« Top Headlines » Open DEMAT Account in 24 hrs  Income Tax Return Filing: 10 Mistakes To Avoid When Filing ITR For AY 2024-25  Old vs New Tax Regime: Who should move to the New Tax Regime from the old one?  Income Tax Calculator FY 2023-24: How To Know Your Tax Liability Online On IT Dept's Portal?  BackBack Income Tax Act amendment on cards on tax treatment of MSME dues  ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing. Check details here  Income tax slabs FY 2024-25: Experts share these 8 benefits for taxpayers in new income tax regime  How To File ITR Online - Step by Step Guide to Efile Income Tax Return, FY 2023-24 (AY 2024-25)  Old or new tax regime for TDS on salary? This post-election 2024 event will impact your tax planning  What Are 5 Heads Of Income Tax?  Income Tax Dept releases interim action plan for FY25 on tax collection, refund approvals   Income Tax Return: 5 lesser-known tax-saving tips from Section 80 «  To get or not to get tax sops, coop banks aren’t sure... 60,000 high-value transactions under IT lens... » Infra firms misused tax sop, says FM March, 09th 2007 Finance Minister P Chidambaram today defended the withdrawal of a key tax exemption for amalgamated or demerged infrastructure companies, saying the provision was being misused.    Section 80-IA has been misused in the name of restructuring. Infrastructure companies have taken advantage of higher depreciation and hiving off, to take advantage of the 10-year tax holiday, Finance Minister P Chidambaram told industry leaders at a post-Budget interaction organised by Assocham.    The Finance Bill, 2007, states that the Section would not apply to Indian companies undergoing amalgamation or demerger after March 31, 2007.    The Section provides for a 100 per cent deduction for 10 years concerning profits and gains of certain undertakings engaged in development, operation and maintenance of infrastructure facilities, industrial parks and SEZs.    According to the Sub-Section (12) of Section 80-IA, if a company getting the benefit is merged with another company within this 10-year period, the merged entity will also be eligible for the exemption. This provision will cease to apply after March 31.    Chidambaram expressed dismay over the fact that no one raised issues concerning the common man, like employment and basic amenities.    The economy was likely to grow close to 9 per cent in this fiscal as well the next and efforts should be made to include the 600 million people dependent on agriculture in the growth process, he said.