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ARTICLE · 10 JULY 2019

Indian Budget 2019 | Direct Tax Proposals

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The tax rates and income slabs under the Income-tax Act, 1961 (IT Act) remain the same, other than the following proposed changes

IndiaTax
Khaitan & Co Direct Tax Team
Khaitan & Co Direct Tax Team
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A snapshot of the key Direct Tax proposals

TAX RATES

The tax rates and income slabs under the Income-tax Act, 1961 (IT Act) remain the same, other than the following proposed changes

Big or Small, All Fish in Same Pond!

Currently, the general corporate tax rate for domestic companies is 30%. However, domestic companies with a turnover of up to INR 2,500 Mn in Financial Year (FY) 2017-18 are taxed at a lower rate of 25%.

The Finance (No.2) Bill, 2019 (Bill) proposes to increase this threshold from INR 2,500 Mn to INR 4,000 Mn and as such, more companies will benefit from the reduced corporate tax rate of 25%.

This amendment is proposed to be effective for FY 2019-20.

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