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WHAT IS CORPORATE TAX AND CORPORATE TAX RATE? Corporate Tax Corporation Tax or Corporate Tax is a direct tax levied on the net income or profit of a corporate entity from their business, foreign or domestic. The rate at which the tax is imposed as per the provisions of the Income Tax Act, 1961 is known as the Corporate Tax Rate. The Corporate Tax rate is based on a slab rate system depending on the type of corporate entity and the different revenues earned by each of corporate entities.
For existing companies Under the new tax slab announced by the Finance Ministry, corporations with annual turnover up to Rs 400 crore and not seeking any incentives or exemptions need to pay 22 per cent tax along with applicable cess and surcharge. This takes the effective corporate tax rate to 25.17%. However, with the introduction of the new guidelines, companies don t have to pay any minimum alternate tax or MAT.
Tax rationalisation, liquidity enhancement top real estate sector s Budget wishlist
While measures announced by the government in 2020 to kickstart the economy have been in right direction, the real estate sector is hoping for upcoming Budget to give a shot on the arm for the beleaguering sector
Rukmini Rao | January 25, 2021 | Updated 15:06 IST
The real estate sector contributes nearly 8 per cent to the economy
Through the course of 2020, the Centre announced several measures such as moratorium on equated monthly instalments, restructuring of loans of real estate companies at project level, setting up of Swamih fund - rescue capital for affordable and mid-income housing projects - along with capital infusion to the National Housing board to help Indian real estate sector . The Reserve Bank of India also announced massive repo rate cut of 140 basis points over the course of time, leading to lowest home loan interest rates in over 15 years.
Updated Jan 25, 2021 | 19:38 IST
The sector also hopes that the budget will introduce GST reforms by bringing back the Input Tax Credit. This will help in bringing down the cost of construction thus reducing the property prices. Tax sops to liquidity enhancement: What the real estate industry expects from Budget 2021
New Delhi: Hit hard by the Covid pandemic and the subsequent lockdowns, the nation’s real estate sector is betting big on this year’s budget for the revival of the sector. Besides contributing majorly to the GDP, it is also one of the biggest employers in the country. The sector has been instrumental in the economic growth and stability of the nation.