| Topic : Does New Direct Tax Code profitable for India Inc? |
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Activity:
83 views;
last activity : 07 06 2010 20:18:09 +0000
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Tax benefits
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Expansionary policy
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Making things simple .. some may not like
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No tax onDivident
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According to me Like personal taxes even the corporate tax rate too is to be cut from the existing 30% (excluding cesses and surcharges) for domestic firms to 25%. Also, companies can carry forward losses for as long as they like, while earlier, a loss in a year could be set off against profits only within the next eight years. This something good that is there for corporate people... |
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I agree that the Company tax rate should be reduce..But i also feel that the tax rate for individual must also be considered. as we see everytime the budget only support to the High income profile person and all the rebates or tax benifits only goes in to their porch. whereas the middle salary or lower salried person dont get much benefit.
Minimum Alternate Tax will be additional burden for the companies now.
The details are here: http://www.business-standard.com/india/news/new-mat-provisions-to-cost-large-firms-over-rs-11500-cr/367790/
MAT will be an additional burden, which would make sustainability difficult, especially in recessionary periods.
Agree with you, 5% cut in corporate tax was a good move, it will attract both entrepreneurs and investors but heard there are cuts in deductions and exemptions also.
Not clear of the net effect. It seems attractive in the areas of carry forward of losses, avoidance of double taxation etc and mat seems a reason to worry for corporate. It is the net effect that counts. “KPMG have commented that the new tax code will put India in sync with global peers.”
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Tax cuts are Fiscal policies used for expansionary targets for the economy. Budget deficit is the other counterpart in fiscal mesures for economic expansion. Now both are given and we have to believe India is on an expansionary mode. It is sad that this is after making all those agresive investors cut back and difend during the turmoil. Probably there was no other go. |
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I agree with Mr Cherian's point. Tax cuts and Budget deficit are two completely different terms. After making all those agresive investors cut back and difend during the turmoil.
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There is the possibility that interested circle may not allow our FM to make the Tax system simple. Quite a lot of people earn their living by advising tax payers and they may not like to see laws simple. Further, so many insurance companies, Post Offices, MF Funds etc. look forward for the tax laws and its provisions of exemptions. Simple structures may harm their interests and thus living of so many. FM might require to look after their interests too. One may not expect that our FM may be bold enough to implement the Direct Tax Code in full as has been proposed. |
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1. A resident company have to pay 15% tax on devidents declared, then no tax in the hands of the receipient of devident. 2. Tax rate on comapny tax proposed to reduce from present 30% to 25% 3. Alternative tax by way of 2% tax on assets Third one is debatable one, may be reconsidered before passing it in the parliment, except to that the new code will be favourable to corporates. |
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