THE BEST DESTINATION IN THE COUNTRY
Article Abstract:
The Uttar Pradesh Government has announced a new industrial policy. It has formed seven industrial corridors in the State. It plans to give thrust to the agro-based food processing, automobile, auto components, electronics, software, engineering goods, agricultural equipment and export oriented units. It plans to dismantle all the trade tax check-posts from April 1, 1999. It is removing the cap of 5 years restriction on expansion of new industries. It is scrapping the 5 percent maximum limit under the Trade Tax Concession Scheme. It has invested Rs50 crore to provide continuous power supply. It has set up a road development fund. For providing loans to small scale industries, two new schemes have been launched. Single table clearance scheme has been implemented for fast approval of projects. It is planning to issue VIP cards to industrialists. (rk)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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Y2K EXPENSES CONSIDERED AS REVENUE EXPENDITURE
Article Abstract:
The finance ministry has stated that all expenses related to solving the Y2K problem will be considered as revenue expenditure and allowed as a deduction before computing tax. Corporate assessees, nationalised banks and public sector units can now try to do their best to solve the Year 2000 problem in 1999-2000. Tax officials say that the clear cut statement issued by the finance ministry will reduce the scope for litigation. (khr)
Comment:
The finance ministry has stated that all expenses related to solving the Y2K problem will be considered as revenue expenditure and allowed as a deduction before computing tax.
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
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