ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Railways
  • World
    • Economy
    • Politics
    • Markets
  • Survey
  • videos
  • photos
  • ZNAA'22
  • Trending News
    • Viral News
    • Travel
    • People
    • Entertainment
    • Sports
  • More ...
    • VIDEOS
    • PHOTOS
BREAKING NEWS
  • IPO: 11 public offers raise Rs 33,000 cr between April-June FY23; 17 more in pipeline
  • Rakesh Jhunjhunwala-backed Akasa Air first commercial flight flagged off by Civil Aviation Minister Jyotiraditya Scindia on this
  • IRDAI to rename grievance redressal mechanism; complaints can be filed in regional languages soon
  • Market next week: Global cues, macro numbers, last batch of earnings to dictate D-Street in holiday-truncated week: Experts
  • Eight of top-10 valued firms add Rs 98,235 cr in m-cap; Infosys, TCS lead gainers
Read in App
Business News » India News

Airport firms GMR, GVK for exemption from tax on interest

Airport companies such as GMR and GVK want the government to exempt them from withholding tax on payment of interest on overseas bonds having a maturity period of more than five years. 

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Airport firms GMR, GVK for exemption from tax on interest
The official quoted above said that airport developers need to raise funds going forward given the huge investment needed and hence the government should consider the proposal. PTI

Airport companies such as GMR and GVK want the government to exempt them from withholding tax on payment of interest on overseas bonds having a maturity period of more than five years. As per Section 194LC and Section 194LD of the Income Tax Act, withholding tax needs to be deducted on income by way of interest on overseas bonds at the rate of five per cent.

The airport firms have argued that infrastructure companies generally have very long gestation periods and raise funds for longer duration and exemption from withholding tax would reduce their cost of funds. "Generally, these taxes are grossed up and issuer of bonds has to take the withholding tax hit on itself. This means that cost of borrowing goes up," an industry executive said.

This along with other suggestions to ease the financial burden of the sector is likely to be sent to the Finance Ministry in the next few days. The official quoted above said that airport developers need to raise funds going forward given the huge investment needed and hence the government should consider the proposal.

"Most infrastructure firms are going through a challenging time. They need support from the government," he noted. The airport developers have also pitched for reducing base corporate tax rate from 30 per cent to 25 per cent for all companies irrespective of turnover criteria.

They have stated that companies need to have surplus cash to create new infrastructure. "Apart from infrastructure sector this will also aid the growth in economy. Therefore, concessional tax should be there without having turnover criteria for infrastructure sector," the executive said. 194LC, 194LD, airport developers

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
GVKGMR Group
Written By: IANS
Updated: Wed, May 08, 2019
09:53 pm
New Delhi, IANS
RELATED NEWS
Mumbai Airport to handle 100 departure, arrivals from Tuesday Mumbai Airport to handle 100 departure, arrivals from Tuesday
Now, at Mumbai Airport, you can relish South Indian delicacies at 'Grand Annapoorna' Now, at Mumbai Airport, you can relish South Indian delicacies at 'Grand Annapoorna'
GVK MIAL expands its UDAN services between Mumbai-Belgaum to promote travel, tourism GVK MIAL expands its UDAN services between Mumbai-Belgaum to promote travel, tourism
GVK Power March qtr profit trebles to Rs 69 cr GVK Power March qtr profit trebles to Rs 69 cr
GMR, GVK in the race for airport contract in Philippines GMR, GVK in the race for airport contract in Philippines

LATEST NEWS

Commonwealth Games 2022: Nitu Ghanghas grabs Gold on debut

Vodafone Idea may increase tariffs at regular intervals; here's why

Dividend stocks, bonus share, stock split update: These 20 stocks will remain in focus next week | Full List

IRDAI to rename grievance redressal mechanism; complaints can be filed in regional languages soon

Commonwealth Games 2022: Indian women's hockey team wins bronze

Royal Enfield to launch Hunter 350 bike today at 5.30 pm: Watch Live Here

Natural farming spreads roots in world's highest village in Himachal Pradesh

India poised to achieve $5 trillion economy dream through ‘Atmanirbhar Bharat’ strategy, says expert

Commonwealth Game 2022 Medal Tally: Indian medal winners at Birmingham CWG after day 9 | Full List Here

Market next week: Global cues, macro numbers, last batch of earnings to dictate D-Street in holiday-truncated week: Experts

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
© 2022. India Dot Com Private Limited. All Rights Reserved.
LIVE TV