Finance Act introduces changes to tax regimes

The Finance (No. 2) Act, 2014 (Finance Act), includes the following provisions:

1. Corporate tax rates remain constant at around 30% for residents and 40% for non-residents, with a few additional incentives and allowances for individual taxpayers. Dividends distributed by Indian companies continue to be subject to a dividend distribution tax of around 15%, albeit one that is now computed on a grossed-up basis.

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   The business law digest is compiled by Nishith Desai Associates (NDA). NDA is a research-based international law firm with offices in Mumbai, New Delhi, Bangalore, Singapore, Silicon Valley and Munich. It specializes in strategic legal, regulatory and tax advice coupled with industry expertise in an integrated manner.