The Budget has taken a step forward in rationalizing the tax
regime through sunset provisions for certain exemptions and deductions. It will
also give a boost to manufacturing and to SMEs through the reduction in tax
rates. Startups will be encouraged by the 3-year tax holiday and capital gains
exemption for investors. The special patent regime is an innovative idea and
will encourage indigenous research and development. The rules for place of
effective management have been deferred by one year in response to
representations by stakeholders.
This will give time to companies to make adjustments to align
with the rules. The proposals such as stay of demand, easing of TDS
requirements, the alternative facility for non-residents who do not have PAN,
the procedure for e-assessment and time limits for passing effect orders will
facilitate a taxpayer-friendly environment and in turn the objective of ease of
doing business.
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