I-T SOPS, ULCA-REPEAL SET TO GIVE HOUSING SECTOR FILLIP
Article Abstract:
The government of India has resolved to repeal the Urban land Ceiling Act (Ulca) and give a tax holiday to the housing sector under Section 80-1 A of the Income Tax Act. Projects in the infrastructure sector are given a deduction of 100 percent of the profits for the first five years and 30 percent for the next five years effective April 1, 1999. Deductions on the interest payment of loans has been increased to Rs30,000 from Rs15,000. Losses from the house property can be adjusted against other income in the same year. World Bank assisted housing projects will be entitled to a deduction of taxable income up to 50 percent for tax purposes. The shortage of housing units was 31 million units in 1991 and is projected to be 41 million in 2001 AD. The Sixth Five Year Plan had proposed an investment of Rs19,491 crore and Seventh Five Year Plan Rs31,458 crore in the housing sector. (rk)
Comment:
India: Govt will give tax holiday to local housing sector under Section 80-1 A of the Income Tax Act
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
SOPS TO SOAPS: INDUSTRY SEES GOOD TIMES AHEAD
Article Abstract:
The 1998-99 budget has reduced excise on alcohol-based cosmetics and toiletries from 100 percent to 50 percent. This is expected to boost the fragrant segment. Indian Soap & Toiletries Makers' Association has welcomed the move.(uh) ------------------------------------------------------------ Years Toilet Soaps Detergents Volume % Growth Volume % Growth ------------------------------------------------------------ 1997 5,20,000 4 22,00,000 10 ------------------------------------------------------------ 1996 5,00,000 3 20,00,000 14 ------------------------------------------------------------ 1995 4,85,000 8 17,50,000 9 ------------------------------------------------------------ 1994 4,50,000 5 16,00,000 10 ------------------------------------------------------------
Comment:
India: Country's 1998-99 budget reduces excise on alcohol-based cosmetics & toiletries from 100% to 50%
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
User Contributions:
Comment about this article or add new information about this topic: