FM proposes to slash corporate tax rate

September 20, 2019 11:05

FM Nirmala Sitharaman proposes to slash corporate tax for domestic cos, new local manufacturing cos through an ordinance. Excerpts from the press briefing...

-- To boost 'Make in India', an insertion inserted to Income Tax Act with effect from 2019-20, which allows any new domestic company incorporated on or after 1st Oct 2019 making fresh investment in manufacturing an option to pay income tax at rate of 15%.

-- To promote growth, a new provision has been inserted in the income tax act with effect from fiscal year 2019-20, which allows any domestic company to pay income tax at the rate of 22% subject to condition they will not avail any incentive or exemptions.

-- No Minimum Alternate Tax (MAT) on local companies.

-- Enhanced surcharge introduced in Budget shall not apply on capital gain arising on sale of equity shares in a Co liable for STT.

-- Companies can opt for lower tax rate after expiry of tax holidays, concessions that they are availing now.

Right on cue, the Sensex is up by 828.56 points, currently at 36,922.03

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