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Clear the Air on Tax Holidays

Posted on July 04, 2009

Historically, tax policy in India has been used as an effective tool to channel investments into the desired sectors, by way of tax holidays. Nonetheless, at times the relevant section of the Income Tax Code does not (or is made not to) make a reading consistent with the objective of providing the holiday. This results in the industry facing surprises in tax assessments leading to protracted litigation. Given the laudable and purposive objective, the government would do well to clear the air on the key issues faced by the industry in availing the exemptions/deductions, especially after ha...

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