New Delhi, Sept. 20 -- 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. This was announced by the Union Minister for Finance & Corporate Affairs Smt Nirmala Sitharaman during a Press Conference in Goa today. The salient features of these amendments are as under:
* In order to promote growth and investment, a new provision has been inserted in the Income-tax Act with effect from FY 2019-20, which allows any domestic company an option to pay income-tax at the rate of 22% subject to the condition that they will not avail any exemption/incentive. The effective tax rate for these companies shall be 25.17% inclusive of surcharge & ce...