Press Information Bureau
Government of India
Ministry of Finance
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%
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 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.
The Government proposes to implement this decision in the following manner:
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@example.com or by post at Director (TPL III), Central Board of Direct Taxes, Room No. 147G, North Block, New Delhi- 110001.