Minimum alternate tax levied on IT firms

Wednesday, 28 February 2007, 06:00 Hrs
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New Delhi: Minimum alternate tax (MAT) will now be extended to information technology (IT), Finance Minister P. Chidambaram said in parliament while presenting budget 2007-08.

IT companies will now be paying a tax of 11.2 percent, the minister said.

"This is a tax which all corporate organisations need to pay, so why not IT companies," said Vinnie Mehta, executive director of the Manufacturers' Association for Information Technology (MAIT).
Source: IANS
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