Corporate
Industry chambers have demanded lowering of corporate tax rates and removal of the minimum alternate tax (MAT) in the forthcoming Budget. In its pre-Budget memorandum, Ficci has said that the corporate tax rate needs to be brought down from 35% to 30% immediately, and then to 25% over the next two years. The chamber has also called for abolition of the 2% surcharge.
Assocham has said that the government must allow tax exemption in respect of the dividend income from foreign companies. The chamber has advocated deletion of overriding conditions in case of mergers and amalgamations.
PHDCCI has said that the corporate tax rate should not be more than the maximum marginal rate for individuals. It has also called for bringing down maximum rate of tax on partnership firms to 30%.
My budget
Brij Mohan Lall
Chairman, Hero Honda Motors
My Budget wish is...
That the government should increase spending, and fasten the implementation of the golden quadrangle project. This project will create more jobs and increase movement of goods across the country developing new markets.
To help my sector grow...
The government may look at demands of the light commercial vehicle manufacturers. The two-wheeler industry does not really need anything more.
Did you know?
What was the maximum rate of income tax fifty years ago? In his Budget for 1950-51, John Mathai reduced the maximum I-T rate from five annas ( around 31%) to four annas (25%). The rate applicable to the second highest slab
