I-T men can't change tax assessment Sep 2, 2008
Sudarshan Securities was taxed 30 per cent of the book profit under Minimum Alternate Tax (MAT). The assessing officer, while passing the order for 1997-98, concluded that the capital gain should be taxed at a concessional rate of 21. (India Times)
In Brussels, French elite find favorable real estate values Aug 29, 2008
Brussels is largely Francophone and it has a fast train connection back to Paris, but its great advantage over alternate tax havens like London or Geneva is the price of property. "For the price of an apartment in Paris they can have a house with a garden in Brussels," Meens explained. (International Herald Tribune)
Still no sale Aug 27, 2008
If the commission's goal were to recommend an alternate tax system that broadened revenue streams to new areas but was revenue-neutral, that might be worth considering. But many insiders believe such a commission would provide a back-door, less-controversial way to sharply increase taxes. (San Diego Union-Tribune -- Opinion)
Shipping industry seeks cut in taxes Jul 8, 2008
In addition, the government charges a minimum alternate tax (MAT) on profit from sale of ships. Since buying and selling of ships is an integral part of the business, the industry has been pleading for treating this income as part of tonnage tax income and therefore paying tonnage tax. (India Times)
SEZs under minimum alternate tax? Jul 5, 2008
EGoM weighs putting SEZs under minimum alternate tax- Policy-Economy-News-The Economic Times ... EGoM weighs putting SEZs under minimum alternate tax5 Jul, 2008, 0053 hrs IST,Amiti Sen, ET Bureau ... NEW DELHI: The finance ministrys proposal to impose a minimum alternate tax (MAT) on special economic zones (SEZs) will be taken up by the empowered group of ministers on SEZs in its meeting next week. (India Times)
Feeling the squeeze Jun 12, 2008
2008 Best Of Reader Poll is Open. Palo Alto Online News. (Palo Alto Online, CA)
I-T holiday for EOUs extended Apr 12, 2008
However, the scheme lost some of its charm during last budget when minimum alternate tax was extended to EOUs. Discuss this story with other readers. (India Times)
Ports get ship shape with hi-tech Mar 1, 2008
A R Ramakrishnan, CEO, Essar Shipping said, "We are disappointed that there has been no exemption on minimum alternate tax levied on profits from sale of ships or service tax on several inputs.". Anil Devli, executive director, Shreyas Shipping said, "It is sad that exemption from seafarers tax and waiving of interest on tonnage tax reserve were not considered.". (India Times, India -- Intl Business)
BPOs seek separate identity Feb 29, 2008
NEW DELHI: Extension of software technology parks of India (STPI) scheme for 20 years, withdrawal of minimum alternate tax (MAT), introduction of advance pricing arrangements for transfer pricing and abolition of FBT on ESOPs are some of t 00003001 he key Budget recommendations made by the Business Process Industry Association of India (BPIAI). The association said the STPI extension will help offset the losses incurred due to rupee appreciation that have drastically hit the bottom line of BPOs. (India Times, India)
Stocks to Watch Feb 22, 2008
The finance ministry is likely to exempt shipping companies from minimum alternate tax on profits earned from sale of vessels. The ministry has indicated that shipping firms would also get waiver on tax payable on interest income from tonnage tax reserves. (India Times)
Shipping Coswant layers of tax washed away Feb 18, 2008
INSA has recommended a withdrawal or rationalisation of taxes, including minimum alternate tax on profits from sale of ships, interest earned on tonnage tax reserve, service tax and seafarer tax. According to Ernst & Young, the Indian shipping industry operates under a high tax regime compared with international shipping companies. (India Times)
Is there a case for reducing corporate tax rates in a country like India? Feb 11, 2008
The government should look at removing the surcharge which was always intended to be a temporary measure, abolish or at least reduce Dividend Distribution Tax (DDT) and abolish or dilute Minimum Alternate tax (MAT) provisions. China levies a corporate tax of 25 per cent (effective from January 1, 2008) on its domestic companies. (India Times)
