Feb 26, 2013, 07.03 PM IST | Source: Moneycontrol.com

Budget 2013-14: Uflex Ltd hopes for an eco-friendly Budget

Enactment of progressive Tax rates say 15 percent to 20 percent for First five years especially to companies newly incorporated with no tax on Book profits under section 115JB.

R K Jain, Group President (Finance & Strategy), Uflex
R K Jain
Uflex

  • Enactment of progressive Tax rates say 15 percent to 20 percent 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 percent 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 percent 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.

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