November 21, 2019

Cabinet Has Cleared Bill To Replace Ordinance On Corporate Tax Reduction: Union Finance Minister Nirmala Sitharaman

[ By Bobby Anthony ]


Union Finance Minister Nirmala Sitharaman has announced that a bill has been approved by the Union Cabinet to replace an ordinance promulgated to reduce corporate tax to 22% in order to boost the economy.

The bill is likely to be introduced in Parliament during the ongoing Winter Session, sources said.

It may be recalled that on September 20, Sitharaman said that the revenue foregone on reduction in corporate tax and other relief measures would be Rs 1.45 lakh crore annually.

After the decision, the corporate tax rate has come down to 22% for domestic companies if they do not avail any incentive or concession. Also, companies opting for the 22% income tax slab would not have to pay minimum alternative tax.

The tax rate has been reduced to 15% for new domestic manufacturing companies incorporated after October 1.

Related Post

latest News

  • Drivers can show vehicle documents in electronic form when demanded by any official: Madras HC

    Disposing of various petitions against a memorandum which stated that vehicle drivers should carry original documents including licence, the Madras Hi...

    Read More
  • Confederation of All India Traders (CAIT) seeks blanket ban on Flipkart, Amazon festive season sales

    Soon after Flipkart has announced the dates of its “The Big Billion Days” sale, the Confederation of All India Traders (CAIT) has written to the g...

    Read More
  • The Constitutional Challenge To Abrogation Of Article 370: Day 2 Of Hearing Before The Constitution Bench Of The Supreme Court Of India

    Hearing before the Hon’ble Supreme Court continued for the second day today. In the morning, Mr. Ramachandra started by contending that the impugned...

    Read More