27
Monday
January 2020
1:32 AM IST
News Headlines
Padma Vibhushan for Jaitley, Sushma, Fernandes posthumously; Parrikar given Padma Bhushan        Coronavirus scare: Nearly 100 people under observation, PMO reviews India''s preparedness        China facing ''grave'' situation, says Xi as coronavirus death toll rises to 41        Quake kills 22 in Eastern Turkey        Nepal offers to play role of mediator between India and Pakistan        India can play Asia Cup matches at neutral venue, but call is ACC''s: PCB CEO Khan        South Africa crumble after Broad, Wood help England rack up 400        Hugo Boumous inspires FC Goa to a thrilling 3-2 win over Kerala Blasters FC in Hero ISL        Growth slowdown in India temporary, expect momentum to improve going ahead: IMF chief        SC refuses to entertain plea against imposition of NSA amid anti-CAA protests        'Batman' script is beautiful, dark and moving: Colin Farrell        Scriptwriting is underrated: Ayushmann Khurrana        Agarkar applies for national selector's job, frontrunner for chairman's post, Prasad in running too        Rahul relishing dual role, says staying behind stumps helps batting too        Samsung moves India chief HC Hong to Latin America        WEF 2020 meeting ends with hopes for better and cleaner economy        Sebi fines Scan Steels Rs 18.8 lakh for fraudulent trading        Italy threatens Facebook with new fine for selling users' data        Nepal says if India can resolve boundary issue with Bangladesh, why not Kathmandu        Houston building explosion shakes city, scatters debris        
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National News
The Taxation Laws (Amendment) Bill 2019 returned to Lok Sabha
 
New Delhi: A Bill that allows domestic companies option to pay corporate tax at lower rate, was on Thursday returned to the Lok Sabha with the Rajya Sabha passing it by a voice vote.

The passage of the Taxation Laws (Amendment) Bill, 2019 in the Rajya Sabha came after the House rejected a statutory resolution moved by K K Ragesh of the CPM, disapproving of the Taxation laws (Amendment) Ordinance 2019.

The Bill, which was moved for consideration of the House by Finance Minister Nirmala Sitharaman, provides domestic companies with an option to pay tax at the rate of 22 per cent, provided they do not claim certain deductions under the Income Tax Act.

The Bill provides new domestic manufacturing companies with an option to pay income tax at the rate of 15 per cent, provided they do not claim certain deductions. These new domestic manufacturing companies must be set up and registered after September 30, 2019, and start manufacturing before April 1, 2023.

Replying to a debate on the Bill in the Upper Hosue, the Finance Minister said the Narendra Modi Government is committed to continue on the process of reform in the Indian Economy.

‘’The Government is committed to continue with the process of reforms. This Bill is a step in that direction.

Defending the Ordinance brought by the Government, she said,’’the Government did not want to wait for the Budget to implement these measures.

Earlier too, the finance related ordinances have been issued by the previous Governments.’’

Responding to some members expressing concern on reduction of consumption, she said,’’during the UPA rule the consumption was 56 per cent of the GDP. This increased to 68 per cent of the GDP during the first term of the NDA.’’

Under the Bill, a company can choose to opt for the new tax rates in the financial year 2019-20 (i.e. assessment year 2020-21) or in any other financial year in the future. Once a company exercises this option, the chosen provision will apply for all subsequent years.

Provisions regarding payment of Minimum Alternate Tax (MAT) will not apply to companies opting for the new tax rates.

MAT is the minimum amount of tax required to be paid by a company, in case its normal tax liability after claiming deductions falls below a certain limit.

The Bill adds that the provisions regarding MAT credit will also not apply to companies opting for the new rates.

The Ordinance reduces the MAT rate (applicable for companies not opting for the new tax rates) from 18.5% to 15% with effect from the financial year 2019-20. The Bill amends this provision by making it effective from the financial year 2020-21.


Padma Vibhushan for Jaitley, Sushma, Fernandes posthumously; Parrikar given Padma Bhushan
Govt will not allow universities to become political battlegrounds: Ramesh Pokhriyal
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India falls to 51st position in EIU's Democracy Index
Plea filed in Delhi HC seeking contempt proceedings against 'Chhapaak' makers
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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
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
ENTERTAINMENT NEWS
'Batman' script is beautiful, dark and moving: Colin Farrell
 Los Angeles: Hollywood actor Colin Farrell has revealed that the script of Matt Reeves' "The Batman"  
Scriptwriting is underrated: Ayushmann Khurrana
Abhishek Bachchan starts filming 'Bob Biswas'
Signed 'Radhe' for story and my character: Disha Patani
INTERNATIONAL NEWS
China facing ''grave'' situation, says Xi as coronavirus death toll rises to 41
 Beijing: President Xi Jinping on Saturday said that China is facing a "grave situation" but exuded c
Quake kills 22 in Eastern Turkey
Nepal offers to play role of mediator between India and Pakistan
Italy threatens Facebook with new fine for selling users' data
KERALA NEWS
Man killed with soil excavator
 Thiruvananthapuram: A 36-year-old man was killed with an excavator near here when he objected to a g
Delhi court extends ED custody of NRI bizman C C Thampi
Congress president restructures KPCC
Kerala Guv again criticises LDF govt for passing resolution in Assembly against CAA
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