Good news in Budget 2009 from Ministry of Finance India
Fringe Benefit Tax abolished; 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. reports TOI what is fringe benefit tax or FBT? Fringe Benefits Tax (FBT) is the taxation of most, but not all fringe benefits, which are generally non-cash employee benefits. The rationale behind FBT is that it helps restore equity and fairness to those employees who do not receive such benefits, and allows a Federal Government to more fairly assess taxpayer entitlement to government benefits, or liability to government taxes or levies. General Budget 2009-10 The Finance Minister, Shri Pranab Mukherjee has proposed to abolish Fringe Benefit Tax on the value of certain fringe benefits provided by employers to their employees. This was announced by Shri Mukherjee, while presenting the Union Budget for the year 2009-10 in Lok Sabha today. He also proposed to extend the sun-set clauses for deduction in respect of export profits under Section 10A and 10B of the Income Tax Act by one more year i.e. for the Financial Year 2010-11. However, the Finance Minister proposed no changes in the Corporate Tax rates. read more from PIB press Release about Fringe Benefit Tax and Commodity Transaction tax to be abolished NO CHANGE IN CORPORATE TAXES – MAT TO BE INCREASED TO 15% ; SUN-SET CLAUSES FOR DEDUCTION OF EXPORT PROFITS UNDER INCOME TAX TO BE EXTENDED BY ONE MORE YEAR ; DONATION TO ELECTORAL TRUSTS TO BE ALLOWED 100% DEDUCTION. Budget 2009 Income Tax Slab Increased Finance Minister of india Pranab Mukherjee said to increase in income tax exemption limit for senior citizens by Rs.15,000, for women and others by Rs.10,000 each,
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Fringe Benefit Tax FBT Abolished in Budget 2009
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