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FM ANNOUNCEMENT
- Corporate tax rate to be 22% without exemptions, inclusive of surcharge and cess.
- No Minimum Alternate Tax (MAT) applicable on such companies
- Effective corporate tax rate after surcharge to be 25.17 percent
- To attract investment in manufacturing, local companies incorporated after October 2019 will pay tax at 15 percent
- That effective tax for new companies shall be 17.01 percent, including cess and surcharge. Companies enjoying tax holidays would be able to avail concessional rates post the exemption period.
- Will give MAT relief for those opting to continue paying surcharge and cess. MAT has been reduced to 15 percent from 18.5 percent for companies who continue to avail exemptions and incentives:
- To stabilise flow of funds into the market the enhanced surcharge announced in Budget 2019 will not apply on capital gains arising on sale of any security, including derivatives by foreign portfolio investors (FPI)
- For listed companies which made announcement for public buyback before July 2019 it is provided that tax on buyback on shares of such companies will no be charged
- Total revenue foregone by undertaking these measures is Rs 1.45 lakh crore per year
Morning Business News:
- Oil crisis to have a limited impact on inflation: RBI Guv
- Banks won’t declare NPA for MSME loans till Mar: FM
- Trai floats paper to simplify, speed up M&A approvals
- Coming up: Rs 20k-cr fund for non-NPA housing projects
- Rana Kapoor sells 2.3% stake in YES Bank
- Telecom body approves Rs 8,588 crore infra projects
- JSW Steel promoters release pledged shares worth Rs 1,150 crore
- Bank stake sales in a mutual fund, insurance subsidiaries hit a wall
- RCom resolution professional seeks status quo on spectrum licenses
- Lenders approve Rs 5071 crore debt restructuring plan of three IL&FS firms
- Aluminum producers likely to see pressure on profits says NALCO chief
- Reliance Jio has widest 4G network, Airtel’s network grows 3-fold: Trai
- Tata Motors rolls out new EV powertrain tech
- Apollo Hospitals in pact with US firm to launch healthcare drones
- Modi to attend two round tables with CEOs of US companies
- Mukesh Ambani’s shareholding has not increased in the company, says Reliance
- No economic crisis in India, govt taking steps to make it stronger: Javadekar
- Sitharaman may announce more measures on Friday to support the economy
- Wipro Consumer Care and Lighting set up a venture fund to invest in startups
- RBI caps term for banks’ concurrent auditor at three years
- Banks to hold public meets with NBFCs until 15 Oct in 400 districts: Sitharaman
- Coal mine allottees must do their bit to start output: Secy
- Factory investment at a 3-year low of Rs 3.31 lakh cr in 2017-18: Survey
- Global steel industry facing surplus production, says Union minister Dharmendra Pradhan
- CBDT member hints at lower tax rates indirect tax code regime
- Essel Group seeks time till March 2020 from mutual funds to clear dues
- Rupee slips 10 paise to 71.34 against USD
- Maruti Suzuki crosses 10-lakh-exports milestone from Mundra Port
- Parliament nod on pesticide and seed bills likely next session: MoS Agri
- Carcinogen scare sets off a global race to contain ranitidine
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