Union Budget Views

Union Budget Views - Feb 19

MUMBAI (Reuters) - The following measures are under consideration for India's 2008/09 federal budget, according to newspaper reports. Reuters has not verified these stories and does not vouch for their accuracy.

Finance Minister P Chidambaram will present the budget for 2008/09 on Feb 29.

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* The government is likely to extend income-tax incentives to 100 percent export-oriented units for one more year beyond March 2009.

* Income generated from agricultural advances by state co-operative banks and district central co-operative banks is likely to be exempted from tax from 2008/09.

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* The agriculture ministry has proposed a cess of 1 percent on direct taxes and 2 percent on indirect taxes to part-fund a debt relief package for farmers.

* The government may extend 10-year tax exemption under the Software Technology Parks of India (STPI) scheme, provided to units located in STPIs. The scheme ends in March 2009. Continued...
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