'Tax on ESOP will have negative impact on IT ind'

Bangalore, Feb 28: Levy of Fringe Benefit Tax (FBT) on Employee Stock Option Plan (ESOP) will impact the Information Technology industry in the country as it has been used as a retention tool.

"The tone of the budget presented by Finance Minister P Chidambaram is on the expected lines and positive to the country's economy in view of the high inflationary trends. However, for the industry, it's negative, V Balakrishnan, Chief Financial Officer of Infosys told UNI