High corporate tax was responsible for slow progress of Indian economy due to less incentive for capacity generation and less exports which was an outcome of less competitive international prices. Thus in order to realize this and to put Indian economy on a sustainable growth path, the Government promulgated Taxation Laws (Amendment) Ordinance 2019 on 20 September, 2019 to make certain amendments in the Income-tax Act 1961 and the Finance (No. 2) Act 2019.
Key Provisions
Key provisions incorporated in the Income-tax Act are following:
