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: ITMA 2015

Textiles | On 21st Jun 2018

Italy to host textile machinery fair ITMA in 2023

ITMA, the trendsetting textile and garment technology platform, will...

Courtesy: Connor Group

Textiles | On 21st Jun 2018

Protectionism top threat to textile sourcing: William Connor

Protectionism is the biggest political factor and threat affecting...

NRF urges US Congress to step in, stop trade war

Apparel/Garments | On 21st Jun 2018

NRF urges US Congress to step in, stop trade war

The National Retail Federation (NRF) recently urged the US Congress...

Interviews View All

Rahuul Jashnani
Jashn

‘Online economy has changed the whole dynamics of buying habits.’

Yashiki Gumber
Sahiba Fabrics

Fabric does not restrict us from fashion trends

Anavila Misra
Anavila Collection

Fashion shows are also encouraging and highlighting sustainable fashion

Sugandha Bhardwaj

<div>New Delhi-based Brinjal Designs Pvt Ltd manufactures home furnishing...

Nitesh Mittal

Kusumgar Corporates is a leading manufacturer of technical textiles and...

Abhishek Pachauri

Reckon Industries adapts latest systems for manufacturing from designing...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Samar Firdos
Arvind Ltd

<b>Samar Firdos</b>, Chief Manager (Design) at Lifestyle Apparel Denim...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Silvia Venturini Fendi
Fendi s.r.l

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

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

Leave your Comments


June 2018

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

news category


Related Categories:

Advanced Search