Press Information Bureau

02.08.2016

Direct Taxation

Tax exemption to industry and commerce sectors

MANU/PIBU/0633/2016

Various tax concessions in the form of exemptions/ deductions etc. have been provided under the Income-tax Act, 1961 which have been availed by different sectors of Commerce and Industry also. Various tax incentives in the form of exemptions/deduction/special rates of depreciation/rebates, etc are provided under the Income-tax Act, 1961 to promote exports; balanced regional development; creation of infrastructure facilities; employment; donations for charity and rural development; scientific research and development; and the cooperative sector.

Customs and Central excise duty exemptions are extended to goods in general, considering inter alia the public interest. Tax concessions are provided as a part of overall fiscal incentives provided by the government to realize macro-economic objectives and achieve policy goals of development and growth of various sectors of economy. No such quantitative exercise for the outcome of reliefs provided to industry and commerce sectors is done.

Tags : Custom duty Excise duty Tax Concession

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