Direct Tax
Government
Calls for Comments on Proposed Plan of Phasing-Out Exemptions and
Deductions under the Income-Tax Act in Order to Bring Down Rate of
Corporate Tax from 30% to 25% The Union Finance Minister Shri Arun
Jaitley in his Budget Speech 2015 had indicated that the rate of
Corporate Tax will be reduced from 30% to 25% over the next four years
along with corresponding phasing-out of exemptions and deductions. This
is a step towards simplification of tax laws, whic [….] Read more below:
Comments on this
proposal may be sent within 15 days to Director (TPL-III) on mail at
dirtpl3@nic.in or by post at Director (TPL III), Central Board of Direct Taxes,
Room No. 147G, North Block, New Delhi- 110001.
Indirect Tax
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Govt may bring down Corporate Tax from 30% to 25%
Press Information Bureau
Government of India
Ministry of Finance
20-November-2015
Government of India
Ministry of Finance
20-November-2015
Government Calls for
Comments on Proposed Plan
of Phasing-Out Exemptions and Deductions under the Income-Tax Act in Order
to Bring Down Rate of Corporate Tax from 30% to 25%
The Union Finance
Minister Shri Arun Jaitley in his Budget Speech 2015 had indicated that the rate
of Corporate Tax will be reduced from 30% to 25% over the next four years along
with corresponding phasing-out of exemptions and deductions. This is a step
towards simplification of tax laws, which is expected to bring about
transparency and clarity.
The Government
proposes to implement this decision in the following manner:
- Profit linked, investment linked and area based deductions will be phased out for both corporate and non-corporate tax payers.
- The provisions having a sunset date will not be modified to advance the sunset date. Similarly the sunset dates provided in the Act will not be extended.
- In case of tax incentives with no terminal date, a sunset date of 31.3.2017 will be provided either for commencement of the activity or for claim of benefit depending upon the structure of the relevant provisions of the Act.
- There will be no weighted deduction with effect from 01. 04.2017.
The details of
proposed phasing-out of deductions are available on the website of the Income
Tax Department at www.incometaxindia.gov.in.
Indirect Tax
States fail to iron out difference over GST
State
finance ministers today failed to iron out certain minor differences
over the proposed Goods and Services Tax (GST), days before start of a
crucial session of Parliament that has to pass a law for the new regime
to come into force from April next year. The Empowered Committee of
State Finance Ministers did not discuss the GST rate but referred to a
sub-committee the issue of threshold below which small businesses would
be exempted from the new levy. Delhi Deputy C [….] Read more at:
SEBI
Sebi seeks vendor for storage, web access to 20 cr Sahara docs
In
the high-profile Sahara case, regulator Sebi is looking for a server
hosting vendor for the mammoth task of providing electronic data storage
and web access services for a database of 20 crore scanned pages. In
this long-running case, Sahara group was asked by the Supreme Court in
August 2012 to submit all documents and deposit investors' money with
Sebi for refund purpose. Sebi was mandated by the court to examine the
documents submitted by Sahara, whose chief Subrata Roy is in Tih [….]
Read more at:
RBI
Falling investments hurting economy: Rajan
RBI
Governor Raghuram Rajan said India is being hampered by a drop in
public and private investments, but held out hope that strong foreign
capital flows will help rectify this weakness. Weak capital investment
has been a hurdle in India’s quest to realise its growth potential and
with factories running 30 per cent below capacity, private companies are
in no rush to invest in new projects.“On the growth front, the central
concern is with investments,” said Rajan, who was speaking at a b
[….] Read more at:
Doha Bank to roll out more branches in India, awaits RBI approval
Qatar-based
Doha Bank is awaiting approval from the Reserve Bank of India (RBI) to
open more branches in the country. The bank's current exposure in India
is about $2.3 billion and it expects to increase to $5 billion over the
next three years, according to R Seeharaman, chief executive officer of
Doha Bank. The bank has already drawn up plans to open its branches in
Hyderabad, Tamil Nadu, Gujrarat, Karnataka and Bengal. It had opened its
first branch in India in Mumbai in June last year. The [….] Read
more at:
Miscellaneous Laws
Joint Parliamentary Committee on Land Bill to meet today
In
the hope of finding a headway in resolving the tiff between Centre and
the Opposition on the contentious clauses of the Land Bill, the Joint
Parliamentary Committee examining the Bill will meet on Monday. The committee's reports will be submitted in the winter session of Parliament which begins on Thursday.
In all likelihood, the Winter session of Parliament will be a stormy
one. Congress members in the committee are skeptical of the government's
stand on pending issues. According [….] Read more at:
Karnataka to abolish civic body licences for industries
The
Karnataka government has introduced a legislation to abolish trade
licences issued by municipal corporations and municipalities. A Bill
titled ‘The Karnataka Municipal Corporations and Certain Other Law
(amendment) Bill, 2015 was tabled in the State Assembly today by
Minister for Urban Development Vinay Kumar Sorake. The Bill aims to do
away with the need for obtaining licences from urban local bodies by all
micro, small and medium enterprises registered under Micro, Small and
[….] Read more at:
Economy & News
Seventh Central Pay Commission set to benefit 52 lakh pensioners
The
biggest beneficiaries of the Seventh Central Pay Commission are set to
be 52 lakh pensioners with the adoption of the one-rank, one-pension
(OROP) principle. They are also more likely to spend the bounty than
save it since they typically have fewer liabilities than those still
working, potentially fuelling higher demand for consumer goods and
services besides recreation and travel, experts said. Under the
formulation proposed by the pay commission for pensioners, there will be
co [….] Read more at:
Rise in oil consumption hints at likely economic liftoff
A
bunch of key barometers of economic health has shown steady improvement
in the past months, an encouraging sign that growth may be finally
picking up momentum. Commercial vehicle sales, a key indicator to
activity in the economy, have been buoyant of late. While passenger
vehicle sales have also been up, consumption of petrol and diesel has
surged as crude prices have remained soft. Sales of petrol by volume
have been rising for three months in a row, diesel by two and passenge
[….] Read more at:
Government plans to allow two local dairy companies to export to Russia for six months
Russia
may soon get a taste of Indian milk and milk products with the Indian
government working on a formula to allow two local dairy companies to
export there for six months. India, the world's largest milk producer,
exports dairy products mainly to the Middle East, Pakistan and other
neighbouring countries. It is now keen on tapping the market in Russia,
which has become dairy deficient following Western sanctions after its
military intervention in Ukraine last year. Russia had sent [….]
Read more at:
Government looking at overhaul of social security laws; may consolidate private sector employee benefits
Private
sector workers need not stay on in their jobs for fear of losing
gratuity benefits and working women can look forward to six months of
maternity leave soon as part of the government's plan to consolidate all
employee benefits. The government is looking at a complete overhaul
of social security laws to substantially enhance benefits to the
country's more than 400 million workers besides improving the ease of
doing business in India, measures it sees as building support for other
labour refo [….] Read more at:
Cancelled SEZs in Maharashtra will have to return government land
Cancelled
Special Economic Zones (SEZs) in Maharashtra will have to return the
Revenue department land they have acquired, but they can keep the land
bought from farmers, officials said. According to an official from
Industries Department, more than 24,000 hectares were acquired for SEZs
by industrial houses in the state. The previous Manmohan Singh
government had approved 139 SEZs in Maharashtra during its 10-year rule
at the Centre, he said. Land measuring 24,784 hectares, [….] Read
more at:
Thanks & Regards,
Meetesh Shiroya
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