NCLT: Suspended Directors Who are Prospective Resolution Applicants Cann’t Access Valuation Reports  ||  Supreme Court Clarifies Test For Granting Bail to Accused Added at Trial under Section 319 CrPC  ||  SC: Fresh Notification For Vijayawada ACB Police Station not Required After AP Bifurcation  ||  SC: Studying in a Government Institute Does Not Create an Automatic Right to a Government Job  ||  NCLT Mumbai: CIRP Claims Cannot Invoke the 12-Year Limitation Period For Enforcing Mortgage Rights  ||  NCLAT: Misnaming Guarantor as 'Director' in SARFAESI Notice Doesn't Void Guarantee Invocation  ||  Jharkhand HC: Mere Breach of Compromise Terms by an Accused Does Not Justify Bail Cancellation  ||  Cal HC: Banks Cannot Freeze a Company's Accounts Solely Due To ROC Labeling a 'Management Dispute'  ||  Rajasthan HC: Father’s Rape of His Daughter Transcends Ordinary Crime; Victim’s Testimony Suffices  ||  Delhi HC: Judge Who Reserved Judgment Must Deliver Verdict Despite Transfer; Successor Can't Rehear    

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