Bill passed in Lok Sabha to reduce corporate tax to 22%

Last updated: 03 December 2019

Lok Sabha passed Taxation Law Amendment Bill 2019 on the 2nd of December 2019 to give effect to reduction in Corporate Tax. The corporate tax rate has been reduced to 22 percent from 30 percent for the domestic companies and to 15 percent from 25 percent for new manufacturing firms incorporated after October 1, 2019, and starting operations before March 31, 2023.  The Finance Minister said that the government wants to draw manufacturing companies from all over the world and the service sector companies will also benefit from the concessional tax regime of 22% extended to all existing domestic companies.


Guest

News posted by

Finance news reporter covering taxation, GST, income tax, business compliance, and economy updates. I simplify complex financial topics into easy-to-understand articles for professionals, taxpayers, and business owners on leading finance and tax platforms.

Comments :

Recent News :

  1. Specified Senior Citizens: TDS Rules on Pension and Interest Income Under Income Tax Act, 2025
  2. Income Tax Benefits for Small Businesses in 2026-27: Key Deductions and Exemptions
  3. Set-Off and Carry Forward of Loss Under Income Tax Act 2025
  4. Income Tax Department Lists 10 ICDS and Their Reconciliation With Accounting Standards
  5. Finance Ministry Allows 10 Lakh MT Duty-Free Raw Sugar Imports Till 31st October
  6. Salaried Employees Tax Benefits for TY 2026-27: Check All Allowances and Exemptions
  7. Compounding of Offences Under Income Tax Act 2025: Key Rules, Charges and Eligibility
  8. ITR-6 Online Filing for AY 2026-27 Now Available on Income Tax Portal
  9. Ind AS Amendment Rules 2026: New Changes in Financial Instruments, Hedge Accounting & Disclosures
  10. Health Insurance Tax Benefits Under IT Act 2025: Deduction Limits, Eligibility and Conditions

More »


Popular News




Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Pro Member xavierxavierPro Member Suman Lata SaraswatSuman Lata SaraswatPro Member 63801770366380177036Pro Member RAVINDRA KUMARRAVINDRA KUMARPro Member kishor waktekishor wakte
Subscribe to Pro
Join an elite circle of professionals


Browse by Category