Finance Minister Announces New Fiscal Reforms
- In September 2019 Union Finance Minister announced certain fiscal measures to boost the flailing economy.
- Corporate Tax Rates Reduction: Tax rates for all domestic companies have been reduced to 22% from 30%. Domestic manufacturing companies (including Indian companies with FDI incorporated on or after 1st October 2019) shall be required to pay corporate tax at the rate of 15% from 25%.
- CSR Spending: Scope of spending 2% profits on CSR has been expanded to allow spending on incubators or research grants to institutes engaged in promoting science research.
- Reduction of Minimum Alternate Tax: Minimum Alternate Tax (MAT) rate has been reduced from 18.5 ....
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