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
-- 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
-- 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.,
Mavcomm Consulting Pvt. Ltd.,
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-0- Feb/26/2013 04:07 GMT
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