Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: ACCOUNTING STANDARDS :: VAT RATES :: VAT Audit :: cpt :: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: empanelment :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: list of goods taxed at 4% :: articles on VAT and GST in India :: TDS
 
 
News Headlines »
  Income-tax Act, 1961 read with Rule 114E of Income-tax Rules, 1962
 Master Directions on Access Criteria for Payment Systems
 RBI-Scheduled Bank's Statement of Position in India as on Friday, January 06, 2017 (Revised)
 3 Big Mistakes To Avoid This Tax Season
 The Top 5 Tax Stories Of 2017
 Are multiple service tax rates in the offing?
 All you need to know about claiming tax break on HRA
 How much income tax you should pay on investments in gold?
  Best ways to save tax in 2017
 8 unknown stocks that could yield huge returns
 Government may set threshold for probe into deposits to prevent harassment of taxpayers

CEOs favour FBT abolition in 08-09 Budget: Assocham survey
November, 27th 2007
Majority of corporate honchos want the Finance Minister to abolish Fringe Benefit Tax (FBT) on normal business expenses such as sales promotion, travel and gifts to customers in his forthcoming budget proposals, industry chamber Assocham survey has said.

Of over 400 CEOs and MDs of premier industrial sectors, 80 per cent are of the view that the tax should not exist as these expenses do not have any element of disguised perquisites to employees, the survey said.

They are of view that gifts to customers is a common practice and employees do not derive any benefit, it said adding that it, therefore, no longer makes an economic sense to continue to subject employers to FBT on such expenses.

The distribution of gifts is prevalent in industries like garment, white goods, FMCG, small accessories and automobile, whose margins are reeling under pressure due to rupee appreciation, and removal of FBT on sales promotion expenses would provide them a great relief, it said.

"Likewise, subjecting FBT on dealer meetings conducted by various business promoters to discuss business strategies should also not be subjected to FBT," said Assocham President Venugopal Dhoot.

Besides, 55 per cent of respondents said surcharge on Corporate Tax, which is 2.5 per cent currently, should be abolished and 30 per cent Corporate Tax rate imposition should continue.

At the same time, 60 per cent are of opinion that their annual turnover could be taxed to the extent of 1 per cent, provided FBT is abolished on identified and suggested expenses and money generated out of it be used for irrigation purposes.
 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Desktop Application Development Outsourcing Desktop Application Development Offshore Desk

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions