« Top Headlines » Open DEMAT Account in 24 hrs  Delhi HC Rules GST Registration Cannot Be Cancelled Retrospectively Without a Clear Show Cause Notice (SCN)  Belated income tax return AY 2026-27: How to file, late filing charges and what you may lose  Major Financial Changes from August 1, 2026: ITR Deadline, RBI MPC Meeting, Tatkal Ticket Rules & More  Government proposes to ease tax relief conditions for offshore funds  TallyPrime Connected Banking: Automating Banking and Accounting  ITR Filing Deadline 2026: Is July 31 the Last Date to File Your Income Tax Return? Latest Official Update  ITR filing deadline nears: How to file income tax return online on e-filing portal - quick 15-step guide  Will the ITR Filing Deadline Be Extended Beyond July 31 for FY 2025-26? Here's the Latest Update for Taxpayers  Income Tax Refund Delayed for AY 2026-27? 5 Common Reasons Your Refund May Be Stuck and How to Fix It  ITR Filing 2026: FM Nirmala Sitharaman Asks Tax Officials to Let Honest Taxpayers Correct Genuine Mistakes  Will Your FCNR Deposit Stay Tax-Free After Returning to India? Tax Rules Explained for NRIs «  To get or not to get tax sops, coop banks aren’t sure... 60,000 high-value transactions under IT lens... » Infra firms misused tax sop, says FM March, 09th 2007 Finance Minister P Chidambaram today defended the withdrawal of a key tax exemption for amalgamated or demerged infrastructure companies, saying the provision was being misused.    Section 80-IA has been misused in the name of restructuring. Infrastructure companies have taken advantage of higher depreciation and hiving off, to take advantage of the 10-year tax holiday, Finance Minister P Chidambaram told industry leaders at a post-Budget interaction organised by Assocham.    The Finance Bill, 2007, states that the Section would not apply to Indian companies undergoing amalgamation or demerger after March 31, 2007.    The Section provides for a 100 per cent deduction for 10 years concerning profits and gains of certain undertakings engaged in development, operation and maintenance of infrastructure facilities, industrial parks and SEZs.    According to the Sub-Section (12) of Section 80-IA, if a company getting the benefit is merged with another company within this 10-year period, the merged entity will also be eligible for the exemption. This provision will cease to apply after March 31.    Chidambaram expressed dismay over the fact that no one raised issues concerning the common man, like employment and basic amenities.    The economy was likely to grow close to 9 per cent in this fiscal as well the next and efforts should be made to include the 600 million people dependent on agriculture in the growth process, he said.