taxes are being imposed.
Ø Marginal revision in certain tax rates in the quest for
equity Minimum Alternate Tax rate (MAT) increased from 7.5%
of book profits to 10%; period to take credit of MAT
increased from 5 years to 7 years.
Ø Terminal Date for developing industrial park extended from
March 2006 to March 2009.
Ø Investment in Fixed Deposit for five years included in 80C
of Income Tax Act.
Ø Bank cash transaction tax to continue.
Ø Under Fringe Benefit Tax, certain changes have been made.
- Value benefit under tour and travel, hospitality, use of hotel, boarding and lodging facilities to be taxed @ 5% instead of 20%.
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Apparel Exports Promotion Council of India
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