Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
« Top Headlines »
Open DEMAT Account in 24 hrs
 March 31 deadline is getting near. How to save income tax with tax loss harvesting?
 45-day MSME payment rule: Impact and details of Section 43B(h) explained
 Small savings schemes that offer tax benefits of up to Rs 1.5 lakh under section 80C
 RE-OPENING OF CORRECTION WINDOW FOR MAY 2024 CA EXAMINATIONS
 Powerful Upgrades, Tally 12+1 months renewal Plan and Connected Services for your growing Business - March 2024
 How innovative solutions can help fix the Sec 43B conundrum for MSMEs
 Income Tax dept asks many individuals to explain high value transactions of FY20-21 as Updated ITR deadline nears
 Release Notes for TallyPrime and TallyPrime Edit Log Release 4.1 | What s New!
 Deadline to file updated ITR FY20-21 ends on March 31: Details on additional tax
 4 tax-planning mistakes to avoid this season
 ITR 2024: Here are 8 ways by which senior citizens can save on taxes this year

Indian industry seeks corporate tax cut in budget
January, 10th 2008
India has to cut personal and corporate tax rates, and lower excise duty rates on manufacturing goods in the next budget to sustain high economic growth, industry representatives said on Tuesday.

In a pre-budget meeting with Finance Minister Palaniappan Chidambaram, industrialists also demanded removal of minimum alternate tax (MAT) and dividend distribution tax (DDT), and a cut in excise duty on most manufactured goods to 14 percent from the present 16 percent.

Federation of Indian Chamber of Commerce and Industry president and chairman of Wockhardt, Habil Khorakiwala, said corporate tax rate should be cut to encourage manufacturers.

"Reduce corporate tax to 25 percent, which along with surcharge and education cess will calculate at 28.33 percent," he said in a note to the finance minister.

Associated Chamber of Commerce and Industry president and Videocon Industries chairman, V.N. Dhoot, said the income tax rate should be cut to 25 percent from 30 percent for income above 500,000 rupees.

"The finance minister was jubilant over growth in direct tax collection and he said both revenue and fiscal deficit will be under control. I think this year income tax rate will be reduced," Dhoot told reporters after the meeting.

Larsen & Toubro chairman, A.M. Naik, said the government should remove MAT and DDT.

Anti-dumping duties on cheaper Chinese products should be imposed as domestic manufacturers were at a disadvantae after the rupee appreciation, he said.

Malvinder Singh of Ranbaxy Laboratories and Swati Piramal of Nicholas Piramal said companies involved in research should get tax incentives.

Industry bodies also asked the finance minister to introduce a goods and services tax from April 2010, and peg the rate at 20 percent.
Home | About Us | Terms and Conditions | Contact Us
Copyright 2024 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting