Finance Minister slashes tax rates.
In a major boost to the market, the government has decided to not levy the enhanced surcharge introduced in the budget on capital gain arising on sale of equity shares in companies liable for securities transaction tax.
Corporate tax rate will be 22% for domestic companies, if they do not avail any incentive or concession. Companies opting for 22% income tax slab would not have to pay minimum alternative tax (MAT). Double bonanza to boost Make in India.
New domestic manufacturing companies incorporated after October 1, can pay income tax at a rate of 15% without any incentives. Effective tax rate for new companies will be 17.01% inclusive of all surcharge and cess.
Promoting growth,investments, bringing ease to the corporate world, Finance Minister slashes tax rates for domestic companies in IT Act. Reduction in Corporate tax & removal of MAT, concessions to new domestic manufacturing companies will provide boost to the economy.
Thank you FM Nirmala Sitharaman ji and PM Narendra Modi ji... #ModiHainToMumkinHain