Investment in field industrial undertaking Clause (86). – At present source of investment made in green field Industrial Undertaking is exempt from tax if investment is made between 01.01.2014 to 30.06.2017, Now the period of exemption to investment in green field Industrial Undertaking has been extended to 30.06.2019. IT Services Clause (94) – Exemption available to development services has been extended to Services” and enabled services”. A new proviso has been “IT “IT inserted by virtue of which exemption is linked with the condition that taxpayers for tax year 2017, shall give undertaking that accounts shall be presented to the Commissioner by November 2016.
Investment in field industrial undertaking – Clause (86). At present source of investment made in green field Industrial Undertaking is exempt from tax if investment is made between 01.01.2014 to 30.06.2017, Now the period of exemption to investment in green field Industrial Undertaking has been extended to 30.06.2019. IT Services – Clause (94) Exemption available to development services has been extended to “IT Services” and “IT enabled services”. A new proviso has been inserted by virtue of which exemption is linked with the condition that taxpayers for tax year 2017, shall give undertaking that accounts shall be presented to the Commissioner by November 2016.
Shahid-Bashir-Sb-Budget-2016-17.docx