This newsletter provides a brief summary of the changes brought about by the Taxation laws (amendment) ordinance, 2019.
Recognising the need to bring about a much needed stimulus to the economy, the Government has introduced the Taxation Laws (Amendment) Ordinance, 2019 (“Ordinance”) to make relevant amendments to the Income-tax Act, 1961 and the Finance (No. 2) Act, 2019. The Ordinance interalia provides for reduced corporate tax rates that puts India on par with its Asian peers and will boost efforts to attract more investments.
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