« Top Headlines » Open DEMAT Account in 24 hrs  ITAT Cuts ?4.85 Lakh Penalty After ?14.02 Lakh Interest Income Was Missed in ITR  ITR filed under old regime, tax calculated under new regime; Delhi ITAT gives taxpayer relief  ITAT Delhi Quashes Tax Notice on AMU PG Student’s ?18.34 Lakh Stipend, Declares It Tax-Free Under Section 10(16)  Advance tax deadline September 15: What happens if you missed the previous instalment payment?  How much gold jewellery can you keep at home? Nagpur ITAT explains rules on ownership, gifts, taxability  ?5.31 lakh TDS refund allowed by ITAT Delhi: Why absence of an original ITR did not block the taxpayer  Missed the ITR Filing Deadline? How to Claim Your Income Tax Refund and Correct Mistakes Before December 31, 2026  GST Return Preparation & ITC Analysis with TallyPrime (Hinglish Session)  GST Return Preparation & ITC Analysis with TallyPrime (Hinglish Session)  GST Return Preparation & ITC Analysis with TallyPrime (Hinglish Session)  Income-Tax Department Moves to Bring Greater Certainty to International Tax Cases «  Govt bets on tax cuts, spending for growth... Tax dept to issue notices on other Vodafone-type deals... » SEZ proposes new I-T process December, 05th 2008 The special economic zones (SEZs) are lobbying for a new method to calculate income tax based only on the turnover from the SEZ. This would not include revenues from non-SEZ units of the company, according to LB Singhal, director general, Export Promotion Council export-oriented and SEZ units. Speaking at a conference on SEZs, organised by the Confederation of Indian Industry, he said the SEZ Act currently allows companies to get cent per cent income tax exemption from export incomes for the first five years. However, since the present method of calculating income tax is based on the total turnover, it is resulting in lower exemption. He stressed the need for the Reserve Bank of India to identify SEZs as industrial parks and not as real estate units, as considered now. This will enable the former to raise capital from banks and through external commercial borrowings. The matter has been placed before the Empowered Group of Ministers, he added. The exports from SEZs this year are projected to touch Rs 1,25,000 crore from Rs 66,600 crore during 2007-08. The Centre has approved 531 SEZs in the country and as many as 270 of these have already been notified while 87 have started operations. Earlier, state industries minister J Geeta Reddy said only wastelands or single crop lands were being acquired for SEZs. The 56 SEZs spread in 15 of the 23 districts in Andhra have till now provided direct employment to 25,000 people.