom has proposed introduction of a system of consolidated tax returns for group entities. This is expected to eliminate the economic distortions on account of inter-company transactions within the group and thereby ensure reduction in tax avoidance practices such as intra-group dealings, loss cascading and value shifting. As a result of implementing such a practice, tax effects on the dividends paid between companies would also be eliminated.

Under the foreign tax credit policies, it has asked for the incorporation of relevant provisions in the domestic law and rationalisation of transfer pricing rules. In consideration with the Advanced Pricing Agreement (APA) procedure followed in countries such as the US, Canada and Mexico, China, Taiwan, Korea, Japan, Australia amongst others, Nasscom has suggested APA mechanism to be followed in the coming Budget. It would like resources to be provided to the new APA office to allow them to process the required rulings.

STPI sops

Nasscom has also sought the continuation of tax exemption for Software Technology Parks beyond 2009 so that companies could continue availing themselves of benefits and have the time to adjust to the SEZ framework, which would take the next two-three years to get operational. Nasscom wants the extension to be made concurrent with the tax holiday provided for exporting units in SEZs.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2024 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting