On 20 November 2015, India's Central Board of Direct Taxes issued a notice on plans for the phasing out of exemptions and deductions to correspond with the planned reduction in the corporate tax rate from 30% to 25% over the next four years as announced in the 2015-2016 Budget ({News-2015-03-03/P/2- previous coverage}). According to the notice, changes will generally begin applying from the 2017-2018 financial year, and include:
- Profit linked, investment linked and area based deductions will…