India’s Finance Minister presented the Interim Budget for 2014-15 in Parliament on 17 February 2014.
In keeping with the convention in presenting an interim budget, amendments have not been proposed to the income tax laws. There have however been some changes to the indirect tax rates, to provide a stimulus to the manufacturing sector.
The absence of amendments in the tax law has consequences for certain tax reliefs. The tax holiday period for the power sector and the concessional tax rate of 15% on dividends received from an overseas subsidiary will both come to an end on 31 March 2014.
