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What Expectations India Inc has from Budget 2008 ?
(Jan 16, 2008)
Industry representatives demands for a substantial diminutions in corporation along with personal income tax rates in the upcoming Budget plan of 2008.

The Federation of Indian Chambers of Commerce and Industry and Associated Chambers of Commerce and Industry of India in a meeting with Finance Minister P Chidambaram on Tuesday proposed that the basic exemption level for individuals should be increased from Rs 1,10,000 to 1,50,000 whereas the peak income rate should be lowered to 25 per cent from 30 per cent.

To rectify the upcoming budget plan in every possible way, different associations gave various lucrative plans. Assocham demanded the acquittance of 10 per cent surcharge on corporation tax while Ficci suggested of lowering down the tax rate to 25 per cent from 30 percent. The Confederation of Indian Industry also indicated a certain diminutions in personal and corporation tax rates to keep up the buoyancy in tax collections and compliance. However, both Ficci and Assocham came up with the opinion of amounting tax rate of 20 per cent on income up to Rs 5,00,000 and 25 per cent over Rs 5,00,000.