TaxTMI 
TaxTMI 
Corporate rate slashed to 22% w.e.f. FY 2019-20
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....orporate rate slashed to 22% w.e.f. FY 2019-20<br> Query (Issue) Started By: - gvenugopal g Dated:- 26-2-2020 Last Reply Date:- 26-6-2020 Income Tax<br>Got 1 Reply<br>Income Tax<br>Dear Experts, Good ....
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....Morning!! The Government has brought in the Taxation Laws (Amendment) Ordinance 2019 to make certain amendments in the Income-tax Act 1961 and the Finance (No. 2) Act 2019 and announced in the recent....
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.... budget too. In order to promote growth and investment, a new provision u/s.115BAA has been inserted in the Income-tax Act with effect from FY 2019-20 which allows any domestic company an option to p....
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....ay income-tax at the rate of 22% subject to condition that they will not avail any exemption/incentive. The effective tax rate for these companies shall be 25.17% inclusive of surcharge & cess. Also, ....
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....such companies shall not be required to pay Minimum Alternate Tax. Kindly clarify whether a existing 30% tax paying Corporate can avail the above concessional rate without claiming tax exemptions/ded....
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....uctions i.e. [(Sec.80H to 80TT), incentives (sec.32AC, 32AD), exemptions (Sec-10A, 10AA), additional depreciation u/s.32(1)(iia) and un-absorbed losses, set-off of carried forward losses if any]? Rep....
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....ly By DR.MARIAPPAN GOVINDARAJAN: The Reply: In my view NO<br> Discussion Forum - Knowledge Sharing ....