Budget 2016-17 changes in income tax for corporates (corporate tax)

Customs duty tariff rate changes as per Indian Budget 2017-18


Central Excise Duty changes as per Indian Budget 2017-18


Service Tax rate tariff Changes under Indian Budget 2017-18

Budget 2016-17 changes in customs import duty tariff,excise duty and service tax

Indian Union Budget 2016-2017, changes in import customs tax tariff, chapter wise

Indian Budget 2016-17, Excise duty tariff changes, chapter wise

Changes in Service Tax as per Budget 2016-17

 

Budget 2016-17 changes in income tax for corporates (corporate tax)

 

The extract of Indian Union Budget 2016-17

In any case the effective rate of tax paid by companies comes to an average of 24.67 % because of various exemptions which they are availing of. A phasing out plan of removing these exemptions and tax incentives was placed in public domain and we have received a large number of constructive suggestions.

The final plan of phasing out exemptions is given in Annexure. The highlights are as follows:-

(a) The accelerated depreciation provided under IT Act will be limited to maximum 40% from 1.4.2017.

(b) The benefit of deductions for Research would be limited to 150% from 1.4.2017 and 100% from 1.4.2020.

(c) The benefit of section 10AA to new SEZ units will be available to those units which commence activity before 31.3.2020.

(d) The weighted deduction under section 35CCD for skill development will continue up to 1.4.2020.

 

The reduction in corporate tax rate has to be calibrated with additional revenue expected from the incentives being phased out. The benefits from phasing out of exemptions are available to Government only gradually. In the first phase, therefore, I propose the following two changes

in corporate income-tax rates:-

(a) The new manufacturing companies which are incorporated on or after 1.3.2016 are proposed to be given an option to be taxed at 25% + surcharge and cess provided they do not claim profit linked or investment linked deductions and do not avail of

investment allowance and accelerated depreciation.

(b) I also propose to lower the corporate income tax rate for the next financial year of relatively small enterprises i.e companies with turnover not exceeding `5 crore (in the financial year ending March 2015), to 29% plus surcharge and cess.

 

 

 

Indian Union Budget 2016-17, changes in excise duty for articles of iron or steel as per HS code 73

 

Latest budget changes in excise charges for copper and copper articles as per HS code 74

 

India Budget 2016-17, changes in excise duty for nickel and nickel articles

 

Changes of excise duty for aluminum and aluminum articles as per India Budget 2016-17

 

Indian Union Budget changes in excise duty for lead and lead articles as per HS code 78

 

Budget changes in excise duty for zinc and zinc articles as per HS code 79

 

Changes in excise duty as per Indian Budget 2016-17 for tin and tin articles as per HS code 80

 

Indian Union Budget 2016-17, changes in excise duty for cement articles and other base metals as per HS code 81

 

Indian Union Budget changes in excise duty for spoons, tools, implements, cutlery and forks as per HS code 82

 

Budget changes in excise duty for miscellaneous articles of base metal as per HS code 83

1 per cent service charge on purchase of luxury cars over Rs. 10 lakh, Indian Budget 2016-17 

September 30 to be the deadline followed for undisclosed income, Indian Budget 2016-17 

1% CESS on petrol cars and 2.5% CESS on diesel cars, Union Budget 2016-17 

4% High Capacity Tax on SUV'S , Indian budget 2016-17. 

No change in Income tax slabs, Indian Budget 2016-17 

Additional levy of 1% on luxury cars, Indian Budget 2016-17 

200% penalty on misreporting income, Union Budget 2016-17 

EXCISE DUTY of 1% UP on JEWELRIES, Indian budget 2016-17 

Tobacco tax goes up to 10-15%, Indian Budget 2016-17 

1% increase on cess on CNG and PETROL cars, Indian budget 2016-17 

Tobacco products except beedi goes on hike, Indian Budget 2016-17 

Budget 2016-17, 9 categories of Tax reforms introduced 

Changes in excise duty as per Indian Budget 2016-17 for machinery, mechanical appliance, boilers as per HS code 84

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