INSUBCONTINENT EXCLUSIVE:
Corporate tax, also known as corporation tax, is a tax imposed on the net income of the company.Finance Minister Nirmala Sitharaman on
Friday said that all companies having annual turnover of Rs 400 crore will now come under the bracket of 25 per cent corporate tax
corporation tax, is a tax imposed on the net income of the company
Companies, both private and public which are registered in India under the Companies Act 1956, are liable to pay corporate tax.Currently,
the lower rate of 25 per cent is only applicable to companies having annual turnover up to Rs 250 crore
in the threshold for lower corporate tax of 25 per cent to Rs 400 crore annual turnover would encourage higher investment, which would also
get a boost from proposals like further liberalisation of foreign direct investment (FDI) norms in sectors like insurance intermediaries and
aviation," Harsh Goenka, RPG Enterprises Chairman said.Meanwhile, an additional income tax deduction of Rs 1.5 lakh on interest paid on
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