India pushes more tax reform!
Income-tax Act amended to for post Covid-19 growth! In September 2019, the Government announced several measures to promote growth, investment and create new employment opportunities through the amendments in the Income-tax Act, 1961 and the Finance Act (No. 2), 2019. This was stated by Shri Anurag Singh Thakur, Minister of State for Finance & Corporate Affairs in response to a question. Shri Thakur enumerated the measures taken by Ministry of Finance, which are as follows, 1: Reduction in the corporate tax rate from 30% to 22% provided the company did not avail any exemption or incentive. 2: an option to pay income-tax at the rate of 15% for the new domestic companies incorporated on or after 1st October 2019 and making a fresh investment, subject to their not availing any exemption or incentives and provided they commence production by 31st March 2023 reduction in the Minimum Alternate Tax from the existing rate 18.5% to 15% for existing companies that are availing