https://www.taxtmi.com/news?id=17390 Reduction of corporate tax for smaller companies aims to enhance MSME viability and incentivise migration to company form by lowering the tax rate for qualifying smaller companies, with most companies expected to benefit and an estimated annual revenue forgone. MAT rules are amended to extend carryforward of MAT credit, preserving MAT as an advance levy while increasing the carryforward period. Complementary measures include a concessional withholding rate on foreign interest income, relaxed start-up loss carryforward conditions, increased NPA provisioning allowances and taxation on receipt for certain cooperative banks, and a reduced basic customs duty on LNG to promote domestic value addition. en-us Wed, 01 Feb 2017 14:30:58 +0530 Wed, 01 Feb 2017 14:30:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=17390 Reduction of corporate tax for smaller companies aims to enhance MSME viability and incentivise migration to company form by lowering the tax rate for qualifying smaller companies, with most companies expected to benefit and an estimated annual revenue forgone. MAT rules are amended to extend carryforward of MAT credit, preserving MAT as an advance levy while increasing the carryforward period. Complementary measures include a concessional withholding rate on foreign interest income, relaxed start-up loss carryforward conditions, increased NPA provisioning allowances and taxation on receipt for certain cooperative banks, and a reduced basic customs duty on LNG to promote domestic value addition. News - Wed, 01 Feb 2017 14:30:58 +0530 https://www.taxtmi.com/news?id=17390