« Top Headlines » Open DEMAT Account in 24 hrs  New Income Tax Act: ITR forms to be issued prior to FY28, says govt  GSTR-9C Explained: Turnover Limit, Due Date, Statement Format & How to Prepare It in Tally Prime (2025 Update)  Will Income Tax Department release new ITR forms by January 2026? Finance Ministry says this  The Government of India has strengthened MSME protection through strict payment rules, ensuring that Micro & Small Enterprises receive timely payments from buyers. Under the MSME Development Act (MSMED Act), 2006, buyers must make payments within:  ITR Refund Delays in India: Why They Happen & How to FastTrack Your Refund in 2025  ITR Refund Delay: From Bank Errors To Department Checks, 5 Big Reasons Your Refund Gets Stuck  Income Tax Slabs 2025: New Vs Old Regime; Which One Is Better For You For FY2025-26?  Seamless Integration: How Tally Prime Connects Businesses to the Digital Economy  Govt to notify new ITR forms, Income Tax Act 2025 rules by January 2026: CBDT chief  Digital Efficiency for MSMEs: The Tally Prime Advantage  5 Ways Tally Prime Reduces Cost and Boosts Productivity for Startups «  FM hints at belt tightening... FinMin may best fiscal target... » Cut Customs, abolish FBT, CII tells govt November, 14th 2006 In its pre-Budget wish list to the government, the Confederation of Indian Industry (CII) today demanded a reduction in distribution tax on dividends, abolition of fringe benefit tax (FBT) and a cut in Customs and excise duties.    CII has urged for a reduction in distribution tax from 14 per cent to 5 per cent. It has also asked the government to provide tax credit while computing distribution tax on dividends paid by subsidiaries to parent companies.    The industry body has said FBT should be abolished, or a choice be given to corporates to pay 1 per cent additional corporation tax on its total income. It has also demanded that the minimum alternative tax (MAT) be brought down from 10 per cent to 7.5 per cent. It also supports the total abolition of the levy.    On Customs duty, the CII has said it supports further reduction in peak rate to 10 per cent. The chamber has urged the government to reduce Central Sales Tax (CST) from 4 per cent to 2 per cent with effect from the next financial year.    The CII has also recommended reducing the Cenvat rate of excise duty to 14 per cent from the current 16 per cent. In the forthcoming Budget, definitive measures should be announced towards introducing general sales tax by 2010, its memorandum said.    To raise revenue for investment requirements, especially in infrastructure, the chamber said the limit under Section 80 C should be raised from Rs 1 lakh to Rs 2 lakh, provided the additional Rs 1 lakh savings is in infrastructure bonds.    Under Section 80 C an individual and HUF are allowed to get deduction from the total income on investments not exceeding Rs 1 lakh, the memorandum said.    The industry body has recommended designating incremental tax revenue in the proportion 35:35:20:10 for education, infrastructure, health and other development expenditure.