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of <h1>Ascendas IT Park in Chennai Gets Industrial Park Status u/s 80-IA(4) for Tax Benefits.</h1> The Central Government has notified M/s. Ascendas IT Park (Chennai) Ltd. as an industrial park under Section 80-IA(4) of the Income Tax Act, 1961. Located in Chennai, the park spans 25,848.53 square meters and is designated primarily for industrial use, with a small portion for commercial activities. The project involves significant investment in infrastructure and industrial space, with a minimum of 12 industrial units required. Tax benefits are contingent on compliance with specified conditions, and any changes or misinformation could invalidate the approval. The park must have commenced operations by March 31, 2006, to maintain its status.
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