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

Courtesy: Myntra

Apparel/Garments | On 3rd Dec 2016

Myntra to be EBITA positive by FY18: CEO Narayanan

Myntra is on track to achieve sustainable growth and be EBITA...

Courtesy: India ITME Society

Textiles | On 3rd Dec 2016

India ITME 2016 opens with over 1050 exhibitors

The India International Textile Machinery Exhibition (India ITME)...

Courtesy: Bruckner

Textiles | On 3rd Dec 2016

Indian textile companies opt for Brückner stenter lines

Indian textile firms Laxmipati Sarees, makers of polyester sarees and ...

Interviews View All

Giovanni Pizzamiglio, Paolo Crespi & Riccardo Robustelli
Epson, For.Tex & F.lli Robustelli

‘The percentage share of printing in the global textile market is pretty...

Mukesh Agarwal & Rajesh Agarwal
Madhuram Fincap Pvt Ltd

Increasing prices and lack of demand main issues facing industry

Yash Agarwal
Hitansh Online

Every market region has its own culture and trends

Lynda Kelly
Suominen Corporation

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

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

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
December 2016

December 2016

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

SUBSCRIBE


Browse Our Archives

GO


Advanced Search