https://www.taxtmi.com/news?id=21981 Government establishes a new effective corporate tax framework: a headline effective rate of 25.17% inclusive of cess and surcharge and a base statutory rate of 22% for domestic companies that do not claim incentives; these changes will be made effective by amendments to the Income Tax Act and Finance Act through an ordinance. Companies opting for the 22% rate will not be liable for Minimum Alternate Tax, and newly incorporated domestic manufacturing companies may elect a concessional 15% tax rate without incentives; taxpayers may migrate to lower rates after expiry of existing tax holidays or concessions. en-us Fri, 20 Sep 2019 11:08:26 +0530 Fri, 20 Sep 2019 11:08:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=21981 Government establishes a new effective corporate tax framework: a headline effective rate of 25.17% inclusive of cess and surcharge and a base statutory rate of 22% for domestic companies that do not claim incentives; these changes will be made effective by amendments to the Income Tax Act and Finance Act through an ordinance. Companies opting for the 22% rate will not be liable for Minimum Alternate Tax, and newly incorporated domestic manufacturing companies may elect a concessional 15% tax rate without incentives; taxpayers may migrate to lower rates after expiry of existing tax holidays or concessions. News - Fri, 20 Sep 2019 11:08:26 +0530 https://www.taxtmi.com/news?id=21981