New Delhi: Bowing to the long standing demand of India Inc, Finance Minister Pranab Mukherjee has abolished the fringe benefit tax and commodity transaction tax.
However, Minimum Allocation Tax (MAT) on book profits has been increased from 10 per cent to 15 per cent, but with a provision of carrying forward the tax credit on MAT to 10 years from the current seven years.
(For updates you can share with your friends, follow IBNLive on Facebook, Twitter and Google+)
#Union Budget 2009 #tax #India budget 2009 #Indian budget 2009 #Budget 2009 #Budget 2009 - 2010 #Indian budget
displayed with permission. Use of the CNN name and/or logo on or as part of CNN-IBN does not derogate from the intellectual property rights of Cable News Network in respect of them.