{"id":132,"date":"2015-11-20T00:00:00","date_gmt":"2015-11-19T18:30:00","guid":{"rendered":""},"modified":"2015-12-29T11:07:38","modified_gmt":"2015-12-29T05:37:38","slug":"government-proposes-to-implementation-for-reducing-corporate-tax-from-30-to-25-over-the-next-four-years","status":"publish","type":"post","link":"https:\/\/taxclick.org\/type\/income-tax\/government-proposes-to-implementation-for-reducing-corporate-tax-from-30-to-25-over-the-next-four-years\/","title":{"rendered":"Government proposes to implementation for reducing corporate tax from 30% to 25% over the next four years"},"content":{"rendered":"
\n

The Union Finance Minister Shri Arun Jaitley in his Budget Speech 2015 had indicated that the rate of Corporate Tax will be reduced from 30% to 25% over the next four years along with corresponding phasing-out of exemptions and deductions. This is a step towards simplification of tax laws, which is expected to bring about transparency and clarity.<\/span><\/p>\n

 <\/span><\/p>\n

 The Government proposes to implement this decision in the following manner:<\/span><\/p>\n

 <\/span><\/p>\n

\u00b7        <\/span><\/span>Profit linked, investment linked and area based deductions will be phased out for both corporate and non-corporate tax payers.<\/span><\/p>\n

\u00b7        <\/span><\/span>The provisions having a sunset date will not be modified to advance the sunset date. Similarly the sunset dates provided in the Act will not be extended.<\/span><\/p>\n

\u00b7        <\/span><\/span>In case of tax incentives with no terminal date, a sunset date of 31.3.2017 will be provided either for commencement of the activity or for claim of benefit depending upon the structure of the relevant provisions of the Act.<\/span><\/p>\n

\u00b7        <\/span><\/span>There will be no weighted deduction with effect from 01. 04.2017.<\/span><\/p>\n

 <\/span><\/p>\n

The details of proposed phasing-out of deductions are available on the website of the Income Tax Department at <\/span>www.incometaxindia.gov.in<\/a><\/span>.<\/span><\/p>\n

 <\/span><\/p>\n

Comments on this proposal may be sent within 15 days to Director (TPL-III) on mail at <\/span>dirtpl3@nic.in<\/a><\/span>or by post at Director (TPL III), Central Board of Direct Taxes, Room No. 147G, North Block, New Delhi- 110001.<\/span><\/p>\n

 <\/span><\/p>\n

*****<\/span><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

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