Industry & Economy
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Taxation
Aircraft lease rentals: Assocham for review of tax proposal
Our Bureau
New Delhi
,
Aug. 6
THE Associated Chambers of Commerce and Industry of India (Assocham) today reiterated the stand of the domestic aviation industry.
It suggested to the Finance Minister to review his proposal for levying 40 per cent taxation on the lease rentals of aircraft by amending Section 10 (15A) of the Income-Tax Act. It pointed out that if the Government did not review its proposal, air travel will become costlier.
In addition, the chamber also suggested the exemption from long-term capital gains tax and changing of short-term capital gain tax at 10 per cent be extended to `buyback' of securities by the companies through the tender offer and book building method.
The same should also be extended to sale of securities under an "offer" as per the guidelines of the SEBI for acquisition of shares and takeover.
Further, the chamber asked for the monetary limit to be appropriately kept high or fixed as a percentage of turnover, so as to make the work of filing returns manageable.
It also wanted the proposed amendment to Section 40 in the Finance Bill 2004-05 to be dropped as sufficient deterrent provisions already existed to ensure compliance.
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