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7 AP districts get tax incentives

Written By Indiagreat .in on Saturday, 1 October 2016 | 11:08:00

Hyderabad: The Central government on Friday announced tax incentives for seven districts of Andhra Pradesh to boost industrial activity in the Telugu state. 

New industrial units established from April 1, 2015 in the four districts of Rayalaseema and three districts of North coastal Andhra regions are eligible for the tax incentives.

“Under the Andhra Pradesh Reorganisation Act, 2014, the Government of India is extending special assistance to four districts of Rayalaseema and three districts of North coastal region of Andhra Pradesh. 

To further boost the industrial activities, the CBDT has notified these seven districts for availing tax incentives under section 32(1)(iia) and section 32AD of the Income-Tax Act,” Meenakshi J Goswami, Commissioner of Income Tax, and Official Spokesperson, Central Board of Direct Taxes (CBDT), Ministry of Finance, said in a statement on Friday.  

Accordingly, any manufacturing undertaking set up during the period from April 1, 2015 to March 31, 2020 in these districts of Andhra Pradesh is eligible for 15 per cent of higher additional depreciation and 15 per cent of investment allowance on the cost of plant and machinery acquired by it during the above-mentioned period, the statement added.

The seven districts of Andhra Pradesh notified as backward areas are Anantapur, Chittoor, Kadapa, Kurnool, Srikakulam, Vishakhapatnam and Vizianagaram. New industrial units set up or to be set up during the five period from April 1, 2015, in all these seven districts will be eligible for the special incentives.




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