FICCI seeks exemptions on foreign exchange earnings of tourism in 2013 Budget

Also has recommended that like airports, seaports and railways, hotels also should be included as an infrastructural facility eligible for benefits under Section 80 I A of the Income Tax Act

Travel News
Travel News

 In its pre-budget 2013 memorandum, Federation of Indian Chambers of Commerce and Industry (FICCI) has emphasised the need to aid growth of tourismsector.

FICCI has recommended that like airports, seaports and railways, hotels also should be included as an infrastructural facility eligible for benefits under Section 80 I A of theIncome Tax Act. "If implemented all new hotel projects will be able to avail the benefit of deductions of 100% with respect to profits and gains for a period of 10 years. This will lead to many new hotel projects being set up by companies re-investing their profits in the hotel sector," said FICCI. 

Another advantage of the capacity building in tourism will be to huge opportunity for employment, said the industry body. FICCI also said that the tourism industry should be granted deductions on foreign exchange earnings.

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