« Top Headlines » Open DEMAT Account in 24 hrs  Tax planning for 2025: How to maximise your savings before March 31 deadline  New income tax bill reaches Parliament: Finance Minister Nirmala Sitharaman tables I-T Bill 2025 in Lok Sabha  5 major changes in the last 6 months every taxpayer should know!  Good news for taxpayers: ITR forms updated to allow 87A tax rebate claims, but there's a catch  Top 10 income tax changes from 2024 to look out for while filing ITR in 2025 «  Entry tax is adjustable on all items except sugar: Manpreet... Advance pricing could solve tax tiffs... » CEOs favour FBT abolition in 08-09 Budget: Assocham survey November, 27th 2007 Majority of corporate honchos want the Finance Minister to abolish Fringe Benefit Tax (FBT) on normal business expenses such as sales promotion, travel and gifts to customers in his forthcoming budget proposals, industry chamber Assocham survey has said. Of over 400 CEOs and MDs of premier industrial sectors, 80 per cent are of the view that the tax should not exist as these expenses do not have any element of disguised perquisites to employees, the survey said. They are of view that gifts to customers is a common practice and employees do not derive any benefit, it said adding that it, therefore, no longer makes an economic sense to continue to subject employers to FBT on such expenses. The distribution of gifts is prevalent in industries like garment, white goods, FMCG, small accessories and automobile, whose margins are reeling under pressure due to rupee appreciation, and removal of FBT on sales promotion expenses would provide them a great relief, it said. "Likewise, subjecting FBT on dealer meetings conducted by various business promoters to discuss business strategies should also not be subjected to FBT," said Assocham President Venugopal Dhoot. Besides, 55 per cent of respondents said surcharge on Corporate Tax, which is 2.5 per cent currently, should be abolished and 30 per cent Corporate Tax rate imposition should continue. At the same time, 60 per cent are of opinion that their annual turnover could be taxed to the extent of 1 per cent, provided FBT is abolished on identified and suggested expenses and money generated out of it be used for irrigation purposes.