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HomeNewsTAX Updates
27 Oct 2021 8:45 AM GMT

CBDT offers income tax relief to sugar manufacturers

By Legal Era
CBDT offers income tax relief to sugar manufacturers

CBDT offers income tax relief to sugar manufacturers Centre's intervention provides succor to sugar mills and farmers The Central Board of Direct Taxes (CBDT) has issued a notification saying sugar manufacturers will not be subjected to income tax on the payment amount made to farmers that is higher than the fair price remuneration fixed by the government. The clause is applicable...

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CBDT offers income tax relief to sugar manufacturers

Centre's intervention provides succor to sugar mills and farmers

The Central Board of Direct Taxes (CBDT) has issued a notification saying sugar manufacturers will not be subjected to income tax on the payment amount made to farmers that is higher than the fair price remuneration fixed by the government. The clause is applicable from 2016.

The Board clarified that the matter had been examined and the "price fixed or approved by the government" includes price fixation by state governments through state-level Acts/Orders or other legal instruments that regulate the purchase price for sugarcane.

Sugar manufacturers had been receiving notices from the Income Tax Department for three to four decades.

TAGS:
  • Central Board of Direct Taxes 
  • Finance Act 
  • Government of India 
  • Income Tax Department 
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