‘3rd Budget’ in 8 months: Govt cuts corporate tax to historic low

The govt on Friday announced a Rs 1.45 lakh crore fiscal stimulus that includes slashing corporate tax to 22% from 29.5% for companies that do not seek exemptions, 15% for new manufacturing start-ups as well a cut down on MAT (minimum alternate tax). The govt has opted to promulgate an ordinance to usher in amendments to the Income Tax Act & Finance Act.​

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