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3. MAT – Transition from book profit to value of Gross Assets. No tax credit or
set off in subsequent years. Tax Rate - 2%. Loss making and capital intensive
Companies will suffer more.
6. Distinction between short term and long term Capital gain eliminated. Tax
Rate will be - 25%. Sale of business capital assets is not capital gain.
7. Last date for filing return for Section 44AB audit enterprises 31st August and
for rest 30th June.
10.Tax liability for new specified infrastructure sectors will accrue after 100%
recovery of the capital expenditure. Sectors like Generation, transmission and
distribution of power, etc.
11.Positive impact on retail sector - Lower personal tax rates will increase
disposable income.