As per the SEZ Act, 2005, and SEZ Rules, 2006, SEZ units are entitled to exemption from duty of customs and excise, exemption from service tax and VAT, exemption from stamp duty and registration fees and exemption from electricity duty, besides income tax exemption on export profits.
The studies found that sectors with the highest unaccounted income included real estate, mining, pharmaceuticals, pan masala, gutkka and tobacco, bullion and commodity markets, film industry, educational institutes and professionals.
'We have essentially tried to set out an agenda for the next five years and it, in essence, represents the political commitment to that agenda.'
The Direct Tax Code (DTC) Bill proposes to raise exemption limit for personal income tax from Rs 1.6 lakh to Rs 2 lakh, Finance Minister Pranab Mukherjee said.
A new schedule has been added to report income from cryptocurrencies and other Virtual Digital Assets.
Overall, Union Budget 2011-12 maintained status quo for the Chemical Industry.
Transfer pricing legislation was introduced in India in 2001 and has emerged as the single biggest source of courtroom battles between Indian tax authorities and companies, a large number of which are multinationals with operations in India.
The government on Thursday said it may not be possible to roll out the Goods and Services Tax (GST) from April next year, as the proposal needs consent from all the states. "...the (GST) legislation cannot be voted upon until the ratification is completed...there may be problem on the time factor (April 1, 2012)," Revenue Secretary Sunil Mitra said at a CII post-Budget conference.
Electric power is the key input required for manufacture of caustic soda and accounts for almost 60% of the total cost of production.
Finance Minister Pranab Mukherjee said the Centre was willing to consider a phased approach to the introduction of Goods and Services Tax (GST), to reach a consensus on the issue. Mukherjee said he would expect the rollout of GST simultaneously with the Direct Taxes Code (DTC), scheduled for April, but there were some issues.
The revised draft of the Direct Taxes Code would now induce more and more companies to set up their units in the special economic zones before March 31, 2011 as the government has made it clear that it wants to do away with the present provision under which the companies enjoy a 15-year tax exemption.
The special economic zone scheme seems to be in trouble.
Insurance firms and non-banking finance companies are heaving a sigh of relief as the revised draft of the Direct Taxes Code has suggested that book profits rather than gross assets be used to calculate the minimum alternate tax, or MAT, for both groups.
Stimulus was given in phases after Chidambaram had left the finance ministry to head the home ministry in December 2008.
Despite deregulation of petrol prices and a hike in retail prices of other regulated fuels in June 2010, oil marketing companies continue to incur.
Expectations are running high for the Budget 2010 to do many things -- maintain growth, provide employment, reduce fiscal deficit, take steps to shift to the new Direct Taxes Code, take measures to implement Goods and Services Tax, reduce inflation and increase revenue for the government.
The proposed Direct Taxed Code (DTC) is likely to adversely affect the exponential rise in exports from special economic zones (SEZs).
Finance Minister Arun Jaitley is unlikely to heed economists' suggestion that an inheritance tax be introduced in Budget 201415 as an additional revenue stream.
Finance Minister Arun Jaitley is unlikely to heed economists' suggestion that an inheritance tax be introduced in Budget 201415 as an additional revenue stream.
Union Finance Minister Pranab Mukherjee on Friday expressed firm commitment to enact the Direct Taxes Code (DTC) Bill at the earliest, after expeditious examination of the report of the Parliamentary Standing Committee.
He has spoken to the party's heads in the Lok Sabha and the Rajya Sabha, Sushma Swaraj and Arun Jaitley, respectively , to seek support for the two items of proposed legislation. He got no assurance.
Members of the All India Muslim Personal Law Board were miffed with the government on specific clauses in the Right To Education (RTE) Act, the Direct Taxes Code Bill and the Wakf Amendment Bill of 2010
the government will introduce some of its key provisions, such as General Anti-Avoidance Rules, in Budget 2012-13.
Should you invest or not in these avenues in 2011? Find out...
The government has identified nine areas of concern in the Direct Taxes Code (DTC) draft, and they would be taken into consideration while it is being redrafted.
Amidst sweeping changes expected in the customs and excise duties, the entire industry was glossed over by the Union Budget 2011-12.
India is on the brink of overhauling its tax system, implementing the BEPS project and seeing a further evolution of the GST at the same time as a general election. This makes 2019 an exciting and challenging year, note Maulik Doshi and Jigar Doshi.
Well, here are some views culled from various new agencies, newspapers and experts on what the February 26 Union Budget for 2010-11 might have in store for you.
'Gift-giving' - from free dinners and drug samples to promotional merchandise - seems to be driving drugmakers' marketing - a marketing prescription deeply entrenched in the industry. This is a well-oiled racket that sees pharmaceutical (pharma) companies 'gifting' doctors to push their respective drugs under the guise of marketing. But is there a cure in sight to end this unhealthy alliance? The recent controversy following the income-tax raids on Bengaluru-based drugmaker Micro Labs, makers of popular paracetamol brand Dolo-650, has brought this to the fore, again.
The high court was hearing a plea moved by Swamy seeking to lead evidence before the trial court in the National Herald case, in which the Gandhis and others are accused.
Budget 2007 is expected to introduce major changes in non-resident taxation, partly aimed at making it easier for foreign companies to do business in India and encouraging greater investment inflows.
As we brace for unprecedented rates of urbanisation, it is crucial to ensure that illegal constructions and unauthorised land use are curbed, asserts Amit Kapoor.
'We can hope to see a lot of creation of jobs in the days to come.'
A panel will draft direct tax legislation, keeping in mind the system in other countries, international best practices and economic needs of the country
'I found it unbelievable that L&T said 45,000 jobs were waiting to be filled because of unavailability of suitable skillsets.' 'So, when the Opposition sweepingly says there are no jobs, I'm sorry... I'm not saying it's raining jobs, but there are jobs. The (skill) gap has to be bridged.'
The Indian economy needs to generate an average of nearly 78.5 lakh jobs annually until 2030 in the non-farm sector to cater to the rising workforce, according to the Economic Survey for 2023-24. The Survey tabled in Parliament on Monday also laid emphasis on the private sector's role to create employment in the country saying "In more than one respect, the action lies with the private sector. "In terms of financial performance, the corporate sector has never had it so good."
The total size of pension market in India is estimated to have stood at over Rs 1.5 lakh crore (Rs 1.5 trillion) in 2010, while it is expected to rise to over Rs 2 lakh crore (Rs 2 trillion) by 2015 and further to close to Rs 3 lakh crore (Rs 3 trillion) in 2020 and more than Rs 4 lakh crore (Rs 4 trillion) by 2025.
The overall message to the middle class is: the days of freebies are over.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances