The Special Economic Zone tax bonanza will end, if the Budget proposals pass in their current form. Barring this, the Budget does not have any nasty surprises for companies.
The corporate surcharge has been lowered from 7.5% to 5%. That reduces the effective corporate tax rate from 33.2% to 32.4%, which is a nice, even if small, relief for Indian companies. The new rate will be 30% plus a 5% surcharge, which works out to 31.5%, and after adding the education cess of 3%, it works out to 32.4%.