India: Computing tax benefits, proposed corporate tax rate reduction

India: Tax benefits, corporate tax rate reduction

The KPMG member firm in India has prepared reports describing the following developments (read more at the hyperlinks provided below):

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  • “Enhanced profit” due to disallowance of expenditure under section 40(a)(ia) is eligible for benefit under section 10B: The Pune Bench of the Income-tax Appellate Tribunal held that enhanced profits due to the disallowance of expenditures under section 40(a)(ia) of the Income-tax Act, 1961, are to be considered as “eligible profits” for purposes of computing the deduction under section 10B. The case is: Precision Camshafts Limited. Read a November 2015 report [PDF 341 KB]
  • CBDT Press Release on phasing out plan of deductions under the Income-tax Act: The Finance Minister in his 2015 budget speech announced that the rate of corporate tax would be reduced from 30% to 25% over the next four years along with a corresponding phase out of exemptions and deductions available under the Income-tax Act, 1961. The Central Board of Direct Taxes (CBDT) subsequently issued a press release, announcing this would be a step towards the simplification of tax laws, thus bringing about transparency and clarity. Read a November 2015 report [PDF 291 KB]

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