Concessional 15 pc corporate tax rate to be available till FY24 for newly incorporated mfg firms

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.

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.