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

Last updated: 03 December 2019 Follow on Google News

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.

Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!

2892 Views Comment Share Income Tax Report

News posted by

CCI News Desk

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