The government will introduce two important Bills in the Lok Sabha on Monday — the Taxation Laws (Amendment) Bill and the International Financial Services Centres (IFSCs) Authority Bill.
These Bills were cleared by the Union Cabinet on November 20. The Taxation Laws (Amendment) Bill provides for a reduction in rates of corporate income tax as an additional fiscal stimulus to attract investment, generate employment and boost growth.
A new provision was inserted in the Income Tax Act that with effect from the current financial year (2019-20), an existing domestic company can opt to pay tax at 22 percent plus surcharge at 10 percent and cess at 4 percent if it does not claim any exemption.
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