Friday, 19 February 2016

Sensex, Nifty open in red; BHEL & Hindalco fall, Jet jumps 3%

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Finance Minister Arun Jaitley is likely to slash corporate tax rate by about one percent and may put an end date for certain exemptions availed by the industry, in his Budget for 2016-17, tax experts said.

"To begin with, one percent cut in the corporate tax rate, gradual phasing out of accelerated tax depreciation and a sunset clause for the tax deductions, coupled with reduction in MAT, will set the tone for this year's Budget," KPMG (India) Partner Tax Vikas Vasal said. 

Jaitley in his last Budget had announced phased reduction in corporate taxes over four years to 25 percent from present 30 percent, and also simultaneous withdrawal of exemptions.

Economic Laws Practice Partner Rohit Jain said since the government is pushing domestic manufacturing, in the next Budget it would be a challenge to do away with exemptions.

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