« Top Headlines » Open DEMAT Account in 24 hrs  Income Tax Rules 2026: CBDT Introduces Revised Form 161 for Penalty Waiver, Clarifies Misreporting Categories and Taxpayer Relief  ITR Filing and Income Tax Audit Deadline Extended: 5 Critical Things Taxpayers Must Know  Filing Belated ITR for AY 2026-27? Know Which Losses You Can Carry Forward and Which You May Lose  CBDT Extends Tax Audit Report Deadline to October 21, ITR Filing Last Date to November 21 for AY 2026-27  CBDT Extends AY 2026-27 ITR Filing Deadline for Tax-Audit Cases: New Dates and Key Compliance Details  Foreign Assets Missing From Your ITR? Income Tax Department Opens One-Time Disclosure Window  Tax Audit Deadline September 30: Why AIS, TDS and GST Figures May Not Match Your ITR and What Taxpayers Should Do  Tax audit deadline September 30: Common mistakes taxpayers should avoid  Your ITR says ‘verified’, but the refund hasn’t arrived? 5 reasons why your money could be stuck  Missed the ITR Deadline but TDS Refund Is Due? Here’s How You Can Still Claim Your Money  ITAT Cuts ?4.85 Lakh Penalty After ?14.02 Lakh Interest Income Was Missed in ITR «  I-T to trap business class travellers... Commodity, stock exchanges may get service tax relief... » No additional tax exemptions for petrochem hubs October, 23rd 2006 The tax sops for the proposed petroleum, petrochemical and speciality chemical investment hubs are being re-worked by the government to ensure that they do not become another drain on the fisc like special economic zones (SEZs). The revenue department has, therefore, recommended amendments to the tax treatment of companies in the speciality hubs. The department has taken a position that no additional tax sops and favoured treatment should be doled out, which exceed the benefits for SEZ projects. At stake are the investment plans of multinationals like BASF, Exxon Mobil, Royal DSP, BP and Dow Chemicals, which have evinced interest in the regions. The Centre, the state government and entrepreneurs are expected to invest about Rs 67,500 crore initially in the projects. Sources said these regions could apply for SEZ status and get all tax benefits available under the scheme. An SEZ gets income tax exemption for 15 years 100% for the first five years, 50% for the next five years and 100% exemption for ploughed-back profits for the next five years. Besides, the developer is also exempted from customs, excise and service tax on inputs for building the infrastructure. The draft policy on the Petroleum & Petrochemical Investment Regions (PCPIR), floated jointly by the ministry of chemicals and fertilisers and the department of industrial policy and promotion, has proposed a 10-year income tax holiday. The PCPIR does reflect the revenue departments suggestions, but the Cabinet will take a collective decision on the policy, a chemicals and petrochemicals department source said. The revenue department is now attempting to pare tax exemptions after a host of incentives were given to SEZs. It fears huge revenue losses in SEZs itself. The draft PCPIR policy has also proposed that any units within the investment region would get all benefits an SEZ is otherwise entitled to. It would also be eligible for viability gap funding and would be created on a public private partnership model. Of the projected Rs 67,500 crore needed to develop a PCPIR, Rs 13,500 crore will go towards building road and the rest to upgrade the attached ports. Most of the planned PCPIRs are to be located on the western coast, as they will be dependent on imported crude.