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Association's plea on fringe benefits tax

Special Correspondent

Pondicherry : The PondicherryAssociation of Small Industries has suggested that theFringe Benefits Tax (FBT) be made applicable to corporates with an annual turnover of Rs.10 crores.

In a release here on Thursday, Association secretary K. Parthasarathy said that the association had submitted a memorandum suggesting this to the Finance Minister P. Chidambaram. Staff welfare schemes, festival and pooja expenses and telephone charges should be deleted from the taxable list, he said. A single comprehensive expenditure limit could be fixed for sales promotion, gift, entertainment and conferences, as a percentage of annual turnover, instead of disallowing fifty per cent of the expenditure under the FBT.

Mr. Parthasarathy said this would benefit the weaker sections in the industrial society.

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