<h1>Government Cuts Corporate Tax to 22% for Domestic Firms, 15% for New Manufacturers; Expands CSR Spending Scope.</h1> The government announced amendments to the Income-tax Act, reducing corporate tax rates to 22% for domestic companies and 15% for new domestic manufacturing companies. Companies opting for these rates must forgo exemptions and incentives, and will not pay Minimum Alternate Tax. The changes aim to boost investment and the Make-in-India initiative. Additionally, the Minimum Alternate Tax rate is reduced to 15% for companies retaining exemptions. Enhanced surcharge exemptions apply to capital gains for individuals and Foreign Portfolio Investors. Tax on buy-backs announced before July 5, 2019, is waived, and CSR spending scope is expanded. The estimated revenue loss is Rs. 1.45 lakh crore.