Thursday, July 9, 2009

At present both service-tax and VAT are being charged by the tax authorities on development and sale of software in India.

Make SEZ scheme attractive

There is urgent need for the Government to announce an extension of the tax holiday for the IT sector under the Income Tax Act, 1961 beyond March 31, 2010. However, to help in mitigating the impact of the economic slowdown and maintaining the competitive edge of this sector, it will be beneficial to the industry if the tax holiday is extended by a block of two-three years as compared to piecemeal extension, says Naveen Aggarwal, Executive Director, ICE Tax, KPMG.

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