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Nasscom Welcomes Tax Holiday Extension|
- By CXOtoday Staff, Apr 29, 2008 1640 hrs IST
- Tags : Nasscom Welcomes Tax Holiday Extension
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NASSCOM has welcomed the Finance Minister's announcement on a one year extension of tax holiday to software companies under the Software Technology Parks of India (STPI) scheme.
The tax exemption for IT-BPO companies has been extended to March 31, 2010 as was announced by Finance Minister P. Chidambaram while replying to a debate on his budget proposals in parliament today. This has to be ratified by both the houses which should be done by early May.
According to NASSCOM, this decision is particularly beneficial for BPO companies and SMBs who have been greatly impacted by the rupee appreciation, inflation, and signs of slowdown of US economy.
"This benefit will also give us time to come up with other workable and acceptable options for the future, beyond 2010. The IT-BPO industry is expanding into tier 2 & 3 cities which will help remove the pressure on large centres as well as help in more balanced economic development. It is important that we incentivate this move to tier 2 & 3 cities with STPI/SEZ like benefits," said NASSCOM in their Press statement.
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