Draft Income Tax Rule 36: Guidelines for Affordable Housing and Semiconductor Wafer Fabrication Projects
Draft guidelines under Income Tax Rule 36 specify criteria for notifying affordable housing projects and semiconductor wafer fabrication units. The rules outline the application process, required approvals, and conditions for both sectors, including the need for prior sanction from relevant authorities and operational commencement dates. Affordable housing projects must allocate specific percentages for economically weaker sections, while semiconductor units must operate exclusively in India and commence production post-april 2014.
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The draft guidelines for Income Tax Rule 36 define procedures for notifying affordable housing projects and semiconductor wafer fabrication units under Section 46. Affordable housing projects must have prior approval from the Ministry of Housing and Urban Affairs, commence after April 2011, and allocate at least 60% of units for economically weaker sections.
Semiconductor units must manufacture wafers exclusively, have approval under the Modified Special Incentive Package Scheme, and begin operations after April 2014. Applications are to be submitted to the Central Board of Direct Taxes, which may approve or reject based on compliance with specified conditions.
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