President has given it’s assent for the Taxation Laws (Amendment) Act, 2019. It is an act that woud further amend the Income tax Act 1961 and Finance (No. 2) Act, 2019.
Corporate Tax Rates slashed to 22% for domestic companies and 15% for new domestic manufacturing companies, according to the said Act.
List of amendments:
- Section 92 BA
- Section 115 BA
- Insertion of Sections 115 BAA [Tax on income of certain domestic companies] & Sections 115 BAB [Tax on income of certain new domestic manufacturing companies]
- Section 115 JB
- Section 115 QA
- Amendment of Act No. 23 of 2019
- Amendment of Part II of First Schedule
**Read the Act here: Taxation Laws (Amendment) Act, 2019
Ministry of Law and Justice
[Notification dt. 12-12-2019]