Direct Taxes
- Presently the tonnage tax scheme is available to only sea going ships. The benefits of existing tonnage tax scheme are proposed to be extended to inland vessels registered under the Indian Vessels Act, 2021 to promote inland water transport in the country.
- It was proposed to extend the period of incorporation by 5 years to allow the benefit available to start-ups which are incorporated before April 1, 2030.
- In order to attract and promote additional activities in the IFSC, specific benefits will be provided to ship-leasing units, insurance offices and treasury centres of global companies which are set up in IFSC. Further, to claim benefits, the cut-off date for commencement in IFSC has also been extended by five years to March 31, 2030.
- Category I and category II AIFs are undertaking investments in infrastructure and other such sectors. It was proposed to provide certainty of taxation to these entities on the gains from securities.
- To promote funding from Sovereign Wealth Funds and Pension Funds to the infrastructure sector, it was proposed to extend the date of making an investment by five more years, to March 31, 2030.
- The benefit provided under Section 80-IAC to startups will be extended for another period of five years, i.e. the benefit will be available to eligible start-ups incorporated before 01.04.2030.
For the full speech, please visit: https://www.indiabudget.gov.in/doc/Budget_Speech.pdf
