« Top Headlines » Open DEMAT Account in 24 hrs  Mock Test Papers Series - I & II for Students appearing in CA Foundation January 2027 Examination.  Income Tax Rules 2026: CBDT Introduces Revised Form 161 for Penalty Waiver, Clarifies Misreporting Categories and Taxpayer Relief  ITR Filing and Income Tax Audit Deadline Extended: 5 Critical Things Taxpayers Must Know  Filing Belated ITR for AY 2026-27? Know Which Losses You Can Carry Forward and Which You May Lose  CBDT Extends Tax Audit Report Deadline to October 21, ITR Filing Last Date to November 21 for AY 2026-27  CBDT Extends AY 2026-27 ITR Filing Deadline for Tax-Audit Cases: New Dates and Key Compliance Details  Foreign Assets Missing From Your ITR? Income Tax Department Opens One-Time Disclosure Window  Tax Audit Deadline September 30: Why AIS, TDS and GST Figures May Not Match Your ITR and What Taxpayers Should Do  Tax audit deadline September 30: Common mistakes taxpayers should avoid  Your ITR says ‘verified’, but the refund hasn’t arrived? 5 reasons why your money could be stuck  Missed the ITR Deadline but TDS Refund Is Due? Here’s How You Can Still Claim Your Money «  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.