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INDIAN BUDGETGRANTS 10-YEAR TAX HOLIDAY FOR SOME STATES.

AsiaPulse News

| March 03, 2003 | COPYRIGHT 2003 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

NEW DELHI, March 3 Asia Pulse - The government will grant a ten year tax holiday for industries in Himachal Pradesh, Sikkim, Uttranchal and the North-eastern states to boost their economic development.

The Budget proposes to insert a new section 80-IC for this to allow a deduction for ten years from the profits of new undertakings or enterprises or existing undertakings or enterprises on their substantial expansion in these states.

Substantial expansion for this purpose has been defined as an increase in investment in plant and machinery by at least 50 per cent of the book value of the plant and machinery (before taking depreciation in any year) as on the first day of the ...

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Source: HighBeam Research, INDIAN BUDGETGRANTS 10-YEAR TAX HOLIDAY FOR SOME STATES.

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