India Reduces Corporate Tax Rates: Key Changes in Taxation Laws (Amendment) Ordinance 2019 Explained.

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....The Taxation Laws (Amendment) Ordinance 2019 introduced significant reductions in corporate tax rates in India. The ordinance lowered the base corporate tax rate for domestic companies from 30% to 22%, provided they do not claim certain exemptions or incentives. New manufacturing companies incorporated after October 1, 2019, can benefit from an even lower tax rate of 15%. These changes aim to boost economic growth by encouraging investment and enhancing the competitiveness of Indian businesses. The ordinance also includes measures to prevent tax evasion and streamline the tax compliance process for corporations.....