On 7 May 2015, India's upper house of parliament, Rajya Sabha, returned Finance Bill 2015 following its passage by the lower house of parliament, Lok Sabha, on 30 April 2015. This completes the approval process for most of the 2015-2016 Union Budget measures, which generally apply from 1 April 2015. The main measures are summarized as follows.
Corporate Residence
The determination of residence in India in a tax year is changed from having control and management of its affairs in India to h…