Financial Daily from THE HINDU group of publications
Wednesday, Mar 22, 2006
Financial Daily from THE HINDU group of publications Wednesday, Mar 22, 2006 |
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Info-Tech
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Taxation Nasscom concern over I-T missive Our Bureau
New Delhi , March 21 The National Association of Software and Service Companies (Nasscom) has expressed concern at the Income Tax Department's recent missive to certain software companies questioning the authority of the Software Technology Parks of India (STPI) in granting tax exemption, and said the issue between two arms of Government needed to be sorted out soon. "We have already taken up the matter with IT and the Finance Ministries. The I-T Department's view that STPI does not have the authority to grant tax exemption is a matter of concern," said Mr Kiran Karnik, President of Nasscom. At the heart of the issue is the Income Tax Department's recent communication to some software companies questioning the power of STPI to approve the proposals for tax concessions that software companies avail themselves of under Section 10 (A)/10 (B) of Income Tax Act. The department is of the view that such proposals should be vetted by the inter-ministerial standing committee.
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