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Exemption u/s 80IAB, Income Tax

Issue Id: - 1299
Dated: 25-6-2009
By:- Latha Rajan

Exemption u/s 80IAB


  • Contents

For SEZ Developer a) Interest Income ie., Accrued interest received from BG created b)Divedend income on Short term Investmentin Mutual Funds, c) Loss/gain on derivative related to material purchases, d) Miselleneous income like scrap sale would form a part of Income from Authorised Operation and be exempt u/s. 80IAB. Latha

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1 Dated: 28-6-2009
By:- Mukesh Kumar

If the income forming part of total income qualified the term "profits and gains derived from such business" you can claim exemption u/s 80IAB as a developers of SEZ. I doubt that dividend income, derivative transactions would qualify the condition of business profit from SEZ operation. However, i agree with the element of sale of wastage or scrap generated out of SEZ development operation will be eligible for exemption.


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