Confederation of Indian Industry (CII) unveils its budget wish list

May 21, 2009 - PRLog -- With UPA alliance marking their return into the Indian political scene after registering a big thumping win in the recently concluded Parliamentary elections, CII, the official industrial chamber body of the corporate segment in India, has expressed their wish of the extension of Income Tax exemption limit when the budget for the current financial year is framed in July, 2009-10. But at the same time, CII has not voted for the induction of another fiscal package that is rumoured to be in offing. 

CII Vice President Hari Bhartia who is heading the chamber's delegation, has interacted with Revenue Secretary P V Bhide, over the pre-budget issues. The delegation is looking forward to making sure that new budget preaches for the promotion of investment, eliminates Fringe Benefit Tax along with the Surcharge on Corporate Income Tax, which according to them if incorporated in the upcoming budget will definitely bail the economy out of the depressed state it has been into for quite sometime. Interestingly, the corporate tax limits are comparatively much higher to that of the rest of the world's leading economies. 
Bhartia said, "On direct tax, we have asked for further increasing the limit of the income tax.” The suggestion is for enhancing the limit anywhere between Rs. 50000 to Rs. 2 lacs. Presently, male tax payers are exempted a total annual income of up to Rs. 150000 while the female tax payers enjoy the same limit up to Rs. 180000, a year. Talking of senior citizens, an annual income of up to Rs. 225000 is exempted from income tax. 

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