CBDT chairman: FBT provisions to be softened
New Delhi: The Central Board of Direct Taxes (CBDT) chairman, M.S. Darda, has indicated that the Revenue Department would try to make it easier for industry to comply with the fringe benefit tax (FBT) provisions of the income-tax law in the forthcoming budget.

"It appears that FBT is fast becoming a trauma for Indian industry. We will look at your concerns on this tax and see what could be done in terms of more clarification if necessary," Darda said at a conference on pre-budget issues in direct taxes, organised by the Associated Chambers of Commerce and Industry of India (Assocham) here today.

Meanwhile Assocham expressed the view that FBT is not a good law and is a surrogate tax. The chamber has made a case for doing away with FBT. So far, the FBT collections of the Government stood at about Rs1,800 crore.
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Inflation dips on cheaper food, non-food items
New Delhi: The annual wholesale price index-based inflation rose 4.5 per cent during the week ended December 10, marginally lower than the previous week's annual rise of 4.55 per cent, according to data released here today by the ministry of commerce and industry. The fall in the year-on-year inflation was largely on account of cheaper food and non-food items.

During the latest reported week, the WPI stood at 197.4 points, as against 188.9 points during the corresponding period last year. Inflation was at 6.84 per cent during the corresponding week of the previous year.
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