The Indian government last week announced that it would be extending the tax benefits available under the Industrial Park Scheme for units established before 31st March, 2006 to undertakings established after that date.
According to a notification issued by the Central Board of Direct Taxes, the Scheme is now applicable to undertakings which begin to develop, develop and operate, or maintain and operate an Industrial Park during the period from 1st April, 2006 to 31st March, 2009.
The Industrial Park Scheme was established in 1997, and permits a 100% tax deduction over ten years for enterprises establishing in eligible parks.
However, prior to the recently announced extension, the benefits of the scheme had been cut off for units which began operating in industrial parks after April 2006.
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