New industries in AP, TS will get incentives: Union Minister W Chandrakanth

New industries in AP, TS will get incentives: Union Minister W Chandrakanth
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New industries in AP, TS will get incentives: Union Minister W Chandrakanth. Minister of State (Independent Charge) for Planning, Rao Inderjit Singh, here on Friday clarified that both Telangana and Andhra Pradesh would be given additional investment allowances for industrial growth in backward areas. This time-bound incentive will be in force from April 1 of 2015 to March 31, 2020.

New Delhi: Minister of State (Independent Charge) for Planning, Rao Inderjit Singh, here on Friday clarified that both Telangana and Andhra Pradesh would be given additional investment allowances for industrial growth in backward areas. This time-bound incentive will be in force from April 1 of 2015 to March 31, 2020.

In reply to a question of MPs, K Prabhakar Reddy and M Venkateswara Rao (Babu), in the Lok Sabha, Rao Inderjit Singh, said it was proposed to insert a new section 32AD in the Income-Tax Act, 1961 to provide for any additional investment allowance of an amount equal to 15 per cent of the cost of new asset acquired and installed by an assessee if he sets up an manufacturing industry during this period.

There would also be additional depreciation at the rate of 35 per cent to incentivize acquisition and installation of plant and machinery for setting up of manufacturing units in those areas in respect of the actual cost of new machinery or plant acquired or installed. The period that this would be in force is the same as provided for in the Income Tax issue.

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