Big Announcements in FM's Today's (20/09/2019) Press conference in Goa
1) Income Tax Rate for All Existing Companies reduced from peak rate from 25% & 30% to just 22%
2) Hence effective rate rate is reduced now from earlier 27.82% to 25.17%
3) To boost the Fresh Investment and to boost the make in India --- Income Tax Rate for New Private Limited Companies going to be incorporated on or after 01/10/2019 and going to start manufacturing activities before 31/03/2023 ...... will have option to pay income tax at just 15% ...... hence effective tax rate will be 17.01% only --- Theses companies are also not required to pay MAT.
4) General Minimum Alternate Tax (MAT) tax is also reduced from 18.5% to 15% for remaining existing companies.
MIMP : Losses to income tax revenue due to this announcements will be approx. Rs. 1.45 Lakh Crores. (Unbelievable)
1) Income Tax Rate for All Existing Companies reduced from peak rate from 25% & 30% to just 22%
2) Hence effective rate rate is reduced now from earlier 27.82% to 25.17%
3) To boost the Fresh Investment and to boost the make in India --- Income Tax Rate for New Private Limited Companies going to be incorporated on or after 01/10/2019 and going to start manufacturing activities before 31/03/2023 ...... will have option to pay income tax at just 15% ...... hence effective tax rate will be 17.01% only --- Theses companies are also not required to pay MAT.
4) General Minimum Alternate Tax (MAT) tax is also reduced from 18.5% to 15% for remaining existing companies.
MIMP : Losses to income tax revenue due to this announcements will be approx. Rs. 1.45 Lakh Crores. (Unbelievable)
