The Confederation of Real Estate Developers Association of India (CREDAI) has sought tax holidays for industrial park and housing projects under Sections 80-IA and 80-IB, infrastructure status for integrated township projects and easing of fiscal norms to facilitate borrowings and bringing down the cost of funds.
Industrial parks
In a pre-Budget memorandum, the association has recommended that the time limit for notification of industrial parks under the New Industrial Park Scheme 2008 be extended up to March 2015. The confederation has also asked that emerging industries such as renewable energy be covered under the industrial park scheme.
The scheme notified in January 2008 cover industrial parks under development or those in operation between April 2006 and March 2009. The tax holiday benefit under Section 80-IA (4)(iii) is only for industrial parks notified up to March 31, 2011. The automatic route for approval is available only to those parks with 30 tenants.
More : thehindubusinessline.com
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