« 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 «  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.