Fringe benefit tax abolished

Updated on Jul 06, 2009 01:17 PM IST

Bowing to the long standing demand of India Inc, Finance Minister Pranab Mukherjee has abolished the fringe benefit tax and commodity transaction tax.

HT Image
HT Image
IANS | By, New Delhi

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 per cent to 15 per cent, but with a provision of carrying forward the tax credit on MAT to 10 years from the current seven years.

SHARE THIS ARTICLE ON
SHARE
Story Saved
×
Saved Articles
Following
My Reads
My Offers
Sign out
New Delhi 0C
Thursday, December 01, 2022
Start 15 Days Free Trial Subscribe Now
Register Free and get Exciting Deals