Business Daily from THE HINDU group of publications
Tuesday, Jul 07, 2009
ePaper | Mobile/PDA Version | Audio | Blogs
Business Daily from THE HINDU group of publications Tuesday, Jul 07, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Info-Tech
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Budget STPI relief extension welcomed “The Finance Minister has announced multiple catalysts in the Budget to spur the overall growth of the industry, says Mr R. Chandrasekaran, President and Managing Director, Global Delivery, Cognizant Technologies. He welcomed the extension of the sunset clause on STPI by a year . “It will specifically benefit the small and medium-sized companies that need this critical impetus for growth.” “The fine print reveals that the Budget has also removed the anomaly and ambiguity under Section 10AA (7) of the Income Tax Act, inserted in the Special Economic Zones Act, 2005. The proposed amendment, which involves replacing “assessee” with “undertaking”, will bring Section 10AA benefit in the exact manner as in Section 10A (which governs the STPI tax holiday scheme). Though the Finance Minister has brought in this change on a prospective basis (with effect from April 1, 2010), this needs to be addressed retrospectively with effect from April 1, 2006, and we hope this will be done in due course”. He said a substantially higher outlay for institutions of higher learning such as IITs and NITs should increase the R&D throughput and innovation quotient in a material way. More Stories on : Budget | Software
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