News shortcuts: From the Courts | Top Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | Professional Updates | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax | PPE Safety Kit SITRA Approved | PPE Safety Kit
« General »
 How much gold can you keep at home as per income tax rules?
 New income tax slab: Rules changed, no exemption on meal vouchers & coupons
 Pharma shines in advance tax pay
 SDMC starts offline facility for depositing property tax
 Covid-19 crisis threatens to wipe out gains from corporation tax cut
 Big tax shortfall raises Centre’s fiscal deficit to 4.6%
 Experience with GST holds valuable lessons for One Nation One Ration Card
 Firms may get input tax credit for masks, PPEs
 Traders seek deferring of property tax
 COVID-19: Kerala Government extends Time Limit of Payment of License Fee and Renewal of Registration under various Acts
 Rajasthan HC grants Bail to Chartered Accountant accused of Corruption and Money Laundering

Govt okays 11 SEZs
September, 17th 2010

The government today cleared eleven proposals to set up special economic zones (SEZs), including those of Infosys and Wipro.

Developers, however, have expressed concern over the impact of the provisions of the direct taxes code (DTC) on investments in SEZs.

In its meeting here, the inter-ministerial board of approval (BoA) approved Infosys proposal to build an IT zone over 24.4 hectares in Karnataka.

Wipro got approval for two tax-free enclaves of over 19.4 and 29.9 hectares in Karnataka.

The DTC bill has proposed that only SEZs notified on or before March 31, 2012, will get tax waivers. Also, only those units that start commercial operations by March 2014, will get profit-linked deductions under the Income Tax Act, 1961.

Analysts said the scrapping of tax benefits would make the SEZs unattractive for industrial units.

Only IT units can become operational within that time period. Manufacturing units take much longer to be set up.

The BoA approved stainless steel producer JSLs proposal to surrender its SEZ in Orissa, said D. K. Mittal, additional secretary in the commerce ministry.

It also agreed to realty major Raheja Universal Ltds request to surrender its SEZ in Maharashtra.

Jawaharlal Nehru Port Trusts multi-product SEZ in Mumbai got the green signal.

Home | About Us | Terms and Conditions | Contact Us | PPE Kit SITRA Approved | PPE Safety Kit
Copyright 2020 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting