FICCI bats for lower corporate taxes in upcoming Budget

Ahead of the interim budget on the 1st of February, Industry body FICCI has pitched for a cut in corporate tax rates to 25%. The industry body said, rates needed to be 25% across the board for all companies, to spur economic growth and increase overall tax collection. FICCI has also suggested a revision in tax slabs for individual taxpayers, with the 30% rate applicable only for those whose income is Rs 20 lakh annually. FICCI said the rate of Minimum Alternate Tax at the current 18.5% is 'quite high'.