FINANCE BILL AMENDED
- To provide stimulus to the infrastructure sector, the sunset clause for industrial parks has been extended for the next two years till march 31, 2011.The Tax breaks would be offered to all food processing units, especially perishable items like meat and dairy products.
- A tax holiday has been extended for commercial production of natural gas in blocks licensed under the fourth round of bidding for exploration of coal-bed methane. Amendments to sub-section (9) of Section 80-IB of the Income Tax Act announced.
- An amendment to the provisions of the Section 80E of the Income Tax Act, which allows deduction in interest paid on education loans for perusing higher studies has been announced. The Deduction would now be available to the legal guardian of the student. For persons with severe Disability, the Tax deduction rate has been increased from Rs. 75000 to Rs. 1 Lakh.
- The Finance Minister exempted repairs and maintenance of roads from service with immediate effect.
- The service tax on new services proposed in Budget would come into effect from 1st September 2009.
0 comments:
Post a Comment