A concessional corporate tax rate of 15% will be available until FY24 for newly incorporated manufacturing companies



15% Reduced Rate Corporation Tax Extended to FY24

She also proposed a 30% tax on virtual digital asset transfer income

Representative image.  Credit: iStock Photo

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

She also proposed a 30% tax on income from the transfer of virtual digital assets. A one percent withholding tax (TDS) on transfers of virtual assets above a threshold, donations would be taxed, the minister said.

Also read: Union Budget 2022-23 | What does amrit kaal mean?

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

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