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ARTICLE · 06 FEBRUARY 2017

Union Budget 2017-18

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The Finance Bill, 2017 (Bill) proposes to reduce the corporate tax rate from 30% to 25% for small and medium-sized enterprises having a turnover of up to INR 500 million in financial year, i.e. from 1 April to 31 March (FY) 2015-16.

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DIRECT TAX


TAX RATES

Corporates

The Finance Bill, 2017 (Bill) proposes to reduce the corporate tax rate from 30% to 25% for small and medium-sized enterprises having a turnover of up to INR 500 million in financial year, i.e. from 1 April to 31 March (FY) 2015-16. In other cases, the basic tax rates remain the same. Further, there is no change in surcharge and cess for companies.

This amendment is proposed to be effective from FY 2017-18 onwards.

Non-corporates

For individuals, Hindu undivided families (HUFs), associations of persons (AOPs) and bodies of individuals (BOIs), there is no change in the income-slabs. The tax rate applied for the first taxable slab (income between INR 250,000 / 300,000 to INR 500,000) is proposed to be reduced from 10% to 5%.

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