Budget 2016: Finance Ministry aims to remove unwanted discretion from the Indian taxation system

Finance Minister Arun Jaitey is busy presenting the Union Budget 2016 in the parliament, and people are waiting with bated breaths for the tax announcements to be made.

If reports are to be believed, Finance Ministry wants to remove certain unwanted discretions so that the taxation structure can be streamlined and India can come out as an attractive investment destination.

By removing these unwanted discretions, the finance ministry aims at making taxation guidelines clear, so that controversies pertaining to retrospective amendment of tax laws can be prevented. In doing so, the ministry will be stressing on transparency, predictability and stability in the Indian taxation system.

Last year, Jaitley had announced phased reduction in corporate tax to 25% and elimination of tax exemptions to companies in what was his second speech as the Finance Minister.

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