New User   Login      
Tax Management India .com TMI - Tax Management India. Com
Extracts
Home List
← Previous Next →

Measures to phase out deductions- DIRECT TAXES

D - Bill - Memorandum Explaining the Provisions in The Finance Bill, 2016 - Bill - D - D. Measures to phase out deductions Phasing out of deductions and exemptions The Finance Minister in his Budget Speech, 2015 has indicated that the rate of corporate tax will be reduced from 30% to 25% over the next four years along with corresponding phasing out of exemptions and deductions. The Government proposed to implement this decision in a phased manner. In this regard, broad guiding principles had bee .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ill be provided either for commencement of the activity or for claim of benefit depending upon the structure of the relevant provisions of the Act. (d) There will be no weighted deduction with effect from 01. 04.2017. Based on the above guiding principles and taking into account the response of the stakeholders on the proposed phasing out plan, the following incentives under the Act are proposed to be phased out in the manner as tabulated below in Table 1 and Table 2: Table 1 : Proposed Phase ou .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

roviding services on or after 1st day April,2020. (from previous year 2020-21 onwards). 2 35AC-Expenditure on eligible projects or schemes. Deduction for expenditure incurred by way of payment of any sum to a public sector company or a local authority or to an approved association or institution, etc. on certain eligible social development project or a scheme. No deduction shall be available with effect from 1.4.2017 (i.e from previous year 2017-18 and subsequent years). 3 35CCD-Expenditure on s .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

l economic zone (80-IAB) c) production of mineral oil and natural gas [80-IB(9)] 100 per cent profit linked deductions for specified period on eligible business carried on by industrial undertakings or enterprises referred in section 80IA; 80IAB, and 80IB. No deduction shall be available if the specified activity commences on or after 1st day April, 2017. (i.e from previous year 2017-18 and subsequent years). Table 2 : Proposed Phase out plan of incentives (Accelerated Depreciation/Weighted Dedu .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

hat highest rate of depreciation under the Income-tax Act shall be restricted to 40% w.e.f 01.4.2017. (i.e from previous year 2017-18 and subsequent years). The new rate is proposed to be made applicable to all the assets (whether old or new) falling in the relevant block of assets. 35(1)(ii)- Expenditure on scientific research. Weighted deduction from the business income to the extent of 175 per cent of any sum paid to an approved scientific research association which has the object of undertak .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ion from the business income to the extent of 125 per cent of any sum paid as contribution to an approved scientific research company. Deduction shall be restricted to 100 per cent with effect from 01.04.2017 (i.e. from previous year 2017-18 and subsequent years). 4 35(1)(iii)- Expenditure on scientific research. Weighted deduction from the business income to the extent of 125 per cent of contribution to an approved research association or university or college or other institution to be used fo .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

hall be restricted to 150 per cent with effect from 01.04.2017 to 31.03.2020 (i.e. from previous year 2017-18 to previous year 2019-20). Deduction shall be restricted to 100 per cent from 01.04.2020 (i.e. from previous year 2020-21 onwards). 6 35(2AB)- Expenditure on scientific research. Weighted deduction of 200 per cent of the expenditure (not being expenditure in the nature of cost of any land or building) incurred by a company, engaged in the business of bio-technology or in the business of .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version