View: Before abandoning the old regime of corporate tax, exercise caution – The Economic Times
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- By Taxmann
- Last Updated on 28 October, 2020
September 24, 2019 By CA Dipen Mittal & CA Rahul Singh As the finance minister cut the rate of corporate tax to 22 per cent from 30 per cent base rate, here’s how the introduction of the new regime will affect the companies with turnover of less than Rs 400 crore that are already getting taxed at the rate of 25% and whether the impact on the revenue collection of the government will be as severe as is being projected.
What Sections 115BAA and 115BAB mean for India Inc?
Currently, a domestic company is chargeable to tax at the rate of 25% if its turnover or gross receipt does not exceed Rs. 400 crore during the financial year 2017-18 or it opts for Section 115BA. In all other cases, a domestic company is chargeable to tax at the rate of 30%. Read full article here: Before abandoning the old regime of corporate tax, exercise caution, Taxmann
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