Today, India has become one of the most lucrative places for businesses to thrive. And having said that, the country is also witnessing significant reforms in corporate tax rates, aimed at boosting economic growth and attracting foreign investment. There are several tax schemes - which we will discuss in detail - designed to outline various exemptions, incentives and deductions which are available under corporate tax. These provisions are especially designed to encourage certain business activities or sectors deemed important for economic development of a given country. Furthermore, it is important to understand that corporate tax schemes play a crucial role in fiscal planning and deficit management.