Budget: 2015: To Bring Notable Changes In Income Tax And Corporate Tax
BENGALURU: The Union Budget is all set to hit Lok Sabha citing various measures. Among the most significant ones, finance Minister Arun Jaitley, is likely to announce reforms in income tax and corporate tax structures. The government is expected to outline the strategy of taxes leaving more money for individuals and companies according to Economic Times.
The Personal Income tax rates may see significant changes this time. Over 92 percent of the salaried individuals are expecting an increase in the tax brackets from the current 
2 lakh to at least 3 lakh so that the common man could make savings from the income. This generous move of the Indian Government is not just to provide some relief to the public but also to boost the economic savings in the country.
The Minimum Alternate Tax rate is also likely to be revamped in the upcoming budget to clean up the provisions that created a huge impact on the manufacturing and infrastructure sectors. The focus of the budget will be on clarifying complicated tax schemes that have hampered the country’s reputations as a preferred destination for investment.
The upcoming budget is likely to witness many changes in the investment cycle by the Finance Minister, Arun Jaitley in order to boost the overall economy of the country. Many financial institutions like RBI, ASSOCHAM, FICCI, CII have favored in the simplification of the tax structure.
The government is willing to improve the consumer sentiment by reviving different measures in deducting tax rates in order to bring a significant development in financial status.
The Modi government is being more focused and transparent in the minimum alternate tax framework. This will initially help in the resolution of the dispute settlement mechanism in the country. This will in turn also help in the cleaning up of provisions impacting infrastructure and manufacturing as well.
The MAT rate is likely to be cut from the current 18.5 Percent; if not for all Companies, at least for those considered in special economic zones.
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