Modi Govt moves Taxation Bill in Lok Sabha to lower tax rate option
Currently, domestic companies with an annual turnover of up to Rs 400 crore pay income tax at the rate of 25 per cent. For other domestic companies, the tax rate is 30 per cent. The Bill provides domestic companies with an option to pay tax at the rate of 22 per cent, provided they do not claim certain deductions under the Income Tax Act.
The Bill seeking amendment to the Income-Tax Act, 1961 and to amend the Finance (No.2) Act, 2019 was moved in the House by Finance Minister Nirmala Sitharaman, Photo: Pixabay