Talking about Centre's move which slashed corporate tax to 22% for domestic companies, PM Modi on Friday, shared a detailed article highlighting key issues dealt in new tax cut. He anunced that Centre has brought in Taxation Laws (Amendment) Ordinance 2019 to amend Finance (. 2) Act 2019, which was passed earlier in Finance Session of Parliament. Calling tax cut, historic, he has highlighted its effects. He also reiterated his government's efforts to accelerate Indian ecomy's growth toward his $ 5 trillion dream.

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PM Modi lists benefits of latest tax cut

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Here are highlights of tax cut benefits for domestic companies mentioned in PM Modi's blog:

• Tax cut to 22% to domestic companies is subject to condition that y will t avail any exemption/incentive, making effective  tax rate for se companies shall be 25.17% inclusive of surcharge & cess, promoting growth
• To promote 'Make in India', domestic companies could avail paying income tax at 15% while investing in manufacturing. effective tax rate for se companies shall be 17.01%
• Companies t availing above concessional tax regime can opt into it after expiry of ir tax holiday/exemption period. To provide relief to companies availing exemptions/incentives, Minimum Alternate Tax has been reduced from existing 18.5% to 15%.
• Surcharge introduced by Finance (.2) Act, 2019 is more applicable on capital gains arising on sale of equity share in a company, unit of equity fund etc.
• Buy-back of shares anunced  before 5th July 2019, shall also t be charged
• Centre has opened   scope of CSR 2% spending to incubators funded by Central or State Government or any ncy or Public Sector Undertaking e.g: ICAR, ICMR, CSIR, DAE, DRDO
• total revenue foregone for reduction in corporate tax rate and or relief estimated at Rs. 1,45,000 crore.

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Here is link to blog: narendramodi.in/blog

above anuncement was done by Finance Minister Sitharaman Nirmala Sitaraman during Press Conference in Goa on Friday.

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