Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: empanelment :: form 3cd :: VAT RATES :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARDS :: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: cpt :: due date for vat payment :: list of goods taxed at 4% :: TDS
 
 
« General »
 The differences between tax and cess
 Startups that raised funds from angel investors face tax scrutiny
 Tax collection assumptions in India's budget ambitious
 All scrutiny cases, sans search, to be e-assessed
 Key tax changes that will come into effect from April 1
 Eight lakh companies on Income Tax department radar for not filing tax returns
 4 things a taxpayer shouldn’t miss
 Impact on LTCG will be more than 10 per cent
 Here's how much the tax reliefs you want will cost the finance minister
 Companies (Appointment and Qualification of Directors) Amendment Rules, 2018
 How young earners can claim HRA tax exemption with ease

Government releases roadmap for phasing out corporate tax exemptions; no weighted deductions from April 1, 2017
November, 21st 2015

Keeping up the reforms momentum, India has a announced a detailed plan to phase out tax exemptions and bring down corporate tax rate to 25% from 30% now.

The apex direct taxes body, the Central Board of Direct Taxes, has said profit linked, investment linked and area based deductions will be phased out for both corporate and non-corporate tax payers.

It has said the provisions having a sunset date will not be modified to advance the sunset date. Similarly the sunset dates provided in the income act will not be extended.

In case of tax incentives with no terminal date, a sunset date of March, 31, 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 weighted deduction with effect from April 1, 2017

In his February budget speech, Jaitley had announced that the government would cut the corporate tax rate to 25% while phasing out incentives.

A regime of exemptions has led to pressure groups, litigation and loss of revenue," the finance minister had said. "It also gives room for avoidable discretion. I, therefore, propose to reduce the rate of corporate tax from 30% to 25% over the next four years.

Even though the basic rate of corporate tax is 30%, the effective one is much lower at 23% because of incentives. Globally, corporate tax rates are much higher than those for personal income tax. In India, the income tax rate is as high as 30%.

We lose out on both counts, i.e. we are considered as having a high corporate tax regime but we do not get that tax due to excessive exemptions," Jaitley had said.

In FY15, the government is estimated to have had to forego Rs 62,400 crore in corporate taxes on account of various incentives, up from Rs 57,800 crore a year ago.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Privacy Policy

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions