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of <h1>Finance Minister Plans Tax Simplification: Cut Corporate Tax to 25%, Phase Out Deductions by 2017 for Transparency.</h1> The Finance Minister announced a plan to phase out certain deductions under the Income-tax Act, aiming to simplify tax laws and enhance transparency. Corporate tax rates will decrease from 30% to 25% over four years, accompanied by the gradual elimination of profit-linked, investment-linked, and area-based deductions for all taxpayers. Existing sunset dates for deductions will remain unchanged, and a new sunset date of March 31, 2017, will be set for incentives lacking a terminal date. Weighted deductions will cease from April 1, 2017. Feedback on this proposal is invited within 15 days.
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