Press release from Business Wire India
Source: UFLEX Limited
Monday, February 25, 2013 10:00 AM IST (04:30 AM GMT)
Editors: General: Economy, People; Business: Accounting & management consultancy services, Banking & financial services, Business services, Chemicals, Financial Analyst, Major diversified industrial groups
Budget 2013 Expectations by Mr. R K Jain – Group President (Finance & Strategy), UFLEX Ltd.
New Delhi, Delhi, India, Monday, February 25, 2013 — (Business Wire India) — — Enactment of progressive Tax rates say 15% to 20% 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% 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 % 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.
About UFLEX Ltd.
UFLEX Ltd (www.uflexltd.com) is the Bombay Stock Exchange (UFLEX: 500148) and NSE listed India’s largest flexible packaging company with large manufacturing capacities of plastic film and packaging products providing end-to-end solutions to clients across more than 140 countries. It has vast capacities for production of Polyester chips, Biaxially Oriented Polyethylene Teraphthalate (BOPET) and Biaxially Oriented Polypropylene (BOPP) films, Printing & Coating Inks, facilities for Holography, Metalization & PVDC coating, making Gravure Printing Cylinders, Gravure Printing, Lamination and Pouch formation.
UFLEX offers finished packaging of a wide variety of products such as snack foods, candy and confectionery, sugar, rice & other cereals, beverages, tea & coffee, desert mixes, noodles, wheat flour, soaps and detergents, shampoos & conditioners, vegetable oil, spices, marinates & pastes, cheese & dairy products, frozen food, sea food, meat, anti-fog, pet food, pharmaceuticals, contraceptives, garden fertilizers and plant nutrients, motor oil and lubricants, automotive and engineering components etc.
T. Anand Mahesh, Mavcomm Consulting Pvt. Ltd., +91 9870716285, email@example.com
Neeraj Atri, Mavcomm Consulting Pvt. Ltd., +91 9811714871, firstname.lastname@example.org
ECONOMY, PEOPLE, CONSULTANCY SERVICES, BANKING, BUSINESS SERVICES, CHEMICALS, Financial Analyst, GROUPS
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