Financial Daily from THE HINDU group of publications
Thursday, Mar 16, 2006
Financial Daily from THE HINDU group of publications Thursday, Mar 16, 2006 |
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Corporate
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Income Tax Industry & Economy - Industry Associations `Exempt sales promotion expenses from FBT' Our Bureau
New Delhi , March 15 After examining the fine print of the Budget, corporates have suggested that sales promotion expenses be exempt from Fringe Benefit Tax (FBT). A large number of the 100 CEOs that were surveyed by industry chamber FICCI have also questioned the inclusion of the donation to the Prime Minister's Relief Fund under the purview of the tax. The respondents expressed hope that the Finance Minister would look at these two aspects before passing the Finance Bill. On the Minimum Alternative Tax (MAT), companies felt that the existing 7.5 per cent rate of tax should be continued. They argued that a moderate level of taxation leads to higher revenue collection. They expressed disappointment at the inclusion of long-term capital gains on securities in the computation of `book profits'. Investment companies whose core business is investment will not be able to take credit of the MAT paid, as their only source of income is through either dividend or trading in shares, said respondents. On the infrastructure sector, the respondents expressed disappointment over withdrawal of existing benefit in terms of exemption of income from investment in infrastructure.
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