Section 80-IA [4 (iii)] of the Income Tax Act, 1961 provides for a tax holiday for 10 out of 15 years in respect of profits of any undertaking which develops, develops and operates or maintains and operates an industrial park or special economic zone. The tax benefit is available to such industrial parks subject to the condition that it is notified by the Central Government in accordance with the Scheme framed and notified in this behalf for the period beginning on 1.4.1997 and ending 31.3.2006. The terminal date for availability of this tax incentive was extended up to 31.3.2011 by Finance (No.2) Act, 2009. As a consequence, the Industrial Park Scheme, 2008 has been notified by the Ministry of Finance in exercise of the powers conferred by the aforesaid section vide Notification No.S.0 51(E), dated 8.1.2008.
Government of Uttarakhand has requested for extension of the industrial package for the state up to 2020. The incentives under Industrial Package for Uttarakhand are admissible till 6th January, 2013. Only, the excise duty exemption benefits for the industrial units set up after 31.03.2010 have lapsed.
This information was given by Shri Jyotiraditya M Scindia, Minister of State for Commerce & Industry, in a written reply in the Lok Sabha today.
