Budget 2013-14: CII seeks tax benefits for M&As in all sectors

Industry body CII today asked the government to extend tax benefits pertaining to mergers and amalgamations (M&As) to all businesses such as telecom, sports, IT and entertainment.
  • Language
  • App
  • Subscriptions
  • Specials
  • Sign-In
  • Register
GeStepAhead master your money SME Special
moneycontrol.com

Home » News » Business

Feb 11, 2013, 04.48 PM | Source: PTI

Budget 2013-14: CII seeks tax benefits for M&As in all sectors

Industry body CII today asked the government to extend tax benefits pertaining to mergers and amalgamations (M&As) to all businesses such as telecom, sports, IT and entertainment.

Like this story, share it with millions of investors on M3

Budget 2013-14: CII seeks tax benefits for M&As in all sectors

Industry body CII today asked the government to extend tax benefits pertaining to mergers and amalgamations (M&As) to all businesses such as telecom, sports, IT and entertainment.

Post Your Comments

Share Cancel

Industry body CII today asked the government to extend tax benefits pertaining to mergers and amalgamations (M&As) to all businesses such as telecom, sports, IT and entertainment.

The move will help industry to reorganise and restructure operations in sync with the rapidity of changes taking place in the business environment as well as to deal with the emergence of new sectors and segments, it said.

Currently, M&A tax benefits are limited to industrial undertakings and select services such as shipping, hotels, aircraft and banking.

In its pre-Budget memorandum, CII said that those benefits "should be extended to all businesses, including telecom, financial services, entertainment, sports, information technology and IT enabled services, among others".

The industry body argued that the term 'industrial undertakings' has excluded a large number of business activities including those operating in crucial services sector from the benefit.

It also asked for simplification of provisions of Section 72A in respect of the stringent conditions applicable for the amalgamating company like losses/depreciation being unabsorbed for at least three years.

"A re-look at this provision would help revive sick units and help them to re-position their business operations to suit current market conditions," it added.

The Finance Minister is scheduled to present the General Budget on February 28.

Ads by Google

Buy, Hold, Sell ? Hear it first on M3
Budget 2013-14: CII seeks tax benefits for M&As in all sectors

See all

Get started using your favorite social network

or

Login using moneycontrol ID

Username
Password

Need help logging in? Reset password.

Don´t have an account? Sign Up

Get started using your favorite social network

or

Simply sign up using this short form

* mandatory

UserName*

Username should be atleast 4 character

Password*

Password should be 8 or more characters,
atleast 1 number, 1 symbol & 1 upper case letter

Alert

Your Password should contain
  • 8 or more characters
  • At least 1 number
  • At least 1 symbol
  • At least 1 upper case letter
Confirm Password*
Email
Already have an account? Login