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Tax exemptions to go eventually, says FM
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May 03, 2007 15:59 IST
Last Updated: May 03, 2007 16:48 IST

Union Finance Minister P Chidambaram on Thursday said that tax exemptions will be pruned further and phased out eventually and that the controversial Banking Cash Transaction Tax will be reviewed next year.

He also said that Fringe Benefit Tax on ESOPs will stay with minor changes.

During a debate on the Finance Bill in the Lok Sabha, Chidambaram said that the tax brackets recast may be linked to inflation. The government is also looking at keeping tax rates stable and moderate, he said. He also said that the government will periodically review exemptions on corporate taxes to ensure that the sector pays its share.

Highlights of the Finance Bill debate:

Budget 2007-08: Complete Coverage


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