Taxation Laws (Amendment) Bill, 2019 introduced in Lok Sabha

Finance Minister Nirmala Sitharaman introduced the Taxation Laws (Amendment) Bill, 2019 in the Lok Sabha today.

The Bill provides domestic companies with a new option to pay tax at the rate of 22 per cent, provided they do not claim certain deductions under the IT Act.

Currently, domestic companies with an annual turnover of up to 400 crore rupees pay income tax at the rate of 25 per cent. For other domestic companies, the tax rate is 30 per cent.

The Bill also provides new domestic manufacturing companies with an option to pay income tax at the rate of 15 per cent, provided they do not claim certain deductions.

The International Financial Services Centres Authority Bill, 2019, Special Protection Group (Amendment) Bill, 2019 and The Recycling of Ships Bill, 2019 were also introduced in the House today.

The Special Protection Group (Amendment) Bill, 2019 was also introduced in the Lok Sabha today by Minister of State for Home G Kishen Reddy.

According to the proposed amendment, the Prime Minister and their immediate family members will get the cover.

Any former Prime Minister and their family members may also get the security cover as per the gravity of threat perception.

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