Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: TDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS :: empanelment :: list of goods taxed at 4% :: VAT Audit :: VAT RATES :: cpt :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd
 
 
General »
 Shah gets notices over civic tax dues
 Tax revenue down in first six months after prohibition
 Post demonetisation, Income Tax department sends 30 cases of irregularities to Enforcement Directorate, CBI
 Don’t rush into a new tax without being prepared
 Can’t tax income from palace rent: Supreme Court
  Withdrawal of Legal Tender Character of the existing Bank Notes in the denominations of ₹ 500/- and ₹ 1000/- (Updated as on November 30, 2016)
 Cases for tax scrutiny will be selected by machines
 Time to revisit 1997 direct tax rates, says P Chidambaram
 Lok Sabha passes Bill to tax black money deposits post demonetisation
 Last day to pay property tax with old notes
 Income tax department asks IDS declarants to pay tax by 30 November

Projects to get 10-year tax break
May, 21st 2010

Highway widening projects will indisputably qualify for the 10-year tax break under Section 80 IA of the Income-Tax Act.

The Central Board of Direct Taxes (CBDT) has now made it clear that widening of existing roads by constructing additional lanes as a part of a highway project, by an undertaking, will be regarded as a new infrastructure facility.

This clarification will help highway developers receive tax deduction for a 10-year period under Section 80IA of the Income-Tax Act.

However, simply re-laying of an existing road will not be classifiable as a new infrastructure facility for this purpose, the CBDT has said. Most of the national highway development programme projects involve widening existing highways from two lanes to four, and from four lanes to six.

Since, in its Section 80 IA, the CBDT had not defined term new', several highway developers were denied deduction by the I-T authorities for their road-widening projects. Following this, they had raised the issue with the NHAI and the Road Transport and Highways Ministry. The Ministry had also written to the Revenue Department demanding a clarification that widening of existing roads should be regarded as new infrastructure facility. The road developers had said that a clarification is necessary to avoid disputes during tax assessments at the field level. The lack of clarity had resulted in disputes and also blocking of funds, impacting the viability of projects.

The Prime Minister-appointed committee under Mr B.K. Chaturvedi, Member, Planning Commission, had also said that a clarification is required.

When contacted, Dr J.N. Singh, Member-Finance, National Highways Authority of India (NHAI), welcomed the move and said that this clarification will further help in increasing the interest for highway biddings. NHAI has an internal target to award 12,000 km of highways for development in 2010-11.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Company Overview

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions