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Fringe benefit tax abolished
Bowing to the long standing demand of India Inc, Finance Minister Pranab Mukherjee has abolished the fringe benefit tax and commodity transaction tax.
However, Minimum Allocation Tax (MAT) on book profits has been increased from 10 percent to 15 percent, but with a provision of carrying forward the tax credit on MAT to 10 years from the current seven years.
Last updated on Jul 6th, 2009 at 12:26 pm IST--IANS
Possibly related news:
- Income tax exemption limit increased, corporate tax rate unchanged (July 6)
- Tax structure to be simplified: Mukherjee (July 6)
- Presumptive tax scope to be extended (July 6)
- Simple tax regime in four years promised (July 6)
- Donations to electoral trusts to get tax exemption (July 6)
Other News Headlines
Uttar Pradesh Chief Minister and Bahujan Samaj Party (BSP) president Mayawati has accused the central government of "deliberately delaying" the decision to withdraw the ordinance on sugarcane pricing in order to gain political
A prototype of the light combat helicopter (LCH), designed and developed by the state-run Hindustan Aeronautics Ltd (HAL), is set for its maiden flight soon, a top company official said Friday.
The six new medical colleges and two para-medical colleges coming up in Uttar Pradesh would be run under a public-private partnership (PPP) arrangement.
The Chandigarh police Friday conducted surprise raids at various cyber cafes in this union territory and found over a dozen cafes were not keeping proper records of the customers.
Scientists Friday said that the government was in the process of formulating guidelines for regulation of probiotic foods, which have flooded the Indian markets, and the guidelines would be in place by January 2010.
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