Tax reliefs expected in Finance Bill 2010-11

New Delhi, Apr 29: Indians can look forward to some tax reliefs in the Finance Bill 2010-11, which will come up for passage in Lok Sabha.

The Finance Minister Pranab Mukherjee has indicated that he will be proposing some tax reliefs in line with the demands from Opposition parties.

Finance Bill deals with direct and indirect tax proposals.

"I shall cover the reliefs we propose to grant...(in) our response to the issues that are raised in discussions, in my reply," the minister said while initiating the discussion on the bill in the Lok Sabha on Thursday, Apr 29.

Informing that he had received various representations from industry and other stake holders for modification of tax proposals, the Finance Minister added, "While some seek modifications to the existing proposals, others have urged for fresh reliefs."

The Opposition parties have asked the government to withdraw the proposal to levy service tax on residential complexes having more than dozen units citing that it would increase the cost of residential properties therefore making them beyond the reach of common man.

Besides making proposals to meet these demands, the minister is expected to hike Minimum Alternate Tax (MAT) from 15 per cent to 18 per cent.

However, the roll back of levies imposed on petrol and diesel in the Union Budget 2010-2011 is not expected.

OneIndia News