EY (for Info only, not official)

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EY

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    ...Currently, the special taxation regime is provided in respect of income of securitisation trusts and the investors of such trusts. The regime provides that the income distributed by such a trust to its investors shall be subject to a distribution tax and such income shall be exempt in the hands of the investors. Investors such as banks suffered a disallowance of expenditure in respect of such exempt income.The Finance Bill proposes a new regime under which there shall not be any distribution tax on such income. However, there shall be a withholding tax on distribution of income by the trust. Further, the provisions are now extended even to trusts set up by a securitisation company or a reconstruction company. ...

    NDTV on March 4, 2016, midnight

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    ...The proposals impacting the real estate sector are a pleasant surprise for the sector, which was hitherto ignored in the previous budgets.The key proposals impacting the real estate sector are discussed below:1. Much awaited exemption from levy of dividend distribution tax on amount of dividends paid by a special purpose vehicle to a Real Estate Investment Trust (REIT): The proposed amendment should make REITs a viable vehicle for real estate developers to monetise their assets and raise funds from investors and at the same time reduce the debt in the sector. 2. 100 per cent deduction on profits earned by an assessee engaged in developing and building an affordable housing project, subject to certain conditions: This should enable investments in the affordable housing sector and meet the objective of providing shelter to the masses at affordable in line with the government's objective of 'housing for all' by 2022.3. ...

    NDTV on March 4, 2016, midnight


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    ...However, the same has been done by way of imposing 'krishi kalyan cess' to be levied on value of taxable services. One may recall, on similar lines, 'swachh bharat cess' (SBC) was introduced last year. However, unlike SBC (which is a non-creditable levy), krishi cess has been made creditable lest only against payment of krishi cess itself.In addition to the above, the major thrust of tax proposals, as enumerated by the Finance Minister in this speech, included incentivizing domestic value addition to help foster the governments focus on 'make in India'. To accomplish this, various rate changes have been introduced in customs and excise duty with respect to inputs, raw materials, components etc.Sectors in which such changes have been introduced include IT / ITES, defence, textile, chemicals, petrochemicals, railways etc. The proposed rate changes should ideally result in reduced costs and also increase competitiveness of domestic industry in said sectors. ...

    NDTV on March 1, 2016, midnight

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    ...For SME and start-ups, the finance minister has given few tax sops primarily in the form of reduced corporate tax rate from 30 per cent to 29 per cent for domestic companies whose turnover does not exceed Rs 5 crore and 25 per cent for newly set-up companies engaged in manufacturing activities subject to conditions. For the multinational corporations, the deferment of Place of Effective Management Rules ('POEM') Rules, non-applicability of MAT (minimum alternate tax) to foreign companies with retrospective effect and status-quo on implementation of GAAR provisions in 2017 brought some joy. Further, in line with the BEPS action plan, provisions for country-by-country reporting have also been introduced. ...

    NDTV on March 1, 2016, midnight

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    ...However, this is going to be a difficult year considering the optimistic fiscal deficit targets.Considering the pressure that the Seventh Pay Commission has put on government coffers, it is possible that the budget focuses on increasing the revenue than granting tax cuts. Having said that, individual taxpayers, specifically the salaried employees, should not be on the government's radar for increasing tax revenue. Discussed below are few pointers that may have an impact from an individual's perspective:: Considering there is a shortfall in direct tax revenue target and the government has a vision to increase the taxpayer base, it seems likely that the basic exemption will remain at Rs 2.5 lakh. ...

    NDTV on Feb. 12, 2016, midnight