On 15 February 2018, India's Central Board of Direct Taxes published Circular No. 2/2018 - Explanatory Notes to The Provisions of the Finance Act, 2017. The explanatory notes provide a summary of all measures of the Act, which includes the measures of the 2017-18 Union Budget ({News-2017-02-02/P/2-previous coverage}). This includes, among others, a new individual income tax schedule, a reduced corporate tax rate of 25% for domestic companies if total turnover does not exceed INR 500 million …