Govt may lower Corporate Tax from 30% to 25%, CBDT Issued New Press Release for Reduce Corporate Tax from 30% to 25% and Called Comments on phasing out strategy of deductions under the Income tax act. Check out complete Press release from below link and send your remarks to CBDT.
Federal Government of India
Ministry of Finance
Department of Profits
Central Board of Direct Taxes
Subject: Financing Minister’s Budget announcement- phasing out strategy of reductions under the Income-tax Act-reg-.
The Financing Minister in his Spending Plan Speech, 2015 has actually indicated that the rate of corporate tax will be decreased from 30% to 25% over the next four years in addition to corresponding phasing out of exemptions and reductions. This is an action towards simplification of tax laws, which is expected to cause openness and clearness.
The Government proposes to implement this choice in the following manner:
- Profit connected, financial investment linked and location based reductions will be phased out for both corporate and non-corporate tax payers.
- The arrangements having a sundown date will not be modified to advance the sundown date. The sundown dates supplied in the Act will not be extended.
- In case of tax incentives without any terminal date, a sundown date of 31.3.2017 will be provided either for commencement of the activity or for claim of benefit relying on the structure of the pertinent provisions of the Act.
- There will be no weighted reduction with effect from01 04.2017
The details of proposed phasing out of deductions are offered on the website of the Department at www.incometaxindia.gov.in
Discuss this proposition 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. 147 G, North Block, New Delhi- 110001.
( Shefali Shah)
Pr. Commissioner of Earnings Tax (OSD)
Authorities Representative, CBDT