Extension of tax holiday, anomaly removal in profit computation for SEZs, among the main needs
Mint had commissioned consultancy Ernst & Young to provide an overview of the budget expectations of different sectors and supplement these with expert comments from the firm's partners. The contents provide a sense of the change the budget could bring about:
IT and IT-Enabled Services: Industry Wish List - Extension of tax holiday under section 10A/10B of the I-T Act for units in Software Technology Parks of India (STPI)/export-oriented units (EOUs) beyond the sunset clause date of 31 March.
Amendments in the section 10AA of the I-T Act relating to special economic zones (SEZs) to remove the anomaly in the formulas for computation of eligible profits which dilutes the tax benefits for SEZ units.
The National Association of Software and Services Companies (Nasscom) has also requested the government to resolve duplicity of indirect taxes for packaged software, provide clarity in policies for service tax refunds, develop uniform approach on transfer pricing and amend fringe benefit tax on employee stock ownership plans.
Source: Mint
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