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KPMG DTC Impact Infra

KPMG DTC Impact Infra

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Published by Gs Shiksha

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Published by: Gs Shiksha on May 27, 2011
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12/29/2011

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© 2010 KPMG, an Indian Partnership and a member firm of the KPMG network of independent member firms affiliated withKPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
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TAX
Direct Tax Code Bill 2010 – Impact onInfrastructure sector
KPMG IN INDIA
 
 
 
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© 2010 KPMG, an Indian Partnership and a member firm of the KPMG network of independent member firms affiliated withKPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
Background
In an attempt to simplify the direct tax provisions, the Governmentreleased the Direct Taxes Code Bill, 2009 (DTC Bill 2009) in August2009 for public comments. The provisions of the DTC Bill 2009,especially the one relating to MAT on gross assets, would have been abig dampener for the industries that are capital intensive. Severalrepresentations were made by various stakeholders as well as Industryforums on the proposals made in the DTC to remove the inconsistencyas well as unintended hardship. The Government appreciated thesentiments and made a historical move of issuing a Revised discussionpaper in June 2010.As a logical step post the Discussion Paper, the Government has nowpresented the Direct Taxes Code Bill, 2010 (‘DTC’) before theParliament. The provisions of DTC are intended to come into effectfrom April 1, 2012 onwards. An analysis of the proposals in the DTCthat are likely to impact the various infrastructure sector are set out inthis document.
 
 
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© 2010 KPMG, an Indian Partnership and a member firm of the KPMG network of independent member firms affiliated withKPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
 
Contents
Key proposals and their impact onPower 04Shipping 06Oil and Gas 11Special Economic Zones (SEZs) 22Real Estate 25Corporate tax proposition 28Conclusion 37

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