The CBDT has issued a press release dated 20.11.2015 stating that 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. This is a step towards simplification of tax laws, which is expected to bring about transparency and clarity. The CBDT has identified the precise provisions that will be affected as a result of the phasing out plan. The CBDT has invited comments on the aforesaid phasing out plan within 15 days
Recent Comments