Phasing out tax deductions: profit, investment and area incentives to be withdrawn and weighted deductions removed. The Government will phase out profit linked, investment linked and area based deductions for corporate and non corporate taxpayers; existing sunset dates will not be altered; incentives without a terminal date will be given a sunset of 31.3.2017 for commencement or claim as appropriate; and weighted deductions will cease with effect from 01.04.2017, with further details published by the Income Tax Department and comments invited to Director (TPL III).
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Provisions expressly mentioned in the judgment/order text.
Phasing out tax deductions: profit, investment and area incentives to be withdrawn and weighted deductions removed.
The Government will phase out profit linked, investment linked and area based deductions for corporate and non corporate taxpayers; existing sunset dates will not be altered; incentives without a terminal date will be given a sunset of 31.3.2017 for commencement or claim as appropriate; and weighted deductions will cease with effect from 01.04.2017, with further details published by the Income Tax Department and comments invited to Director (TPL III).
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