Quote “The issue over one rank one pension (OROP) scheme may not be resolved in the near future as Finance Minister Arun Jaitley on Friday said the ‘methodology of calculation’ was still being worked out in consultation with the Defence Ministry.” Asserting the government’s commitment towards implementing OROP, Jaitley said the Finance Ministry was in dialogue with the Defence Ministry on the methodology of calculation, hinting at no immediate resolution of the complicated issue” Unquote
Concessions to corporates at Rs 62,398 crore in FY'15: Arun Jaitley
In a written reply to a question in the Rajya Sabha, Finance Minister Arun Jaitley said the details of revenue impact on central taxes due to various concessions and exemptions have been detailed in the Budget document for 2015-16.
The revenue impact figures in respect of corporate tax payers for 2014-15 fiscal has been estimated at Rs 62,398.6 crore," he said.
Jaitley said an assessee can claim deduction under various sections of the Income Tax. "Tax incentives or exemptions under central taxes have been provided to promote exports, balanced regional development, creation of infrastructure facilities, generation of employment, rural development, scientific research and development, cooperative sector and also to encourage savings by individuals and donations for charity to achieve the policy objectives of the government," he said.
In reply to another question, Jaitley said the Budget 2015-16 proposes to reduce corporate tax rate from 30 per cent to 25 per cent over the next four years. The reduction, he said, would be accompanied by rationalisation and removal of various kinds of tax exemptions and incentives for corporate taxpayers.