India to give major tax relief |
India`s 2015-2016 fiscal budget is likely to include major tax relief for individuals to boost savings as well as for companies to encourage them to invest in the country. The contours of the package are still being worked out but it is likely that tax slabs or exemptions will be reworked for individuals and the corporation tax rate may be revised. Corporate tax rate now stands at 30% and has remained unchanged for seven years. The effective rate is 33% after including surcharge and tax.
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