Tax exemptions for profits reinvested in housing, highways, school buildings and drinking water
“promote reinvestment of profits, by suitable tax exemptions, in areas where there is crying need for massive investment such as low and middle income group housing, highways, roads and bridges, non-conventional energy, school buildings and supply of drinking water”
VAADA POORAKept
The verdict
The first budget proposed an income-tax deduction for the full amount paid to finance approved social and economic welfare projects, chosen by a national committee. This is the budget proposal; the final enacted text was not checked separately.
Rule applied: Kept: achieved as promised, on time or within 6 months of the deadline → 10
Implied deadline (end of term): 16 May 1996Confidence: mediumAI draft · review pending
10/10
Evidence timeline
- Budget24 Jul 1991· Ministry of FinancesupportsBudget Speech 1991-92 (Manmohan Singh) ↗
“I, therefore, propose to make a provision in the Income-tax Act to provide deduction, in computing taxable profits of a taxpayer carrying on a business or profession, of the entire amount paid for financing projects or schemes promoting social and economic welfare.”
More tax promises from this manifesto
Ensure indirect taxes do not push up prices of listed essential items like salt, cycles and sarees
VAADA POORAKept10/10
Arre wah! Ye toh sach mein hua.
Promise ID inc-ls-1991-006 · drafted 5 Oct 2026 by research-agent · JSON