Corporate tax rate at 22% without exemption.

Corporate tax rate to be 22% without exemptions.

Effective corporate tax rate after surcharge to be 25.17%

 

Domestic companies exempt from MAT.

No Minimum Alternate Tax (MAT) applicable on such domestic companies.

 

15% Tax for manufacturing companies set up after October 2019.

To attract investment in manufacturing, companies incorporated after October 2019 will pay tax at 15%.

 

Minimum Alternate Tax (MAT) slashed to 15% from 18.5%.

Minimum Alternate Tax (MAT) slashed to 15% from 18.5% for companies availing exemptions.

 

No enhanced surcharge.

In order to establish the flow of fund in capital market no enhanced surcharge on sale of securities.

  1. Practical Income Tax
  2. Important Changes in Income Tax 2019 -20

About the Author

CA Maninder Singh's photo - Expert in Practical Accounts, Taxation and Efiling
CA Maninder Singh
CA Maninder Singh is a Chartered Accountant for the past 10 years. He also provides Accounts Tax GST Training in Delhi and Pune.