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Sunday
January 2020
11:06 AM IST
News Headlines
No right to live in India if you can't accept Vande Mataram: Pratap Sarangi        Impossible to provide proof of religious persecution under CAA: Assam Min Himanta Biswa        Real problem in country is unemployment, not population: Owaisi        Shabana Azmi injured in accident on Mumbai-Pune Expressway        Dhawan hit on rib-cage, won't take field during Australia innings: BCCI        Australian all-rounder Mitchell Marsh eyes return to national side        India, Iran should work to expedite Chabahar Port development, connectivity to Afghanistan: Zarif        Forex reserves rise by USD 58 mn to record high of USD 461.21 bn        Putin's, Xi's ruler-for-life moves pose challenges to West        Ukraine PM offers to resign after leaked recording        Top Iran leader: Trump is a 'clown' who will betray Iranians        Don't do politics over Nirbhaya case: Kejriwal to BJP        Will probe Digvijaya's phone-tapping claims: Maha minister        Owaisi hits out at Bipin Rawat on "de-radicalisation" comments        Owaisi hits out at Bipin Rawat on "de-radicalisation" comments        Nirbhaya case: Delhi court issues fresh death warrants against 4 convicts for Feb 1, 6 am        Mithali demoted to Grade B in BCCI central contracts        Ponkratov heads Chennai Open chess tournament field        India, US in advance-stage talks to resolve trade issues: Goyal        Gadkari urges states to come forward in the drive for curbing accidents        
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Business News
Tax cut aimed at attracting investment, generating jobs:FM
 
New Delhi: Finance Minister Nirmala Sitharaman in the Lok Sabha on Monday said the government's decision to reduce corporate tax rate was aimed at attracting investment and creating jobs.

The government's decision was also necessary to attract investment from multi-national companies, which are wanting to shift operations from China in view of ongoing Sino-US trade war, she said while moving the Taxation Laws (Amendment) Bill, 2019 for consideration and passage.

The Bill seeks to replace the Ordinance which was promulgated by the President in September.

The government through the ordinance reduced the corporate tax rate from 30 per cent to 22 per cent, and for new manufacturing companies to 15 per cent. The companies opting for lower tax rates, however, will not be entitled to claim any rebate or deductions.

"We think we will attract investment by reducing tax rate", she said while stressing that several neighbouring countries and emerging nations have reduced tax rates to attract investment.

She further said that with reduction of corporate tax rate, the effective rate will come down to 25.17 per cent from 34.94 per cent.

The effective tax rate for new manufacturing companies, which will be entitled for 15 per cent rate would be 17.16 per, she said.

Beside other things, the bill has also provided a negative list of businesses which will not be entitled for concessional tax rate of 15 per cent.

The companies engaged in development of computer software mining, converting marble blocks into slabs, bottling of gas cylinder, printing of books and cinematographic film will not be treated a new manufacturing entities for the purpose of concessional tax.

The government, she said, has also partially rolled back the surcharge announced in the budget to attract investment from the foreign portfolio investors (FPIs).


India, Iran should work to expedite Chabahar Port development, connectivity to Afghanistan: Zarif
Forex reserves rise by USD 58 mn to record high of USD 461.21 bn
India, US in advance-stage talks to resolve trade issues: Goyal
Gadkari urges states to come forward in the drive for curbing accidents
IndusInd Bank down 5.44 pc to Rs 1400.60
Rupee up by 7 paise against USD
CCI directs probe against Amazon, Flipkart
Panic stricken depositors mill around bank after RBI caps withdrawal limit
US removes currency manipulator label on China ahead of inking of trade deal
Flipkart opens two warehouses in Haryana, to create over 5,000 local jobs
Rupee cuts short 5-day gaining streak; edges down 1 paise to 70.87 against dollar
Rupee extends gains by 8 paise to 70.86 against US dollar
Centre to set up panel to examine issues on royalty rates for major minerals
Tata Motors global sales dip 3 pc dip to 97,348 units in Dec
Huawei exec can be extradited to US, Canada attorney general says
Sebi brings new system audit norms for exchanges, clearing corporations
Oil PSU unions oppose BPCL disinvestment
''Rumours'' of Air India''s shutdown baseless: CMD
Smartphone sales buck slowdown on strong urban, rural demand
Sensex jumps over 11 pts; Nifty above 12,250
KERALA NEWS
Kerala govt will continue fight against CAA: Minister
 Thiruvananthapuram: A day after it moved the Supreme Court against the controversial Citizenship Ame  
Sabarimala all set for Makaravilakku; Heavy security at Ayyappa shrine
Nigerian arrested for duping Keralite couple
Police book BJP workers for raising provocative slogans
INTERNATIONAL NEWS
Putin's, Xi's ruler-for-life moves pose challenges to West
 Moscow: Russia's Vladimir Putin and China's Xi Jinping have established themselves as the world's mo
Ukraine PM offers to resign after leaked recording
Top Iran leader: Trump is a 'clown' who will betray Iranians
Musharraf approaches Pak SC to suspend death sentence ruling by special court in high treason case
NATIONAL NEWS
No right to live in India if you can't accept Vande Mataram: Pratap Sarangi
 Surat (Gujarat) [India], Jan 19 (ANI): Accusing Congress of spreading misinformation about the Citiz
Impossible to provide proof of religious persecution under CAA: Assam Min Himanta Biswa
Real problem in country is unemployment, not population: Owaisi
Don't do politics over Nirbhaya case: Kejriwal to BJP
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