On 25 November 2019, the Finance minister Nirmala Sitharaman introduced the Taxation Laws (Amendment) Bill, 2019 in the lower house of Parliament (Lok Sabha). The Amendment Bill will replace Taxation Laws (Amendment) Ordinance, 2019, which aims to reduce the corporate tax rate 22% without incentives and 15% for new manufacturing entities.
In addition to lowering corporate tax rates for existing and new domestic companies, the regulation also introduced the withdrawal of higher surcharge for non-corporates on certain capital market transactions announced earlier on 24 August 2019, and also provides relief from buyback tax for listed companies in respect of buybacks which were publicly announced prior to the Budget announcement on 5 July 2019.
