Corporate tax rate to be 22% without exemptions, inclusive of surcharge and cess. No Minimum Alternate Tax (MAT) applicable on such companies: Sitharaman
The new provision in the Income Tax Act, which will allow domestic companies to pay income tax at the rate of 22 percent, will be effective from FY19-20. It is subject o condition that they will not avail any incentive or exemptions.
For listed companies which made announcement for public buyback before July 2019 it is provided that tax on buyback on shares of such companies will no be charged: Sitharaman
Will give MAT relief for those opting to continue paying surcharge and cess. MAT has been reduced to 15 percent from 18.5 percent for companies who continue to avail exemptions and incentives