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Our Bureau

New Delhi, March 15

In regard to the recent announcement in the Union Budget to introduce Fringe Benefit Tax on employee stock option plans, Nasscom has urged the Government to levy taxes on employees exercising the option instead of the companies. While there lacks clarity on the taxes that would be imposed on ESOPs, Nasscom has proposed that the taxes must not increase by more than 10 per cent. The industry body would also like the imposition of the tax to be levied on ESOPs granted on or after March 1, 2007. It also asked the Government to defer levy of Minimum Alternate Tax (MAT) on profits of companies that are exempt from paying tax under the Income Tax Act.

More Stories on : Taxation | ESOPs | Industry Associations | Income Tax

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