The request to exempt SEZ income from MAT has not been granted and this is disappointing, said Mr N. Chandrasekaran, CEO & MD, Tata Consultancy Services.
Given the economic and political circumstances, the Finance Minister has presented a pragmatic Budget with doses of good intentions for long-term growth but lacked short-term punch to get growth going.
The focus on R&D is good as the weighted deduction of 200 per cent for R&D expenditure in an in-house facility has been extended beyond March 31, 2012, for a further period of five years. There is no date or schedule for the Direct Tax Code implementation and GST but the Government is committed to bringing these in near future.