Union finance minister Arun Jaitley has proposed several aspects with regard to tax laws and non-adversarial tax regime.
Rate of Tax: Corporate tax rates reduced from 30% to 25% up to 4 years. Deferral of GAAR is applicable for the period of 2 years. Indirect Transfer Provision is proposed to insert certain curative amendments Real Estate Investment Trust (REITs) is removed to pay for capital gains tax exemption Test of Residential Status of Company: This budget proposed a concept that Place of Effective Management ('POEM') which means where key management and commercial decisions that are necessary for the conduct of the business of an entity as a whole are, in substance made. Manufacturing sector and Job Creation : This budget proposed incentives for the states Andhra Pradesh and Telanagna
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