Government Calls for Comments on Proposed Plan of Phasing-Out Exemptions and Deductions under the Income-Tax Act in Order to Bring Down Rate of Corporate Tax from 30% to 25%

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....overnment Calls for Comments on Proposed Plan of Phasing-Out Exemptions and Deductions under the Income-Tax Act in Order to Bring Down Rate of Corporate Tax from 30% to 25% <br>News and Press Release<br>Dated:- 20-11-2015<br><BR>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 year....

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....s 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. The Government proposes to implement this decision in the following manner: * Profit linked, investment linked and area based deductions will be phased out for both corporate and non-corporate tax payers. * The provi....

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....sions 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. * 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. * There will be no weigh....

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....ted deduction with effect from 01. 04.2017. The details of proposed phasing-out of deductions are available on the website of the Income Tax Department at www.incometaxindia.gov.in Comments on this proposal may be sent within 15 days to Director (TPL-III) on mail at [email protected] or by post at Director (TPL III), Central Board of Direct Taxes, Room No. 147G, North Block, New Delhi- 110001.<BR> ....

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....News - Press release - PIB....