The Union Budget 2019-20 has proposed to extend the lower rate of 25% Corporate Tax to all companies with annual turnover up to Rs. 400 crore. Currently, this rate is only applicable to companies having annual turnover up to Rs 250 crore. The Union Minister of Finance and Corporate Affairs, Nirmala Sitharaman said, This will cover 99.3% of the companies. Now only 0.7% of companies will remain outside this rate.
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