July 6: The government’s move to raise the minimum alternate tax (MAT) from 10 per cent to 15 per cent of the book profits of a company has not gone down well with Indian industry. Through MAT Centre ensures that firms do not fully avoid taxation by clai-ming various deductions.

The applicable MAT has to be paid if the company’s computation of income tax shows that its tax liability is bel

The salaried employees were very disappointed with the Budget. While some of them were expecting that the personal income tax exemption would be increased to Rs 2 lakhs, the Union finance minister hiked it only to Rs 1.6 lakh from Rs 1.5 lakh.

Finance minister Pranab Mukherjee has done a fine balancing act in his budget, working within revenue constraints and yet ensuring high spending by the government to put the country on an accelerated growth track.

Union finance minister Pranab Mukherjee has done a fine balancing act in his Budget, working within revenue constraints and yet ensuring high spending by the government to put the country on an accelerated growth track.