Utkasrh had been claiming taxation under the concessional tax rate regime since assessment year 2020-21 and it had been granted the said benefit in accordance with the provisions of Income Tax Act for earlier assessment years, it said.
No extension of concessional tax rate: Interim Budget 2024 has disappointed the manufacturing start-up companies by not extending the sunset date for concessional corporate tax rate of 15% beyond March 31, 2024. Some industry experts are of the opinion that this non-extension might impact the government s Make In India initiative.
Industry bodies in India have submitted their wish list for the interim budget for 2024-25. They are requesting an extension of the concessional tax rate of 15% for domestic infrastructure companies and non-corporate taxpayers, exemption from withholding tax on payment of interests on overseas bonds with a maturity period of more than five years, and the ability to carry forward and set-off business losses for the services sector.
Industry groups are proposing several direct tax measures for the Vote on Account, including extending the concessional tax rate of 15% to domestic infrastructure companies and non-corporate taxpayers like LLPs and trusts. They are also seeking exemption from withholding tax on payment of interests on overseas bonds with longer maturities, allowing carry forward and set off of business losses for the service industry, and clarification on the applicability of prerequisites.