Special Economic Zones eligibility expanded to include developers for section 80-IA tax holiday via retrospective rules amendment. The amendment to the Income-tax Rules amends Rule 18C to include Special Economic Zones alongside industrial parks, substitutes the administrative ministry name to the Ministry of Commerce and Industry, and inserts a new sub-rule permitting undertakings to begin development or operation of SEZs within the prescribed notification period, thereby enabling notification of SEZs for developers to qualify for tax-holiday benefits under the income-tax provision; the changes operate retrospectively to the commencement date specified in the amendment.
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Special Economic Zones eligibility expanded to include developers for section 80-IA tax holiday via retrospective rules amendment.
The amendment to the Income-tax Rules amends Rule 18C to include Special Economic Zones alongside industrial parks, substitutes the administrative ministry name to the Ministry of Commerce and Industry, and inserts a new sub-rule permitting undertakings to begin development or operation of SEZs within the prescribed notification period, thereby enabling notification of SEZs for developers to qualify for tax-holiday benefits under the income-tax provision; the changes operate retrospectively to the commencement date specified in the amendment.
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