J&K&L High Court: Maternity Leave is a Constitutional Right and Cannot be Treated as State Charity  ||  P&H High Court: Second Anticipatory Bail Plea is Not Maintainable After Supreme Court Rejection  ||  Bombay High Court: No Prior Sanction is Required to Prosecute Police For Custodial Assault  ||  Allahabad High Court: Strict Proof of Marriage is Unnecessary if Couple Lived as Husband and Wife  ||  Delhi High Court: UP Passport Disputes Cannot be Filed in Delhi Only Because MEA is Based There  ||  Bombay High Court: Revenue Officers Cannot Decide Caste Status to Remove Tribal Land Protections  ||  Calcutta High Court: Punjab National Bank Liable to Compensate Farmers For Crop Insurance Lapse  ||  Calcutta High Court: Joint Settlement of Liquor Licence is Allowed if All Eligible Heirs Consent  ||  Delhi High Court Holds Multiple Sclerosis is a Specified Disability under the RPWD Act  ||  Allahabad High Court: An Alibi Must be Proved at Trial and Cannot be Accepted by the IO Alone    

Tax exemption to industry and commerce sectors- (Press Information Bureau) (02 Aug 2016)

MANU/PIBU/0633/2016

Direct Taxation

Various tax concessions in the form of exemptions/ deductions etc. have been provided under the Income-tax Act, 1961 which have been availed by different sectors of Commerce and Industry also. Various tax incentives in the form of exemptions/deduction/special rates of depreciation/rebates, etc are provided under the Income-tax Act, 1961 to promote exports; balanced regional development; creation of infrastructure facilities; employment; donations for charity and rural development; scientific research and development; and the cooperative sector.

Customs and Central excise duty exemptions are extended to goods in general, considering inter alia the public interest. Tax concessions are provided as a part of overall fiscal incentives provided by the government to realize macro-economic objectives and achieve policy goals of development and growth of various sectors of economy. No such quantitative exercise for the outcome of reliefs provided to industry and commerce sectors is done.

Tags : CUSTOM DUTY   EXCISE DUTY   TAX CONCESSION  

Share :        

Disclaimer | Copyright 2026 - All Rights Reserved