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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

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

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\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

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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

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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

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

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 … Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","_mi_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[4],"tags":[79],"class_list":["post-132","post","type-post","status-publish","format-standard","hentry","category-income-tax","tag-corporate-tax"],"yoast_head":"\n