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Tuesday, July 7, 2009

FBT Tax abolished In Financial Budget 2009-2010

Good news in Budget 2009 from Ministry of Finance India
FBT Tax Abolished By Finance Ministry In Budget 2009-10; This is good news for employees who takes enjoys advantage of company schemes like yearly shares.
Fringe Benefit Tax abolished; 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 percent to 15 percent, but with a provision of carrying forward the tax credit on MAT to 10 years from the current seven years.

The Finance Minister, Shri Pranab Mukherjee has proposed to abolish Fringe Benefit Tax on the value of certain fringe benefits provided by employers to their employees. This was announced by Shri Mukherjee, while presenting the Union Budget for the year 2009-10 in Lok Sabha today. He also proposed to extend the sun-set clauses for deduction in respect of export profits under Section 10A and 10B of the Income Tax Act by one more year i.e. for the Financial Year 2010-11. However, the Finance Minister proposed no changes in the Corporate Tax rates.


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