08 JUL,2019 | MEDC
There will henceforth be a flat 25% tax on companies with a turnover up to Rs. 400 crore (from the earlier cap of Rs. 250 crore). This covers over 99% of enterprises in the country, and this move will surely benefit industry. There is an additional income tax deduction of Rs. 1.5 lakh to the buyers of electric vehicles. This will promote the use of this non-polluting mode of transport in the country. There is also an additional Rs. 1.5 lakh deduction on housing loans. Tax rates have been raised only for the richest, and the fiscal proposals do promote compliance and competitiveness.
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