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PRESENTED TO: DR. ASHISH C. MEHTA PRESENTED BY: ANKUR BAROT (11F06) HITESH DOMADIA (11F17) PRASHANT GOUSWAMI (11F29)
Being a co-developer of SEZ, the Company is entitled to certain special tax benefits.
A. Direct Taxes:Section 80-IAB Section 80-IA Section 115JB Section 32 B. Indirect Taxes:Section 26(1) Section 7 of the SEZ Act Section 21(1) of the Gujarat SEZ Act, 2004 Section 21(2) of the Gujarat SEZ Act 2004 Section 11(2) of Gujarat SEZ Act, 2004
Particulars
Tax benefits for Adani Port SEZ Paid up capital reserves EPS No. Of Shares
Amt.
288.68 Cr. 400.68 Cr. 4835 Cr. Rs.5.88 200.21 Cr.
taxable income of the merging company was re-determined at nil after setting off
future assessments. The companys income was determined at Rs 476 crore for the year 2002-03.
It may be noted that CAG reports are tabled in Parliament and the concerned ministries are required to inform the house on their plan of actions following these observations. In this case, the finance ministry would have to take suitable action. Apart from Reliance Industries, big names like Hindustan Coca Cola Beverages and the public sector Bank of Baroda, too, are in for some embarrassment. The CAG report points out that while Coca
for the unit have expired. All of our STP units are now
taxable. The government through the Finance Act, 2009, had extended the tax holiday for STP units until March 31, 2011.
Now under the SEZ scheme, software units are eligible for a
deduction of 100% of profits derived from the export of software or services for the first five years from
commencement and 50% of such profits or gains for a further five years. (sec.10A)
Operating Income
Profit Before Taxes Tax Expenses Profit After Tax
(a)
(b) (c)
21140
7424 1717 5707
25385
8782 2378 6404 9.37 2634.6 256.6
31254
11015 3110 7905 9.95 3304.5 194.5
Tax expense as % of sales d=(c/a*100) 8.12 Actual Tax Payable without Tax planning e=(b*30.9%) 2227.2 510.2
As per the filing, Infosys said its effective tax rate for fiscal 2012, 2011 and 2010 was 28.8%, 26.7% and 21.3%, respectively. The increase in the effective tax rate to 28.8% for fiscal 2012 was mainly due to the expiration of the tax holiday period for our STP units and movement of one of our SEZ units from the 100% tax exempt category to the 50% tax exempt category due to completion of its
been steadily increasing over the last couple of years. For financial
year 2011-12, it stood at 9.95%, while in 2010-11 fiscal it was 9.37% and 8.12% in 2009-10.
However, Infosys is likely to pay more income tax as the minimum alternative tax (MAT) has been extended to SEZs. It
also said that With the growth of our business in SEZ units,
we may be required to compute our tax liability under MAT in future years