Industrial Park Scheme sets approval criteria, procedural steps and reporting requirements for industrial park tax eligibility.
The Industrial Park Scheme, 2002 prescribes eligibility, approval and operational rules for undertakings developing or operating Industrial Model Towns, Industrial Parks or Growth Centres to claim tax benefits under section 80IA(4)(iii). It sets quantitative criteria for automatic approval (minimum area, unit numbers, 66% industrial allocable area, 10% commercial area, investment thresholds, and 50% occupancy cap), requires Form IPS-1 with fee to the Secretariat for Industrial Assistance, provides Empowered Committee review for non-eligible cases, allows withdrawal of approval for non-compliance after hearing, and mandates periodic Form IPS-II reporting while benefits are availed.