Co-Developer - Income tax benefit in SEZ.

[DINESH MORE]

Is Co-Developer in SEZ are eligible for Income tax benefit.

[Mukesh Kumar]

Yes, co-developer in SEZ are eligible for income tax benefit. Explanation to section 80IB states that: "Explanation.—For the purposes of this section, "Developer" and "Special Economic Zone" shall have the same meanings respectively as assigned to them in clauses (g) and (za) of section 2 of the Special Economic Zones Act, 2005". Further section 2(g) of SEZ states that, "(g) “Developer” means a person who, or a State Government which, has been granted by the Central Government a letter of approval under sub-section (10) of section 3 and includes an Authority and a Co-Developer;"

AI Summary

Co-developers in SEZs Eligible for Income Tax Benefits Under Section 80IB of Income Tax Act, 1961. A query was raised regarding whether co-developers in Special Economic Zones (SEZ) are eligible for income tax benefits. The response clarified that co-developers are indeed eligible for such benefits. This is supported by the explanation in section 80IB of the Income Tax Act, which aligns the definitions of 'Developer' and 'Special Economic Zone' with those in the Special Economic Zones Act, 2005. According to section 2(g) of the SEZ Act, a 'Developer' includes a co-developer, thereby making them eligible for income tax benefits.