« Top Headlines » Open DEMAT Account in 24 hrs  New Income Tax Act: ITR forms to be issued prior to FY28, says govt  GSTR-9C Explained: Turnover Limit, Due Date, Statement Format & How to Prepare It in Tally Prime (2025 Update)  Will Income Tax Department release new ITR forms by January 2026? Finance Ministry says this  The Government of India has strengthened MSME protection through strict payment rules, ensuring that Micro & Small Enterprises receive timely payments from buyers. Under the MSME Development Act (MSMED Act), 2006, buyers must make payments within:  ITR Refund Delays in India: Why They Happen & How to FastTrack Your Refund in 2025  ITR Refund Delay: From Bank Errors To Department Checks, 5 Big Reasons Your Refund Gets Stuck  Income Tax Slabs 2025: New Vs Old Regime; Which One Is Better For You For FY2025-26?  Seamless Integration: How Tally Prime Connects Businesses to the Digital Economy  Govt to notify new ITR forms, Income Tax Act 2025 rules by January 2026: CBDT chief  Digital Efficiency for MSMEs: The Tally Prime Advantage  5 Ways Tally Prime Reduces Cost and Boosts Productivity for Startups «  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.