Nasscom wants the new Govt to extend tax sops | business | Hindustan Times
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Nasscom wants the new Govt to extend tax sops

business Updated: May 17, 2009 12:42 IST

PTI
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Software industry association Nasscom wants the new government to maintain the growth momentum in the IT industry through extension of tax benefits, removal of inequities and multiplicity of taxes like FBT.

Nasscom Chairman Pramod Bhasin told PTI that specific policy initiatives like extension of tax benefits, specially for SMEs, and removal of inequities and multiplicity of taxes like fringe benefit tax (FBT) and service tax need to pushed for.

Bhasin also called for an overall uniform policy environment to enhance India's competitiveness and to attract foreign investment.

He said in the current global economic environment, it is important that the country has a stable and progressive political environment that can focus on long-term policies for sustainable development of the country.

Nasscom has been seeking extension of software revenue tax benefits for a few more years. The benefits, ending in March 2010, would hit the earnings of companies, with the tax outgo raising.

In 2005, the government had imposed FBT, levying on prequisites provided to their employees. IT industry had opposed the move as they offer their employees a lot of such benefits.