On 10 July 2014, India's Finance Minister Arun Jaitley presented the 2014-15 Union Budget. The main tax changes proposed in the budget are summarized as follows:
Direct Tax
Although no changes are proposed for direct tax rates or surcharge rates on direct taxes, related changes to direct taxation include:
- A change in the application of the dividend distribution to tax by levying the tax on the gross amount of dividends instead of the net amount
- An extension of the 10-year tax holiday for…