INSUBCONTINENT EXCLUSIVE:
The Lok Sabha on Monday passed a Bill to replace an Ordinance for effecting reduction of corporate tax rates.Taxation Laws (Amendment) Bill,
2019, will amend the Income Tax Act 1961 and the Finance (No 2) Act 2019
It replaces the Ordinance which was promulgated by the President in September.In the biggest reduction in 28 years, the government in
September slashed corporate tax rates up to 10 percentage points as it looked to pull the economy out of a six-year low growth with a Rs
1.45 lakh crore tax break.Base corporate tax for existing companies has been reduced to 22 per cent from 30 per cent and to 15 per cent from
25 per cent for new manufacturing firms incorporated after October 1, 2019, and starting operations before March 31, 2023.The companies
opting for lower tax rates, however, will not be entitled to claim any rebate or deductions.(This story has not been edited by
TheIndianSubcontinent staff and is auto-generated from a syndicated feed.)
