On 20th September, 2019 Finance Minister has made big announcements in order to boost the Indian economy. These announcement shall be applicable from Financial year 2019-20. Please find below cardinal announcements made by the Finance Minister:

1. Reduction in Tax Rates:

Sr. No. Particulars Tax Rate Effective Tax Rate MAT Conditions Optional to whom
1 Domestic Companies 22% 25.17% MAT shall not applicable Shall not avail any exemption/ incentive Company enjoying tax holiday subject to MAT @ 15%. However after that they can opt for this.
2 New Domestic Companies (Incorporated after 1st Oct, 19) 15% 17.01% MAT shall not applicable Shall not avail any exemption/incentive NA

2. No Surcharge:No enhanced surcharge shall not apply on

  1. sale of any security including derivatives in hands of FPIs
  2. capital gain arising on sale of equity shares in a corporation liable for STT

3. BBT: No Buy back transaction tax shall be charged to tax in the case of Listed companies

4. CSR: CSR 2% fund can be spent on incubators funded by CG/ SG or any agency or PSUs of CG/SG, Universities, IITs, National Laboratories and Autonomous Bodies

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2 Comments

    1. santoshjagdale says:

      Provisions of section 10AA or clause (iia) of sub-section (1) of section 32 or section 32AD or section 33AB or section 33ABA or sub-clause (ii) or sub-clause (iia) or sub-clause (iii) of sub-section (1) or sub-section (2AA) or sub-section (2AB) of section 35 or section 35AD or section 35CCC or section 35CCD or under any provisions of Chapter VI-A under the heading “C.—Deductions in respect of certain incomes” other than the provisions of section 80JJAA;

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