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.

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

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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.