The India Union Budget for 2017-18 was presented to Parliament on 1 February 2017. Significant proposals include the following:
Corporate Income Tax
- The corporate tax rate for domestic companies is to be reduced to 25%, but only if total turnover or gross receipts in fiscal year 2015-2016 does not exceed INR 500 million. Other corporate tax rates remain unchanged.
- Under current regulations, start-ups are allowed to deduct an amount equal to 100% of profits and gains derived from eligible b…