Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
News18 » Business
1-min read

Govt Panel Recommends That Corporate Tax be Cut For All to 25% From 30%: Report

India has one of the highest corporate tax rates in the world even after Finance Minister Nirmala Sitharaman this year cut the rate to 25% from 30% for companies with annual sales of up to 4 billion rupees .

Reuters

Updated:August 20, 2019, 12:48 PM IST
facebookTwitterskypewhatsapp
Govt Panel Recommends That Corporate Tax be Cut For All to 25% From 30%: Report
Representative Image.(Reuters)
Loading...

New Delhi: A government panel has recommended cutting the corporate tax rate to 25% from 30% for all companies and scrapping surcharges on tax payments, an official said on Tuesday, part of a major overhaul of the six-decades old tax act.

India has one of the highest corporate tax rates in the world even after Finance Minister Nirmala Sitharaman this year cut the rate to 25% from 30% for companies with annual sales of up to 4 billion rupees ($56 million).

The panel headed by Akhilesh Ranjan, a member of the central board of direct taxes, delivered its report to Sitharaman on Monday. It was not made public and a finance ministry spokesman declined to comment on its contents.

A finance ministry source who reviewed the report said it recommended an overhaul of the Income Tax Act. "The committee has said the government should move away from surcharges on income and reduce corporate tax to 25%," the source who declined to be identified told Reuters.

India imposes a 30% corporate tax rate on domestic companies and 40% on foreign firms, plus a 4% health and education surcharge on total tax payments. It also charges a surcharge of 12% for domestic companies and 5% for foreign companies if their taxable income exceeds 100 million rupees, according to Deloitte, a global tax consultancy.

The panel was formed in 2017 and tasked with bringing the income tax law in line with other countries, and incorporating best practices according to the needs of the economy. The finance ministry will study the report before taking a decision on its recommendations, the ministry source said, adding that they may be included in the government's 2020/21 budget proposals.​

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp
Most Active
Company Price Change %Gain
HDFC Bank 1,260.90 5.11
ICICI Bank 446.70 6.99
Axis Bank 721.35 6.03
HDFC 2,176.05 6.19
Maruti Suzuki 6,938.35 5.25
Company Price Change %Gain
Larsen 1,531.00 8.36
Maruti Suzuki 6,938.05 5.36
ICICI Bank 446.95 7.09
Bajaj Finance 3,986.00 7.57
Yes Bank 56.15 1.26
Top Gainers
Company Price Change %Gain
Larsen 1,530.95 8.46
Bajaj Finance 3,987.00 7.69
Adani Ports 409.70 7.62
ITC 255.55 7.35
IndusInd Bank 1,523.70 7.33
Company Price Change %Gain
Larsen 1,531.00 8.36
Bajaj Finance 3,986.00 7.57
IndusInd Bank 1,524.30 7.38
ITC 255.65 7.35
Asian Paints 1,790.00 7.04
Top Losers
Company Price Change %Gain
Zee Entertain 280.45 -6.95
Infosys 767.55 -4.65
Tata Motors 126.90 -4.77
Dr Reddys Labs 2,732.85 -3.70
Wipro 237.85 -3.29
Company Price Change %Gain
Tata Motors 126.90 -4.87
Infosys 767.75 -4.64
Power Grid Corp 190.70 -2.88
TCS 2,014.45 -2.48
NTPC 116.90 -2.50

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results