Income Tax Department notifies forms for firms to avail lower corporate tax rates announced in September last year
4 years, 11 months ago

Income Tax Department notifies forms for firms to avail lower corporate tax rates announced in September last year

Firstpost  

The income tax department has notified forms for companies to avail the reduced corporate tax rates that were announced in September last year New Delhi: The income tax department has notified forms for companies to avail the reduced corporate tax rates that were announced in September last year. The Central Board of Direct Taxes has notified Forms 10-IC and 10-ID for existing companies that want to avail lower I-T rate and new manufacturing firms, respectively. In September 2019, the government announced a cut in base corporate tax for existing companies to 22 percent from the current 30 percent; and for new manufacturing firms, incorporated after 1 October, 2019, and starting operations before 31 March, 2023, to 15 percent from the current 25 percent. Similarly, Form 10-ID would be filed electronically by new domestic manufacturing companies, incorporated after 1 October, 2019 that wish to be taxed as per the new tax regime, that offers a concessional tax rate of 15 percent, provided all the incentives and exemptions are forgone by the companies.

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History of this topic

Direct Tax Cases Weekly Round-Up: 02 To 08 June 2024
7 months ago

Direct Tax Cases Weekly Round-Up: 02 To 08 June 2024

Live Law  

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11 months, 1 week ago

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11 months, 1 week ago

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Live Mint  

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1 year, 3 months ago

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Live Law  

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Live Law  

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2 years, 1 month ago

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Live Law  

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2 years, 3 months ago

Collection Of Corporate Tax Rises By 16.73%, Income Tax By 32.30% Between April 1 To Oct 8: Finance Ministry

ABP News  

New Delhi: Gross collection of taxes on corporate income has increased by 16.74 per cent while the collection of personal income tax has soared by 32.30 per cent between April 1 and October 8, the Ministry of Finance said in a statement on Sunday. Gross collection of direct taxes in the first six months of the fiscal year 2022-23 was …

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3 years, 9 months ago

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Hindustan Times  

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4 years ago

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News 18  

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4 years, 11 months ago

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Live Mint  

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Companies opting for new lower corporate tax rate can't claim MAT credit, other deductions: CBDT
5 years, 3 months ago

Companies opting for new lower corporate tax rate can't claim MAT credit, other deductions: CBDT

Firstpost  

The Central Board of Direct Taxes, in a clarification, said companies will be allowed to utilise such credits only against regular taxes under the old regime New Delhi: The finance ministry on Wednesday said companies opting for the lower corporate tax rate of 22 percent will not be allowed to reduce their tax liability by claiming deductions towards additional depreciation …

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5 years, 3 months ago

Corporate tax cut makes India an investment destination; to attract foreign firms to set up units: Nirmala Sitharaman

Firstpost  

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5 years, 3 months ago

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Op India  

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5 years, 3 months ago

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The Quint  

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5 years, 3 months ago

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India TV News  

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5 years, 3 months ago

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India TV News  

Following are the highlights of the announcements made by Finance Minister Nirmala Sitharaman on reduction in corporate tax and other fiscal relief measures for the economy to promote growth and investment: * Corporate tax rate has been slashed to 22 per cent for domestic companies not availing any incentives/exemptions; earlier rate 30 per cent * Effective tax rate for such …

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5 years, 3 months ago

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India TV News  

Friday brought the much-awaited news for the manufacturing sector and corporates in India. In a bit to give the slowing economy a stimulus, Finance Minister Nirmala Sitharaman announced that the government has brought in the Taxation Laws Ordinance 2019 to make certain amendments in the Income-tax Act 1961 and the Finance Act 2019. Indiatvnews.com brings to you 7 major announcements …

CII seeks doubling of I-T exemption, hike in 80C deductions
6 years ago

CII seeks doubling of I-T exemption, hike in 80C deductions

Live Mint  

New Delhi: Industry chamber CII has urged the government to double the income tax exemption threshold to ₹ 5 lakh and increase the deduction limit under Section 80C to ₹ 2.50 lakh to incentivise savings in the interim budget to be presented on 1 February. In its pre-budget recommendations to the finance ministry, CII also suggested lowering the highest personal …

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6 years ago

Direct tax mop up rises 14.1% to Rs 8.74 lakh cr during Apr-Dec 2018; net collections increase by 13.6% to Rs 7.43 lakh cr

Firstpost  

The gross collections for corporate tax is 14.8 per cent while that for personal income tax is 17.2 percent. New Delhi: Direct tax mop up grew 14.1 percent to Rs 8.74 lakh crore during April-December 2018, finance ministry said on Monday. As much as Rs 3.64 lakh crore has been collected as advance tax, which is 14.5 percent higher than …

Direct tax-GDP ratio of 5.98% during FY18 best in a decade; returns filings up 80% in last four years: Finance ministry
6 years ago

Direct tax-GDP ratio of 5.98% during FY18 best in a decade; returns filings up 80% in last four years: Finance ministry

Firstpost  

Growth rate for corporate income tax and personal income tax stood at 17.7 percent and 18.3 percent, respectively. New Delhi: The direct tax-to-GDP ratio of 5.98 percent achieved during 2017-18 fiscal is the best in the last 10 years, the finance ministry said on Wednesday. In its 2018 review said, the ministry said: “There is a constant growth in direct …

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6 years, 1 month ago

Hindustan Unilever pitches for reducing corporate tax rate; urges govt to relax local sourcing norms

Firstpost  

In February this year, Finance Minister Arun Jaitley lowered corporate tax rate to 25 percent for businesses with turnover up to Rs 250 crore. New Delhi: Ahead of the Union Budget, FMCG major Hindustan Unilever CMD Sanjiv Mehta on Thursday pitched for reducing corporate tax rate and redressal of technical glitches and procedural matters of the goods and services tax. …

Govt says no scope for corporate tax cut in near future
6 years, 1 month ago

Govt says no scope for corporate tax cut in near future

Live Mint  

New Delhi: The government is unlikely to cut corporate income tax rate for large companies to 25% as promised in its FY16 budget because of revenue constraints, a senior tax official said. Tax rates can’t be cut further without a supporting mechanism to prevent evasion, said Akhilesh Ranjan, member at Central Board of Direct Taxes. The new code, Ranjan said, …

Corporate Tax to be Cut Only When Exemptions End: Arun Jaitley
6 years, 11 months ago

Corporate Tax to be Cut Only When Exemptions End: Arun Jaitley

India TV News  

Finance Minister Arun Jaitley has hinted at the possibility of further tax cuts for corporate and indirect taxes in the future, but only after all existing exemptions are phased out. Jaitley made this announcement during a post-budget interaction with industry chamber FICCI, stating that the corporate tax rate can only be brought down to 25 per cent after all exemptions …

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