Government Notifies The Taxation Laws (Amendment) Act, 2019
Recently, the President of India gave assent to the Taxation Laws (Amendment) Act, 2019 which enables lowering of the corporate tax rate. The Act shall be deemed to have come into force on the 20th day of September 2019. It replaces an ordinancethat was promulgated on 20thSeptember, 2019to amend the IT Act and the Finance (No. 2) Act, 2019, which reduced the tax rate for domestic companies from 30% and 25% (for those with annual turnover of over Rs 400 crore) to 22% if they don’t claim certain exemptions under the Income Tax Act.
Key Features of the Act
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