FM Nirmala Sitharaman cuts down corporate tax, MAT to empower manufacturing sector

Goa: Union Finance Minister Nirmala Sitharaman on Friday announced corporate tax rate cuts to 22 per cent for domestic companies and 15 per cent for newly-formed domestic manufacturing companies among other fiscal measures to boost the investments in the country.

ASSOCHAM advocates MAT exemption for sick companies under debt restructuring

New Delhi, Apr 26 (IBNS): Apex Industry body ASSOCHAM on Wednesday advocated continuation of the exemption from MAT (Minimum Alternative Tax) by the insertion of a suitable substitution of or addition to the Income Tax Act in respect of the restructuring under the insolvency & banking code 2016.

Budget 2017: Income tax for MSMEs with annual turnover upto Rs. 50 Crore is reduced to 25 per cent

New Delhi, Feb 1 (IBNS): Presenting the General Budget 2017-18 in Parliament on Wednesday, Union Finance Minister Arun Jaitley said that the income tax for smaller companies with annual turnover upto Rs. 50 crore is reduced to 25% in order to make MSME companies more viable and also to encourage firms to migrate to company format.