Home / Knowledge / News / Coir Board gets Income-Tax benefit
Coir Board gets Income-Tax benefit
03
Mar '08
Shri P Chidambaram, Finance Minister, Government of India exempted Coir Board from the purview of Income Tax Act by including it in Sec 10, sub Section 29(A) to enable the Board to get total exemption from payment of Income Tax.

He made this announcement in his budget Speech made on 29-2-2008 which reads as follows "176. I am happy to announce that the Coir Board will be included in Section 10(29A) and exempt from income tax."

Finance Minister has included Coir Board under section 10, sub section 29(A), so that it confers the benefit of exemption from the ambit of the IT Act.

Further, the Board need not file Returns as it is exempt from payment of Taxes by virtue of it being in the exempted category.

Coir Board has been set up by an act of Parliament in 1953, and is engaged in the growth of the Coir Industry through developmental and promotional activities. It is not set up with a profit motive, as it is a facilitator.

Shri A C Jose, Chairman, Coir Board had submitted memoranda and requests to the Finance Minister and Micro Small and Medium Enterprises Minister to accede to Coir Board's plea to exempt it and place it on par with other Commodity Boards which have been already exempted totally from the payment of Income Tax.

Spices Board, Marine Products Export Development Authority, Rubber Board are already exempt from the purview of the Income-Tax Act.

Shri A C Jose has conveyed his thanks to the Minister for graciously accepting Coir Board's plea. This move will help Coir Board to access funds for developmental activities, he said.


Must ReadView All

Apparel/Garments | On 29th Jun 2017

Amazon intends to keep investing and growing in India

American online retail giant Amazon intends to keep investing and...

Textiles | On 29th Jun 2017

Vietnam’s textile & garment exports cross $10bn till May

Vietnam earned $10... billion from textile and garment exports in the ...

Textiles | On 29th Jun 2017

Indian textile industry will reach new milestone by 2020

By 2020, textile technologies will be highly advanced not only with...

Interviews View All

Akash Khetan
Narayan Tex Fab

I find it hard to find professionals in Surat

Sanjay Desai & Ashish Mulani
True Colors

Digital textile printing will be the technology of the future

Siddharth Biyani
Mangalam Industries Pvt Ltd

‘The manufacturing sector is improving day-by-day, becoming better in...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
July 2017

July 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X