infrastructural facilities

Changing of law through issuance of circulars

Till today the law on the subject of repairing and maintenance of roads and other infrastructural facilities was clear in the minds of all stakeholders (barring a few service tax commissionerates). There was this discussion that maintenance and/or repairing of roads may be a taxable activity, but a conclusive view came across from most corners that no such taxing is possible because the law itself was clear enough.
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Amendments made in union budget 2009 in section 80IB (10) related to Housing Projects

Further restrictions on benefits in respect of Housing Projects : In the run up to the budget virtually every stake holder in the real estates wanted that benefits of section 80IB(10) of the Income Tax Act, 1961 be restored which have ceased to be operative except for the projects approved on or before 31 03 [...]
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