Biznextindia : The bill to replace the ordinance promulgated in September for effecting corporate tax rates has been passed in Lok Sabha on Monday. The Taxation Laws (Amendment) Bill, 2019, will amend the Income Tax Act 1961 and the Finance (No 2) Act 2019.
The government through the ordinance had reduced the corporate tax rate from 30 per cent to 22 per cent, and for new manufacturing companies to 15 per cent.
“The government’s decision to reduce corporate tax rate was aimed at attracting investment and creating jobs. The companies opting for lower tax rates, however, will not be entitled to claim any rebate or deductions” said Finance Minister Nirmala Sitharaman.