New Delhi, Delhi, India, Monday, February 25, 2013 — (Business Wire India) — — Enactment of progressive Tax rates say 15% to 20% for First five years especially to companies newly incorporated with no tax on Book profits under section 115JB.
- Tax benefits should be allowed for plants running on Natural Gas thus reducing Carbon emission and helping environmental issues.
- Deductions based on Export turnover should be extended to enable foreign exchange inflow for a favorable trade account and exchange rate.
- Abolish tax on capital gain to ensure mobility and free movement of capital for economic growth.
- Extend profit based deductions for units set up in villages or small towns to extend benefit of economic activities for balanced development.
- Definition of substantial interest under section 40A(2)(b) should be modified to 26% akin to provisions under section 92A related to Associated transactions.
- Payments to Directors of remuneration and sitting fees should be excluded from 40A(2)(b) provisions.
- Dividend Distribution tax should be charged net of the dividend received from Foreign subsidiaries to speed up repatriation of funds from outside India.
- Provisions relating to deemed dividend be relaxed in case of transactions between promoters & closely held companies to promote the working of group companies in unison.
- Depreciation rate on Plant & Machinery be raised to 25 % especially to Packaging industry coping with the ban on polyester film for Gutkha.
- For transfer of capital assets from Pvt Ltd to LLP, Present cap of turnover limit of 60 lakh be enhanced to Rs 5 crore.
- For carry forward of losses in case of merger ,pre- requisite of “industrial undertaking” be removed and the word “commercial undertaking” should be replaced to allow effective re-organization of business.
- MAT provisions be made more rational by excluding capital receipts and gains already subject to STT.
- Allow weighted deduction to the corporate for remuneration paid to physically challenged person/ woman employees.
- Raise Conveyance allowance exemption limit to Rs 3000/- PM ,Medical reimbursement to Rs 100,000/- with basic exemption limit be raised to Rs 3,00,000/- in case of individual employees.
About UFLEX Ltd.
UFLEX Ltd (www.uflexltd.com) is the Bombay Stock Exchange (UFLEX: 500148) and NSE listed India’s largest flexible packaging company with large manufacturing capacities of plastic film and packaging products providing end-to-end solutions to clients across more than 140 countries. It has vast capacities for production of Polyester chips, Biaxially Oriented Polyethylene Teraphthalate (BOPET) and Biaxially Oriented Polypropylene (BOPP) films, Printing & Coating Inks, facilities for Holography, Metalization & PVDC coating, making Gravure Printing Cylinders, Gravure Printing, Lamination and Pouch formation.
UFLEX offers finished packaging of a wide variety of products such as snack foods, candy and confectionery, sugar, rice & other cereals, beverages, tea & coffee, desert mixes, noodles, wheat flour, soaps and detergents, shampoos & conditioners, vegetable oil, spices, marinates & pastes, cheese & dairy products, frozen food, sea food, meat, anti-fog, pet food, pharmaceuticals, contraceptives, garden fertilizers and plant nutrients, motor oil and lubricants, automotive and engineering components etc.
CONTACT DETAILS
T. Anand Mahesh, Mavcomm Consulting Pvt. Ltd., +91 9870716285, [email protected]
Neeraj Atri, Mavcomm Consulting Pvt. Ltd., +91 9811714871, [email protected]
