Several tax proposals to promote investments in start-ups 08/07/2019 – Posted in: Press Information Bureau
Several tax proposals to promote investments in start-ups
(Ministry of Finance)
WHAT
Several of the tax proposals announced by Smt. Nirmala Sitharaman, while presenting the Union Budget 2019-20.
These are aimed at promoting investments in Sunrise Advanced Technology industries and in Start-ups.
SUNRISE AND ADVANCED TECHNOLOGIES
The sunrise and advanced technology areas includes:
- Semi-conductor Fabrication (FAB), Solar Photo Voltaic cells, Lithium storage batteries, Solar electric charging infrastructure, Computer Servers, Laptops, etc.
HIGHLIGHTS
- Lower 25% corporate tax rate is to be applicable to those with annual turnover upto Rs.400 crore instead of the current limit of Rs.250 crore
- Increase in surcharge by 3% for those with taxable income between 2-5 crore rupees and by 5% to those with income of over rupees 5 crore
- Digital economy to be promoted. A tds of 2% on cash withdrawal exceeding Rs.1 crore in a year from a bank account is proposed
- Both direct and indirect tax incentives for promotion of electric vehicles in a big way announced
- Several customs duty proposals announced for promoting make in India, reducing import dependence, protection to MSME sector and promoting clean energy
- Special additional excise duty and road & infrastructure cess of one Rupee each on petrol and diesel proposed
- Customs duty on gold and other precious metals increased from 10% to 12.5%
Source: PIB
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