Concessional 15% corporate tax rate to be available till FY24 for newly incorporated manufacturing firms

She also proposed a 30% tax on income from transfer of virtual digital assets

Representative Image. Credit: iStock Photo

Finance Minister Nirmala Sitharaman on Tuesday said a concessional corporate tax rate of 15 per cent would be available for one more year till March 2024 for newly incorporated manufacturing companies.

She also proposed a 30 per cent tax on income from transfer of virtual digital assets. One per cent tax deducted at source (TDS) on transfer of virtual assets above a threshold, gifts would be taxed, the minister said.

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The Prime Minister's Development Initiative for North East will be implemented through the North Eastern Council, with an initial allocation of Rs 1,500 crore, she added.

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