Last week, new amendments were made to the Indian Income Tax Act, 1961 and Finance Act, 2019. The amendments are made with the intention to boost investor sentiments, push for 'Make in India' initiative, and reduce the tax burden for Indian corporates.
Some of the provisions include:
1. Slashing of the tax rate for manufacturing companies incorporated after 1st Oct, 2019 to 15%.
2. Companies that do not avail tax incentives will be charged at 25.17% inclusive of cess and surcharges.
3. Listed companies that announced shares buyback before 5th July will be exempted from buyback tax.
Learn more on the amendments and its impact on your business with a free webinar by our tax expert, CA Chintan Patel. A veteran in accounting, tax and advisory, Chintan will break down the changes for us and help us decode the implications of the tax amendments.