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Reliefs extended in Finance Bill, 2008

The Finance Bill has become an Act on the assent of the President on May 10, this year. What are the changes made in the Finance Bill with regard to reliefs?

Relief under Section 10A and 10B have been extended for a year up to assessment year 2010-11. Relief under Sec. 80IB(9) for refineries of mineral oil, which was proposed to be discontinued from April 1, 2009, will continue to be available till March 31, 2012, for undertakings, either in public sector or company in which a public sector company has a minimum 45 per cent voting rights. Agricultural Marketing Committees will be exempt under Sec. 10(26AAB). Exemption for Coir Board is made retrospective.

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