Financial Daily from THE HINDU group of publications
Monday, Jan 12, 2004
Financial Daily from THE HINDU group of publications Monday, Jan 12, 2004 |
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Info-Tech
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Income Tax `Continue I-T waiver for gains from DEPB licence sale Our Bureau
New Delhi , Jan. 11 THE Electronics and Computer Software Export Promotion Council (ESC) has asked the Government to continue with the income-tax exception given to profits earned from the sale of DEPB licence. "Any effort to withdraw the tax exemption to sale proceeds of DEPB licences will have an adverse impact on the export efforts at the macro level since the small and medium enterprises consider this as a major incentive given the cut-throat competition and price cutting in the world market." "These incentives make them survive in an export scenario where the margins have come down drastically," said Mr P.K. Sandell, Chairman of ESC, in a statement here. DEPB benefits are allowed in the form of credit and are as good as a cash incentive given for export activities. There is no incongruity or irregularity for allowing such incentives - - tax deductible under Section 80HHC of the Income-Tax Act," he said.
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