The Finance Act, 2007 has, with effect from the A.Y. 2008-2009 provided a new definition of venture capital undertaking, where the investment of a Venture Capital Company or Venture Capital Fund would be exempt from tax. Thus, “venture capital undertaking” means such domestic company whose shares are not listed in a recognized stock exchange in India and which is engaged in the:
2. Dairy or poultry industry.
- Business of:
(B) Information technology relating to hardware and software development;
(C) Seed research and development;
(E) Research and development of new chemical entities in the pharmaceutical sector;
(F) Production of bio-fuels; or
(G) Building and operating composite hotel-cum-convention centre with seating capacity of more than three thousand; or
(H) Developing or operating and maintaining or developing, operation and maintaining any infrastructure facility as defined in Section 80 IA(4).