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New Taxation Bill introduced

NEW DELHI: Finance Minister P. Chidambaram on Tuesday introduced in the Lok Sabha a Bill to replace an Ordinance amending the Income-tax Act, 1961 and the Finance Act, 2005 so as to provide relief in income-tax and banking cash transaction tax (BCTT). It includes exemption to political parties from payment of fringe benefit tax. The Taxation Laws (Second Amendment) Bill, 2005, also seeks to exempt leasing of aircraft from income-tax till March 31, 2006.

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