The Hindu Business Line : LS passes taxation law Bill

The Ordinance, which was promulgated on September 8, had exempted from income tax the interest paid outside India by the ship-breaking industry for purchasing a ship from abroad. The Ordinance had also reduced the interest chargeable from assessees and interest payable to assessees under the Income-Tax Act, the Wealth Tax Act and the Expenditure Tax Act, 1987, in view of the reduction in interest rates prevailing in the market. The Bill also seeks to exempt from tax the interest income of the Nordic Investment Bank in respect of the loans advanced it in terms of the memorandum of understanding already entered with the bank.

Further, the Bill provides for deduction of 100 per cent of the profits derived from the export of wood-based handicraft items keeping in view the problems faced by the exporters of such articles. The exemption has been granted to fulfil the commitment made by the Centre through an MoU entered with the bank on November 25, 1986. An amendment to Section 206C of the Income-Tax Act is sought to be made to reduce the rate of tax collection at source on alcoholic liquor for human consumption and scrap, timber and other forest produce and tendu leaves.

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