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Finance Minister’s Budget announcement- phasing out plan of deductions under the Income-tax Act

Income Tax - PRESS RELEASE - Dated:- 20-11-2015 - Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 20th November, 2015 Subject: Finance Minister s Budget announcement- phasing out pl .....

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Corporate Tax will be reduced from 30% to 25% over the next four years 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. T .....

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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 clai .....

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