{"id":219771,"date":"2019-09-20T18:00:49","date_gmt":"2019-09-20T12:30:49","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=219771"},"modified":"2019-09-20T19:25:59","modified_gmt":"2019-09-20T13:55:59","slug":"president-promulgates-taxation-laws-amendment-ordinance-2019","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2019\/09\/20\/president-promulgates-taxation-laws-amendment-ordinance-2019\/","title":{"rendered":"Government cuts Corporate tax to 22% for domestic companies and new domestic manufacturing companies"},"content":{"rendered":"<p style=\"text-align: justify;\">President promulgates the <strong>Taxation Laws (Amendment) Ordinance 2019 to make certain amendments in the Income-tax Act, 1961 and the Finance (No. 2) Act 2019.<\/strong><\/p>\n<p style=\"text-align: justify;\">List of amendments:<\/p>\n<ul>\n<li style=\"text-align: justify;\">Section 92 BA<\/li>\n<li style=\"text-align: justify;\">Section 115 BA<\/li>\n<li style=\"text-align: justify;\">Insertion of Sections 115 BAA <strong>[Tax on income of certain domestic companies]<\/strong> &amp; Sections 115 BAB <strong>[Tax on income of certain new domestic manufacturing companies]<\/strong><\/li>\n<li style=\"text-align: justify;\">Section 115 JB<\/li>\n<li style=\"text-align: justify;\">Section 115 QA<\/li>\n<li style=\"text-align: justify;\">Amendment of Act No. 23 of 2019<\/li>\n<li style=\"text-align: justify;\">Amendment of Part II of First Schedule<\/li>\n<\/ul>\n<p><span style=\"color: #ff0000;\"><strong>*Please follow the link for detailed notification:<\/strong><\/span> <a href=\"http:\/\/egazette.nic.in\/WriteReadData\/2019\/212631.pdf\"><span style=\"color: #0000ff;\"><strong>NOTIFICATION<\/strong><\/span><\/a><\/p>\n<hr \/>\n<p><strong>Ministry of Law and Justice<\/strong><\/p>\n<p style=\"text-align: right;\"><strong>[Notification dt. 20-09-2019]<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>President promulgates the Taxation Laws (Amendment) Ordinance 2019 to make certain amendments in the Income-tax Act, 1961 and the Finance (No. 2) <\/p>\n","protected":false},"author":8808,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,13],"tags":[37655],"class_list":["post-219771","post","type-post","status-publish","format-standard","hentry","category-legislationupdates","category-statutes","tag-taxation-laws-amendment-ordinance-2019"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Government cuts Corporate tax to 22% for domestic companies and new domestic manufacturing companies | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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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\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":222768,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/12\/03\/taxation-amendment-bill-2019-passed-by-lok-sabha-reduction-in-corporate-tax-rates\/","url_meta":{"origin":219771,"position":1},"title":"Lok Sabha clears passage for &#8212; Taxation Amendment Bill, 2019 ; Reduction in Corporate tax rates","author":"Bhumika Indulia","date":"December 3, 2019","format":false,"excerpt":"Lok Sabha passed the Taxation Amendment Bill, 2019 on Lok Sabha on 02-12-2019. Corporate Tax Rates slashed to be slashed to 22% for domestic companies and 15% for new domestic manufacturing companies, according to the said bill. List of amendments: Section 92 BA Section 115 BA Insertion of Sections 115\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/PARLIAMENT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/PARLIAMENT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/PARLIAMENT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/PARLIAMENT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/PARLIAMENT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":220675,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/10\/10\/clarifications-in-respect-of-option-exercised-under-s-115baa-of-income-tax-act-1961-inserted-through-taxation-laws-amendment-ordinance-2019\/","url_meta":{"origin":219771,"position":2},"title":"Clarifications in respect of option exercised under S. 115BAA of Income &#8211; Tax Act, 1961 inserted through Taxation Laws (Amendment) Ordinance, 2019","author":"Bhumika Indulia","date":"October 10, 2019","format":false,"excerpt":"The Taxation Laws (Amendment) Ordinance, 2019 (the Ordinance) has been promulgated by the President of India on September 20, 2019. 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Economic developments after the enactment of the Finance (No. 2) Act, 2019 (Finance Act) along with the reduction of the rate of corporate income tax by many countries world\u2026","rel":"","context":"In &quot;Cabinet Decisions&quot;","block_context":{"text":"Cabinet Decisions","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/cabinet_decisions\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/CABINET-SECRETARIAT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/CABINET-SECRETARIAT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/CABINET-SECRETARIAT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/CABINET-SECRETARIAT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/CABINET-SECRETARIAT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":219758,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/09\/20\/corporate-tax-rates-slashed-to-22-for-domestic-companies-and-15-for-new-domestic-manufacturing-companies-and-other-fiscal-reliefs\/","url_meta":{"origin":219771,"position":4},"title":"Corporate tax rates slashed to 22% for domestic companies and 15% for new domestic manufacturing companies and other fiscal reliefs","author":"Bhumika Indulia","date":"September 20, 2019","format":false,"excerpt":"The Government has brought in the Taxation Laws (Amendment) Ordinance 2019 to make certain amendments in the Income-tax Act, 1961 and the Finance (No. 2) Act 2019. 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