Para 5 - General Conditions - Industrial Park Scheme, 2008

5. General Conditions.- (1)The industrial park shall be construed as developed on the date of commencement. (2) Tax benefits under the Act will be available to the undertaking only after minimum number of thirty units are located in the Industrial Park. (3) The tax benefits under the Act will be available to the undertaking only if the undertaking and the industrial park have been notified by Central Board of Direct Taxes under section 80-IA of the Act. (4) The tax benefits under the Act will be available only to the undertaking notified by the Central Government and not to any other person who may subsequently develop, develops and operates or maintains and operates the notified industrial park, for any reason. (5) The undertaking must keep separate book of accounts for the industrial park and must file its income tax returns by the due date to the Income-tax department. (6) An industrial park approved under Industrial Park Scheme, 2002 will continue to be governed by the provisions of that Scheme to the extent it is not in contravention with the provisions of Act, as amended from time to time. (7) The undertaking shall electronically furnish an annual report to the Central Board of Direct Taxes in Form IPS-II.