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CBDT updates Harmonised Master List of Infrastructure Sub-sectors, applicable from April, 2020 [Read Notification]

By Taxscan Team -

The Central Board of Direct Taxes (CBDT) on Monday notified the amended Harmonized Master List of Infrastructure Sub-sectors, which shall be enforced from April 1, 2021, and shall be applicable for the assessment year 2021-22 and subsequent assessment years.

The notification provides that infrastructure sub-sectors in the said Harmonized Master List of Infrastructure Sub-sectors shall not include the business already provided in the said item (b).

CBDT widens the definition of infrastructure under Section 10(23FE) to align it with the Harmonised List of Infrastructure notified by DEA.

This will encourage investment from certain entities including those of notified Sovereign Wealth Funds & Pension Funds in a wide range of infrastructure as per the List.

Section 10 (23FE) provides for an exemption to a specified income of certain entities including notified SWF & PF from investment in specified infrastructure sectors.

The last updated Harmonized Master List of Infrastructure Sub-sectors was provided in the notification dated 13th August 2018.

To Read the full text of the Notification CLICK HERE