Should SEZs attract MAT? Feb 7, 2008
Sections 80IA and 80IAB provide tax holidays to the developers of SEZ. The provisions of minimum alternate tax (MAT) u/s 115JB were not applicable to the book profits of companies having units in a SEZ which had been set up before April 1, 2005. Units covered by Section 10A were not subjected to MAT and with effect from February 10, 2006. (India Times)
Can't scrap concessions at this stage Feb 2, 2008
As a practical matter, the finance ministry may well be making a case to impose minimum alternate tax (MAT) on SEZ developers. One solution may be to amend the SEZ Act to levy MAT from a specified year, say 2014. (India Times)
Rudy Giuliani Tax Cut Plan the Biggest in History and Most Pro-Growth in GOP Presidential Field Jan 10, 2008
Plan would cut the capital gains tax, slash the corporate income tax, and create a simplified alternate tax system for families and small businesses WASHINGTON, Jan. 9 /PRNewswire-USNewswire/ -- Former New York Mayor Rudy Giuliani today released a pro-growth tax cut package ... "Hong Kong has had an alternate tax system for years and the vast majority of residents use it happily." In addition to his tax cut proposal, Giuliani has committed in writing to the American people to oppose and veto all... (PR Newswire)
Industry bodies lobby for tax cuts Jan 9, 2008
While the rupee appreciation has raised demands to extend tax benefits for information technology beyond 2009, industrialists also demanded removal of minimum alternate tax (MAT) and dividend distribution tax (DDT), and a cut in excise duty on most manufactured goods to 14% from 16% at present. Loading. (India Times, India -- Intl Business)
Indian industry seeks corporate tax cut in budget Jan 9, 2008
In a pre-budget meeting with Finance Minister Palaniappan Chidambaram, industrialists also demanded removal of minimum alternate tax (MAT) and dividend distribution tax (DDT), and a cut in excise duty on most manufactured goods to 14 percent from the present 16 percent. Federation of Indian Chamber of Commerce and Industry president and chairman of Wockhardt, Habil Khorakiwala, said corporate tax rate should be cut to encourage manufacturers. (Reuters India)
Candidates discuss 'tax swap' proposal Jun 28, 2007
I will support this idea in earnest as long as we can adequately offset the tax with an alternate tax for the cities. However, I am not thoroughly convinced at this point whether even under the present bill the cigarette tax will be adequate to fund the reduction in sales tax for the long term. (Brookhaven Daily Leader, MS)
High inflation likely to offset tax concessions in Budget Mar 27, 2007
In addition to FBT on Esop, according to him, IT and ITeS companies have received another blow from the budget that proposes 10% Minimum Alternate Tax (MAT) on book profits of units in software technology parks (STPs) and 100% EOUs. Till now these units enjoyed 100% exemption on export profit under Sections 10A/10B of the IT Act. (India Times)
New I-T law likely to start snipping at tax break00004000s Mar 24, 2007
The government has also brought in software technology park and export oriented units under minimum alternate tax. RATE THIS ARTICLE. (India Times)
In Our Pages Mar 18, 2007
So far they have not been able to discover any alternate tax to replace the sales tax. Opponents of the sales tax who are dry do not appear willing to accept the wets' formula for replacing part of the revenue lost by defeat of the sales tax features. (International Herald Tribune)
Small businessmen hit by tax levies Mar 9, 2007
But instead, the budget has slapped a minimum alternate tax of 11. 3% on them. (India Times)
`Most tax sops likely to go' Mar 8, 2007
The Dividend Distribution Tax, the Minimum Alternate Tax and venture capital pass-through for certain sectors, he said, came under the general category of exemptions, which were in the process of being reduced. Printer friendly Send this article to Friends by. (Hindu)
Budget leaves American industry leaders cold Mar 3, 2007
