Tax bonanza for corporates: Read full text of govt's announcements on rate cuts and fiscal measures to revive economy
Updated : September 20, 2019 12:08 PM IST
Finance minister Nirmala Sitharaman on Friday announced that the government is slashing corporate tax rate to 22 percent for domestic companies and 15 percent for new domestic manufacturing companies, besides other fiscal reliefs.
The effective tax rate for these companies would now be 25.17 percent, inclusive of surcharge and cess.
Also, such companies shall not be required to pay Minimum Alternate Tax (MAT).