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TMI BlogTax exemption to industry and commerce sectorsX X X X Extracts X X X X X X X X Extracts X X X X ..... Tax exemption to industry and commerce sectors - News and Press Release Dated:- 2-8-2016 - News - Direct Tax Various tax concessions in the form of exemptions/ deductions etc. have been provided under the Income-tax Act, 1961 which have been availed by different sectors of Commerce and Industry also. Cumulative figures of revenue impact of direct tax incentives for the last five years a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re as follows : (Amount in Cr.) Financial Year 2011-12 2012-13 2013-14 2014-15 (projected) 2015-16 Corporate Incometax 61,756 68,720 57,793 65,067 68,711 Personal Incometax ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 39,375 33,535 35,254 53,526 59,928 Total 1,01,131 1,02,255 93,047 1,18,593 1,28,639 No sector wise details of industry are however maintained and section wise details of revenue impact of direct tax incentives is pres ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ented before Parliament with Budget in the form of document titled, Statement of Revenue Impact of Tax Incentives under the Central Tax System . Various tax incentives in the form of exemptions/deduction/special rates of depreciation/rebates, etc are provided under the Income-tax Act,1961 to promote exports; balanced regional development; creation of infrastructure facilities; employment; do ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nations for charity and rural development; scientific research and development; and the cooperative sector. Indirect Tax Customs and Central excise duty exemptions are extended to goods in general, considering inter alia the public interest. The revenue impact of tax incentives on account of exemptions / concessions from customs and excise duty for last five financial years is as under: ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (Amount in Cr.) Financial Year 2011-12 2012-13 2013-14 2014-15 (projected) 2015-16 Customs Duty 2,36,852 2,54,039 2,60,714 2, 38, 967 2, 57, 549 Excise Duty ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1,95,590 2,09,940 1,96,223 1, 96, 789 2, 24, 940 Total 4,32,442 4,63,979 4,56,937 4, 35, 756 4, 82, 489 Tax concessions are provided as a part of overall fiscal incentives provided by the government to realize ma ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... croeconomic objectives and achieve policy goals of development and growth of various sectors of economy. No such quantitative exercise for the outcome of reliefs provided to industry and commerce sectors is done. This information was given by Minister of State for Finance Shri. Santosh Kumar Gangwar today in written reply to a Rajya Sabha question. - News - Press release - PIB Tax Manageme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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