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-developer SEZ eligibility: co-developers qualify for income-tax benefits under the provision's incorporation of SEZ Act definitions. Co-developers in a Special Economic Zone are within the scope of the income tax incentive because the tax provision's explanation adopts the SEZ Act's definitions, and the SEZ Act definition of Developer expressly includes a Co-Developer, thereby incorporating co-developers into the class of eligible developers for the tax benefit.