New Income Tax Rate Option for Domestic Companies

It provides new domestic manufacturing companies with an option to pay income tax at the rate of 15%, provided they do not claim the deductions specified above. These new companies must be set up and registered after September 30, 2019, and start manufacturing before April 1, 2023.

• The Taxation Laws (Amendment) Act, 2019 clarifies that certain businesses will not be considered as manufacturing businesses. These include businesses engaged in - development of computer software, book printing, production of cinematograph film, mining and any other business notified by the central government.
• KABIL Set up to Ensure Supply of Critical Minerals.
• On 1^st August, a ....