I-T holiday for EOUs extended for a year

Giving in to industry demand, the government of India announced one-year extension of income tax holiday for Export-Oriented Units (EOUs) under section 10B of the Income Tax Act. RIL is expected to be one of the biggest beneficiaries of this move as it has converted its refinery into an EOU only last fiscal. The government, which had remained silent on the fate of the scheme in the budget, will now move an amendment in the Parliament. The exporting industries, which have been hit by rising input costs and an appreciating rupee, had been demanding the extension of the scheme for a while.

The Jamnagar EOU industries making Brass Screws Brass Nuts Anchors Brass fasteners Brass parts hose fittings marine cable glands Brass pipe fittings Brass casting Bronze foundries Copper casting manufacturers will get a new lease on life.