Central Government Approves Industrial Park for Tax Benefits Under Section 80IA(4)(iii) of Income-tax Act

The Central Government has notified an industrial park developed by a company in Hyderabad under Section 80IA(4)(iii) of the Income-tax Act, 1961. The industrial park, located in Visakhapatnam, Andhra Pradesh, spans 2120 acres and focuses on manufacturing drugs and medicines. It is required to have a minimum of 140 industrial units, with 68% of the area for industrial use and 4% for commercial use. The project involves significant investments in infrastructure and industrial space. The company must adhere to specific conditions and obtain necessary approvals to maintain tax benefits. Any changes or non-compliance may invalidate the approval.

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