Budget 2013 Expectations by Mr. R K Jain – Group President

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. 
Media contact details 
T. Anand Mahesh,
Mavcomm Consulting Pvt. Ltd.,
+91 9870716285,
anand@mavcommgroup.com 
Neeraj Atri,
Mavcomm Consulting Pvt. Ltd.,
+91 9811714871,
neeraj@mavcommgroup.com 
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-0- Feb/26/2013 04:07 GMT
 
 
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