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of <h1>Industrial Park Scheme 2002: Key Definitions for Direct Taxes and Infrastructure Under Income-tax Act 1961</h1> The Industrial Park Scheme, 2002, defines key terms related to direct taxes and infrastructure development under the Income-tax Act, 1961. 'Allocable area' refers to the net area available for allocation in industrial parks, excluding common facilities. 'Common facilities' include shared amenities like air-conditioning, roads, water supply, and power distribution. An 'empowered committee' is established under the scheme, while 'infrastructure development' encompasses shared facilities for industrial use. An 'undertaking' involves businesses developing or operating industrial parks, and a 'unit' is a distinct entity for tax purposes. These definitions guide the implementation and operation of industrial parks.
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