On 20th September, 2019 Finance Minister has made big announcements in order to boost the Indian economy. These announcement shall be applicable from Financial year 2019-20. Please find below cardinal announcements made by the Finance Minister:
1. Reduction in Tax Rates:
| Sr. No. | Particulars | Tax Rate | Effective Tax Rate | MAT | Conditions | Optional to whom |
| 1 | Domestic Companies | 22% | 25.17% | MAT shall not applicable | Shall not avail any exemption/ incentive | Company enjoying tax holiday subject to MAT @ 15%. However after that they can opt for this. |
| 2 | New Domestic Companies (Incorporated after 1st Oct, 19) | 15% | 17.01% | MAT shall not applicable | Shall not avail any exemption/incentive | NA |
Read more on: https://taxguru.in/income-tax/big-announcements-income-tax-booster-indian-economy.html
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