So, this is pulling back some of the benefits already given. Two, one of the problems we have in the country is office infrastructure. (Moneycontrol.com)
Sensex rises 221 pts, IT scrips recover Mar 2, 2007
In the Budget speech on Tuesday the FM had said he wished to bring a number of companies, including from the software sector, under the minimum alternate tax (MAT) net. He also said that companies giving stock options would now have to pay fringe benefit tax (FBT). (India Times, India -- Intl Business)
Bullish on growth but not on revenue Mar 1, 2007
What is particularly surprising is that despite an additional education cess as well as fresh imposts under the minimum alternate tax (MAT) and the dividend distribution tax, collections from corporate taxes are projected to go up by a mere 15%, while in the current year they are estimated to grow almost 45. Similarly, personal income tax collections, which are estimated to have grown about 30% in the current year are projected to rise by just 20% next year, customs duty revenues are slated to... (India Times, India)
No rabbit out of hat: FM plays it safe Mar 1, 2007
Minimum Alternate Tax (MAT) to be extended to income in respect of which deduction is claimed under sections 10A and 10B.. 9. (India Times)
Hurt on the fringes Mar 1, 2007
Instead, he has decided to bring the untaxed into the tax net the $30-b IT-ITeS industry, and export oriented units have to now pay a minimum alternate tax (MAT) on 10% of their book profits. The idea is to bring a sector nurtured with fiscal sops for a long time, into the tax net. (India Times)
Top IT stocks rise as tax fear eases Mar 1, 2007
Leading software services exporters said they would not be greatly affected by the government's move to apply the minimum alternate tax (MAT) to companies claiming deductions under some sections of the income tax act. "It was mostly a knee-jerk reaction on the IT stocks that the market witnessed on Wednesday. Nobody knew the real implication of the tax on the frontline companies," said Harmendra Gandhi, vice president of research at brokerage BRICS Securities. (India Times)
Bangalore: Budget Soft on Hardware, Hard on Software Mar 1, 2007
Finance Minister Chidambaram has extended fringe benefit tax (FBT) to employees stock option plan (ESOP and introduced minimum alternate tax (MAT) on corporate profits. Although Infosys chief mentor N R Narayana Murthy has been quite firm in his views that IT companies must pay taxes, not many from the software industry share his sentiments, including his own Infosys Technologies. (Daijiworld.com)
India's New Economy Must Now Pay to Rebuild Old: Andy Mukherjee Mar 1, 2007
Yesterday, Indian Finance Minister Palaniappan Chidambaram imposed a minimum alternate tax on software exporters. The top four Indian software companies pay 11 percent to 15 percent of their pretax earnings as levies, mostly to foreign governments. (Bloomberg -- Columnists)
Budget 2006: A little sweet-sad comedy' Feb 22, 2007
And the bitter part, Minimum Alternate Tax (MAT) rates were hiked to 10 per cent from 7. 5 percent. (India Times)
No big-bang changes in direct taxes Feb 22, 2007
Action on direct taxes in the forthcoming Budget could be limited to extending the scope of minimum alternate tax (MAT). Substantive changes in the tax treatment of charitable institutions, phaseout of some open-ended I-T exemptions and taxation of non-residents, including PE investors and FIIs, are set to be reflected in the revised I-T Bill or the direct tax code. (India Times)
MAT norms may be tweaked Feb 20, 2007
NEW DELHI: Minimum alternate tax (MAT) may be in for some structural rejig in the Budget. The government is looking at expanding the scope of the tax currently applicable on certain zero-tax companies. (India Times)
Petromin seeks extension of tax sops for E&P cos Jan 12, 2007
NEW DELHI: The petroleum ministry has proposed that exploration and production (E&P) companies should be exempted from paying minimum alternate tax (MAT) and should be given a higher tax holiday of 10 years. E&P companies currently enjoy a tax holiday for the first seven years. (India Times)
