« Top Headlines » Open DEMAT Account in 24 hrs  Old or new tax regime for TDS on salary? This post-election 2024 event will impact your tax planning  What Are 5 Heads Of Income Tax?  Income Tax Dept releases interim action plan for FY25 on tax collection, refund approvals   Income Tax Return: 5 lesser-known tax-saving tips from Section 80  Income Tax Return: 5 lesser-known tax-saving tips from Section 80  Why you need not rush to file your ITR immediately  Income tax returns: ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing  Section 80DDB tax benefits for specified illnesses: 5 things to know  Income tax slabs FY 2024-25: Five tips to help taxpayers decide between old and new income tax regimes  ITR-1, ITR-2, ITR-4 forms for FY 2023-24 (AY 2024-25) available now on e-filing income tax portal  How To Save Tax For Salary Above 15 Lakhs? «  Company Secretaries’ plea to Govt... Govt expects Rs 7,500 cr in STT collections... » CII for MAT abolition December, 26th 2007 Continuation of the existing peak customs duty rate, abolition of MAT and surcharge on corporate tax, review of fringe benefit tax (FBT), reduction in excise duty on cars and extension of R&D benefits to all sectors are some of the suggestions by the top industry body CII in its pre-Budget proposal. “Imported goods have already become cheaper by 10.35% due to appreciation of rupee against the dollar since March 1, 2007,” CII said, recommending no change in the peak customs duty. Suggesting a reduction in excise duty from 24% to 14% on cars, multi-utility vehicles and petrol-driven goods vehicles, it has also recommended a similar cut for certain goods like processed foods, pesticides, drugs & medicines from 16% to 8%. The chamber has also asked for Cenvat rate to be lowered to 14% to 16%. Other suggestions include abolition of MAT or reduction to 5%, considering only the element of personal benefit to employees for taxation under FBT, encouraging corporate restructuring by providing benefits under Section 72A of the IT Act and re-introducing deductions available under sections 80HHC-80HHE of the Act to exporters. To encourage availability of risk capital, CII has suggested extension of pass-through benefits under section 10 (23FB) of IT Act to private equity and venture capital funds. It has also asked for a clear distinction between trading and investing for calculating capital gains tax. CII has suggested that a holding period of less than 15 days be considered capital gains from trading, a holding period of 15- 179 days as short term capital gains and any holding period above 180 days as long terms capital gains. The chamber has outlined building people, strengthening rural economy and enhancing competitiveness as key focus areas to aid inclusive and sustainable high growth. The chamber has proposed that any training expenditure incurred by the industry be treated at par with R&D expenditure eligible for deduction from income tax at 150%. CII has recommended tax incentives for R&D in agriculture and allied sectors, including food processing, under Section 35(2AB) of IT Act. CII has suggested bringing more services under the tax net to broaden the tax base but has asked for service tax exemption on exploration & development and production activities related to oil and gas, construction activities for infrastructure and trade & industry associations. It has asked for reduction of CST rates from 3% to 2% in the next fiscal to facilitate transition to Goods & Services Tax (GST) and inclusion of natural gas in the list of “Declared Goods”. CII has also requested for announcement of suitable GST model as a next step to implement by 2010.