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Tuesday
October 2020
2:51 PM IST
News Headlines
ED grills Farooq Abdullah for six hours in JKCA graft case, People''s Alliance says it''s vendetta        NCW seeks explanation from Kamal Nath for his remarks against MP minister        Imran Khan incapable and clueless; betrayed people of Pakistan: Opposition leaders        Nawaz Sharif''s son-in-law arrested in Pakistan        Kerala''s Covid tally touches 3.33 lakh with 5,022 fresh cases        HC restrains Customs from arresting Sivasankar till Oct 23, suspended officer discharged from hospital        Buttler, bowlers guide RR to seven-wicket win over CSK        Punjab beat MI in second Super Over        Saina, Sindhu's biggest Graffiti in India unveiled        Trump leans into fear tactics in bid to win Midwest states        US polls: New Congress could have more Indian Americans to the House Advertisement        Active COVID-19 cases below 8 lakh for 2nd day in row; recovery rate 88.03 pc        Flood situation grim in parts of Telangana, Karnataka        Dalit woman gang-raped at gunpoint in UP        Army pressed into service in 4 flood-hit Karnataka dists; CM to undertake aerial survey        Pakistan pacer Umar Gul announces retirement from all forms of cricket        HDFC Bank Q2 net profit rises 16% to Rs 7,703 cr        Biden warns Trump wants to scrap health law        BJP govt has surrendered in front of criminals: Akhilesh        Rahul Gandhi, Capt Amarinder vow to force centre to revoke black farm laws        
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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.


ED grills Farooq Abdullah for six hours in JKCA graft case, People''s Alliance says it''s vendetta
NCW seeks explanation from Kamal Nath for his remarks against MP minister
Active COVID-19 cases below 8 lakh for 2nd day in row; recovery rate 88.03 pc
Flood situation grim in parts of Telangana, Karnataka
Dalit woman gang-raped at gunpoint in UP
BJP govt has surrendered in front of criminals: Akhilesh
Rahul Gandhi, Capt Amarinder vow to force centre to revoke black farm laws
Nitish Kumar claims to have worked for all classes of Bihar in poll campaign
PM Modi greets NSG on its raising day
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Will continue struggle for restoration of Article 370, resolution of Kashmir issue: Mehbooba
UP govt issues guidelines for reopening of cinema halls
Cong spokesperson Kushboo quits party, says she was 'suppressed'
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BJP list for phase 2 of Bihar polls: Most MLAs retained, some dropped
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INTERNATIONAL NEWS
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 Karachi: Prime Minister Imran Khan is "incapable and clueless", and his government is worse than a d
Nawaz Sharif''s son-in-law arrested in Pakistan
Trump leans into fear tactics in bid to win Midwest states
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KERALA NEWS
Kerala''s Covid tally touches 3.33 lakh with 5,022 fresh cases
 Thiruvananthapuram: Kerala on Monday recorded 7,469 recoveries and 5,022 new COVID-19 cases, pushing
Jnanpith awardee Akkitham Achuthan Namboothiri dead
Kerala''s COVID-19 count crosses three lakh mark with 8,764 fresh cases
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