On 5 May 2016, India's Lok Sabha (lower house of parliament) passed the Finance Bill, 2016 ({News-2016-03-01/P/2- previous coverage}) with a number of amendments. The Finance Bill, as amended, now goes to the Rajya Sabha (upper house) for approval. The main corporate tax related amendments are as follows.
Reduced Corporate Tax Rate
The proposed reduced corporate tax rate of 25% for companies solely engaged in manufacturing/production that are established on or after 1 March 2016, is expand…