US.
Reacting strongly to US president Barrack Obama's proposal to abolish tax cuts for companies that outsource work, finance and foreign minister Pranab Mukherjee said this would affect the Indian IT industry.
In an interview to a TV news channel, Mukherjee said, "The IT industry will be affected due to the impact of financial meltdown...substantial number of Indian workers are there...we will have to address this issue...we are opposing protectionism, not only here but at every forum."
Mukherjee said, "We can't just go for a country specific solution for such a problem...issue is that our IT industry will be affected."
Obama in his maiden budget speech had said that companies outsourcing jobs to overseas destinations may lose tax benefits. This is a key provision of US law that allows American companies to pay less taxes for profits earned overseas. The plan, if put into action, would affect about 1,000 US companies.
However, in the longer run, industry experts believe it would trigger the flight of companies themselves from the US. However, the US is yet to outline the ways to abolish tax breaks for the entities outsourcing jobs.
Menu
Obama's tax cut plan will hit Indian IT: Pranab
Yah it will definitely affect our IT companies. But many foreign IT companies have offices in our country so employees recruited in these companies which are citizens of India will get good pay off isn't it. So its a mixture of both. May be our Govt. will get some more ideas to how to fight against this crisis by adopting these measures.
thanks for reply-what your ideas to fight this crisis----every where there is job cut --our govt is silent --no remeady -why our indian companies are nottaken some bold steps ---
thanks for info
but I ont think it will help India
| Originally posted by :shailesh agarwal | ||
| " | thanks for reply-what your ideas to fight this crisis----every where there is job cut --our govt is silent --no remeady -why our indian companies are nottaken some bold steps --- | " |
Mr. Shailesh no need to be so reactive. We all understand the situation but it cant be solved in a day. We all have to be with each other not to fight amongst ourselves. This we have to make undstd to everyone. We have seen boom also in our lives and this is also a part of market reactions. Instead of getting anger on govt. try to get some ways to how to mange ourself in this critical situation. And ofcourse we'll come out of this. Don't loose hope.
Thanks ca-abhishek- i am glad to see your feelings and approach towards life and problems
Recent Threads
- Best CA coaching in Laxmi Nagar
- TDS on DDA Flat Purchase
- Can CA Foundation be done without coaching
- Department issue notice to client to pay TC
- Income from profession less than 50 Lakhs
- Discover the Best CA Classes in Delhi for a Succes
- Is CA Foundation Compulsory for Becoming a Charter
- Setting CA practice.
- Difficulty in uploading itr3
- Gift received from Sister
Related Threads
CAclubindia
