Reduction in tax rate for companies

(Paragraph) (i), Division II, Part I of the First Schedule

Reduction in tax rate for companies: Rate of tax for companies other than banking companies are given in Division II, Part I of the First Schedule.

Tax rate for such companies was 35% for the tax year 2013 and the same was reduced by 1% each year reducing to 30% for the year 2018 and onwards.

Through the Finance Act, 2018, the rate of tax for companies other than banking companies has been further reduced by 1% each year (for five years) in the following manner:- 

Tax Year                     Rate of Tax

2019                             29%

2020                             28%

2021                             27%

2022                             26%

2023 and onwards        25%