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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 :
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- India’s Ashok Leyland Plans To List Financing Arm
- Oil Prices Up 2 Per Cent After US Drilling Falls
- Enhanced Southwest Monsoon To Bring Good Rains: IMD
- Adani Eyes 20% Growth In Rs 20K Crore Agro Biz
- Declare Foreign Asset By September 30 Or Face Consequences: Finance Ministry
- Bain Capital Acquires 10% Stake In L&T Fin For Rs 1370 Cr
- LIC Big Market Player, Not Only To Bailout Divestment: FM
- Call Drop Issue: Bharti Airtel Moves All Prepaid Users To Per-Second Plan
- Govt Considers FDI Cap Hike In DTH, Cable Networks; Dish TV Up 4.5%
- Godrej & Boyce Aims At Rs 10,000 Cr Turnover This Year
- Corporate Tax Exemptions Phase-Out May End MAT
- Ricoh Looking At Digital India Projects To Drive Revenue Growth
- Air India Inaugurates Airbus A-320 Training For External Pilots
- After 10 Years, Makemytrip Turns To Hotels, Packages To Drive Growth
- Defamation Suit Against Website: HC Stays Rs. 50-Lakh Penalty On NSE
- Google Aims To Make India A Hub For App Development
- Amtek Auto Fails To Meet Bond Redemption Deadline
- Aditya Birla Minerals To Sell Australia Copper Mine To Lighthouse Minerals
- Power Grid Gets Shareholders Nod To Raise Rs14,000 Crore In FY17
- OVL Chasing $712 Million In Dues From Foreign Govts
- GE Says No To Nuclear-Power Plants In India, Cites Liability Risks
- Give Govt Access To Whatsapp Messages, Emails: Draft National Encryption Policy
- Black Money: Declare Foreign Assets By Sep 30 Or Face Consequences, Says Finmin
- Sensex Ends Flat To Settle At 26,193; Nifty Closes At 7,977
- RBI May Cut Policy Rate By 25 Bps On Sep 29: Report
- US-Based Healthcare Tech Company To Invest `750 Cr
- Domestic Mfs Have Got $18b Of Inflows In 1 Year: Sikka
- Indian IT Cos Among World’s Worst Paymasters
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