Budget 2009 - Extension of tax exemption under the STPI for 1 more year
The IT industry on Monday hailed the government’s decision to extend the tax holiday to the software export units by another year, and abolition of FBT, giving much-needed relief to the slowdown-hit sector facing contracted orders and sharp earnings fall.
“In order to tide over the slowdown in exports, I propose to extend the sunset clauses for these tax holidays by one more year– financial year 2010-11,” Finance Minister Pranab Mukherjee said in his Budget speech today. The scheme was due to expire on March 2010. more