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June 2010

Fresh Additional Relief Package — PIB Press Release No. BY/KP/GN-151/10, dated 29-4-2010.

By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
Sejal Vasa | Company Secretary
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Part A : Direct Taxes

33 Fresh Additional Relief Package — PIB Press Release No. BY/KP/GN-151/10, dated 29-4-2010.

The following important amendments were made to the Finance Bill 2010 :

  • Two items are included as ‘specified business for availing the benefit of investment linked deduction u/s.80-IB(11C) of the Act — business of a new hospital anywhere in India (unlike certain prescribed areas as proposed earlier), with at least 100 beds for patients, and business of developing and building a housing project under a scheme for slum redevelopment or rehabilitation framed by the Central Government or a State Government.

  • Transfer of shares by shareholders on conversion of a company into an LLP is proposed to be tax exempt.

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