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The Central Board of Direct Taxes (CBDT) has amended the Industrial Park Scheme 2008 and Rule 18C of the Income Tax Rules, 1962 to give effect to the extension of the ending date of operation of the Scheme to 31st March 2011.
Under the Industrial Park Scheme 2008, the undertaking notified under rule 18C of the Income Tax Rules, 1962, which begins to develop and operate or maintain and operate an industrial park anytime during the period beginning the 1st day of April 2006 and ending on the 31st day of March 2009, is entitled to benefits under section 80IA(4)(iii) of the Income Tax Act, 1961. The Finance Act (No.2) 2009 had extended the ending date of the scheme from 31st March 2009 to 31st March 2011.
Notification No. 37/2010-IT dated 21-5-2010
Industrial Park tax deduction extended, maintaining eligibility for qualifying park developers under section 80IA after scheme extension. The Industrial Park Scheme and Rule 18C were amended to extend the scheme's ending date, preserving entitlement for undertakings notified under Rule 18C that commence development, operation, or maintenance and operation of industrial parks within the prescribed commencement window to claim the deduction under section 80IA(4)(iii) of the Income Tax Act, as effected by Notifications No. 37/2010-IT and No. 38/2010-IT. of Press 'Enter' after typing page number.
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