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Rs100 cr tax concession in TN budget

Rs100 cr tax concession in TN budget
PTI
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First Published: Tue, Feb 17 2009. 04 23 PM IST
Updated: Tue, Feb 17 2009. 04 23 PM IST
Chennai: The Tamil Nadu budget, presented by state finance minister K Anbazhagan on Tuesday, shows a deficit of Rs11,823.64 crore, chiefly on the back of tax concessions worth Rs100 crore and interest-free crop loans to be given to farmers who repaid their loans on time from this fiscal.
The government itself would pay interest to co-operatives, he said.
He said land tax for dry land would be reduced to Rs2 from the present Rs15 per acre, and to Rs5 from Rs50 for wet land. This would be done by simplifying the current cumbersome system of fixing the tax, he said.
Local cess and local cess surcharge on land tax would not be levied from the next fiscal, he said. This would benefit over 50 lakh farmers in the state.
Chief Minister M Karunanidhi will soon lay the foundation stone for the Rs14,600 crore metro rail project for Chennai.
The state will bear Rs11,680 crore, of which Rs8,646 crore would come as loan from the Japan International co-operation agency, while the Centre’s contribution will be Rs2,920 crore. Tenders for initial work on the project had been finalised, he said.
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First Published: Tue, Feb 17 2009. 04 23 PM IST