Corporate tax for companies to be cut gradually, says Finance minister Nirmala Sitharaman

Corporate tax rate for companies with over Rs 400 crore turnover will be gradually cut to 25 per cent and the government will support wealth creators, said Finance Minister Nirmala Sitharaman. In her maiden Budget last month, she had cut corporate tax for companies with an annual turnover of up to Rs 400 crore to 25 per cent from 30 per cent earlier. Last year, the then finance minister Arun Jaitley had cut the corporate income tax rate to 25 per cent for companies with a turnover of up to Rs 250 crore. Speaking at an industry event, Sitharaman said the corporate tax reduction for the rest of corporates would be gradual. Echoing Prime Minister Narendra Modi's Independence Day speech, she said Indian wealth creator entrepreneurs will be given all kinds of support. Modi had in his annual Independence Day address to the nation on August 15 had extolled the role of wealth creators and said they must not be viewed with suspicion.

Subscribe to Times Of India's Youtube channel here:

Also Subscribe to Bombay Times Youtube Channel here:

Social Media Links:
Facebook :
Twitter :
Google + :

times of india,headlines news,news today,morning news,times news,toi,Corporate tax,companies,cut,gradually,says,Finance minister,Nirmala Sitharaman,