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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
« News Headlines »
 How to prepare to file ITR 1 for FY2017-18
 Step-by-step guide on how to fill ITR1
 6 steps to file income tax return online
 Want to file your income tax return online? Here’s the first step
 Good news for income tax payers! Taxmen can’t deny assessee’s legitimate claim in revised return, rules ITAT
 Can file revised return after notice issued by I-T ITAT
 How to file income tax returns online if you don't have Form 16 ITR 2018-19
 These 5 websites can help you file your ITR Income tax e-filing
 Here's why some retirees no longer have to file a tax return
 How to file different categories of ITR forms online Income tax e-filing
 Here are other documents you need to file online ITR Got your Form-16 for FY18?

GCCI demands complete abolition of FBT and DDT
February, 20th 2007

The Gujarat Chamber of Commerce and Industry (GCCI), an apex industry body, has demanded a complete abolition of Fringe Benefit Tax (FBT) and Dividend Distribution Tax (DDT) in the forthcoming Union Budget. The demand for the abolition of FBT and DDT in detailed pre-budget memorandum was sent to the union finance minister P Chidambaram.

Shri Pankaj Patel, President, GCCI, has also suggested that as an alternative to FBT, there should be a threshold limit of turnover beyond which the FBT provisions should be made applicable. He demanded that genuine business expenses incurred on non-employees should be excluded from the purview of FBT. Patel has tried to point out in the pre-budget memorandum that small business groups in semi-urban and rural areas are finding it difficult to comply with FBT provisions.

On DDT, he said, The Gujarat trade and industry body wants that central government should do away with this tax in the next budget. However, if it is not possible for the government, the rate of the tax ought to be reduced from 1.25% to 10%. GCCI has also sought the reduction in Minimum Alternate Tax (MAT) from the present 10% to earlier rate of 7.5%.

On the issue of surcharge on TDS provisions, it has demanded that TDS should be deducted at the prescribed rate without applying surcharge and education cess.

Apart from a number of suggestions and recommendations on direct and indirect taxes, GCCIs other demands with respect to indirect taxation include increase in central excise exemption limit for small scale industries from Rs 1 crore to Rs 3 crore.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Work Flow Workflow Software Software Automation Workflow automation Software Design Workflow Design Business Work Flow Workflow automation tools

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