Industry & Economy
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Income Tax
Ministry open to suggestions to simplify FBT
Our Bureau
New Delhi
,
Nov. 18
THE Finance Ministry is still open to suggestions on further simplification of the structure of the fringe benefit tax (FBT).
Stating this at an international tax conference here, the Revenue Secretary, Mr K.M. Chandrasekhar, said the Finance Ministry, in its budget-making exercise, could take on board any suggestions from industry on this front.
He was responding to demands from industry that FBT be withdrawn, as it was quite complex. "Its not so much the money, but the complexity of the structure of FBT that seems to be a worrisome factor for you. We have tried to address some of your concerns through a circular. We are still open to further suggestions regarding what kind of simplification is required," Mr Chandrasekhar said.
Later, speaking to newspersons on the sidelines of the conference, Mr Chandrasekhar said the revenue department had received information running into crores of rupees through the Annual Information Returns (AIR). He said information flows from the banking sector and the credit card companies was satisfactory, but the land-registering authorities were facing some hiccups in submission of information.
Asked whether the Bill to replace the existing income-tax law would get introduced in the budget session, Mr Chandrasekhar said it was unlikely to get introduced in the first phase of the Budget session next year. "After the committee submits its report, there are a number of consultations that have to happen before we can finalise a Bill," he said.
Meanwhile, the Finance Ministry's pre-budget consultations began from Thursday.The Revenue Secretary is holding talks with various industry associations on their budget wish list.
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