Crèche facilities, the sponsorship of an employee sports person, organizing sports events for employees and provision and maintenance of a guest house has been excluded from the ambit of FBT.

Due date for filing of a return of income: the due date of filing is proposed to be advanced to September 30, from the previous October 31 in case of all persons (including individuals) whose accounts are required to be audited under section 44AB of the Income Tax Act, 1961(popularly known as Tax Audit).

Due date for filing of fringe benefit: the due date for filing of fringe benefit is proposed to be advanced to September 30 from October 31 as earlier.

Compulsory Quoting of PAN: Budget 2008-09 proposed to introduce compulsory quoting of the Permanent Account Number (PAN) in all financial market transactions, subject to suitable threshold exemption limits.

Budget 2008-09 reflects the Government’s growing confidence in the inherent strength and buoyancy of the economy and better tax compliance. This is reflected in a reduction in the tax liability on individuals and other entities too.