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Lok Sabha clears Taxation (Amendment) Bill, 2019

Lok Sabha clears Taxation (Amendment) Bill, 2019

This bill has replaced the ordinance promulgated by the President in September 2019. The ordinance reduced corporate taxes. The bill aims to amend both Income Tax Act, 1961 and also the Finance Act, 2019.

Key Points:

  • This bill aims to bring in more investment in the manufacturing sector by bringing down the corporate tax rate to 22% without incentives and 15% for new manufacturing entities.
  • At present the domestic companies with an annual turnover of up to Rs 400 crore pay income tax at the rate of 25%. For other domestic companies, the tax rate is 30%.
  • The main agenda behind the bill is to promote growth and investment in the domestic manufacturing sector. Hence in order to pull up the economy of the country, the Centre has also reduced the corporate tax rates up to 10 per cent. This was the biggest reduction observed in the last 28 years.

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