Highlights of India’s budget for 2015-16

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We highlight below some important changes that were proposed by the finance minister during his budget speech on 28 February:

Reducing corporate tax

The 30% corporate tax for domestic companies is proposed to be reduced in the course of the next four years. Surcharge has been increased by 2% for domestic companies, thereby increasing maximum effective rates to 34.61%.

Deferral of GAAR

The general anti-avoidance rules (GAAR) provisions were introduced in the Income Tax Act, 1961 (ITA), in 2012 and were to be implemented from 1 April 2013. The 2013 budget deferred this to 1 April 2015. The budget has proposed to delay implementation for another two years so that GAAR becomes applicable from 1 April 2017. Proposals have also been made to grandfather investments made up to 31 March 2017 and make GAAR applicable prospectively, i.e. to investments made only after 1 April 2017.

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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.

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