Big announcement of 'Govt of India', 100% income tax rebate; Know more...
The Government of India says that MIC Redwood has been given this tax exemption to increase long-term investment in India's top priority sector, including the country's infrastructure sector.
New Delhi: MIC Redwood Company has become the first company in India to receive 100% income tax rebate. Taking a major decision, India's Prime Minister Narendra Modi has announced 100% tax rebate to Mick Redwood 1 RSC Limited, Abu Dhabi's sovereign wealth fund. Wealth funds gave 100 percent exemption in income tax to invest.
Tax exemption to MIC Redwood to boost infrastructure:
The Government of India says that MIC Redwood gave this tax exemption to increase long-term investment in India's top priority sector, including the country's infrastructure sector. The Central Board of Direct Taxes (CBDT) stated in its notification that this company is exempted under section 10 (23FE) of the Income Tax.
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The company applied for tax exemption:
Let us tell you that CBDT has completed the notification process in record time to give MIC Redwood 100% exemption in income tax. The company applied for tax exemption on September 18, 2020. All the meetings to give tax exemption were virtualized through video conferencing.
MIC Redwood then sent its final reply on 20 October. After this, CBDT, in consultation with the Ministry of Law, announced 100% tax exemption to the company on 2 November. The central government has given tax rebate to the company under the Finance Act, 2020.
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Sovereign Wealth Fund:
First of all know what is Sovereign Wealth Fund? Governments of countries like Saudi Arabia make a lot of money through crude oil and their country has less expenditure. In such a situation, their budget is always surplus. This means that the amount of money the government will spend in a financial year, its income from tax and other sources is more.
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