Raise personal IT exemption limit: CII

The CII on Monday recommended raising personal income tax exemption limit by Rs 50,000, removal of Fringe Benefit Tax and surcharge on corporate tax along with measures to promote investment in the full budget to be presented by the new government in July.

The Confederation of Indian Industries vice-president Hari Bhartia, who led the chamber delegation for pre-budget interaction with Revenue Secretary P V Bhide, said after the meeting that they did not recommend another stimulus package for industry but asked for maintaining the reduced indirect tax rate announced earlier.

It also suggested reintroduction of infrastructure bonds and investment allowance by the government. Bhartia said July seems to be the target date for presenting the regular budget for 2009-10 but the exact date is not yet known.

The Congress party in its election manifesto had said that the government will present the regular budget within 45 days of the formation of the government.