Investor wealth spikes Rs 2.11 lakh crore after FM announcements

In a major fiscal booster, the government on Friday slashed effective corporate tax to 25.17 per cent inclusive of all cess and surcharges for domestic companies. Making the announcement, Finance Minister Nirmala Sitharaman said the new tax rate will be applicable from the current fiscal which began on April 1. This, she said is being done to promote investment and growth. The government has also decided to not levy enhanced surcharge introduced in the Budget on capital gain arising from the sale of equity shares in a company liable for a securities transaction tax. Also, the super-rich tax will not to apply on capital gains arising from the sale of any security including derivatives in hands of foreign portfolio investors. In another relief, the minister said listed companies which have announced a buyback of shares prior to July 5, will not be charged with super-rich tax. DailyhuntDisclaimer: This story is auto-aggregated by a computer program and has not been created or edited by Dailyhunt. Publisher: The Indian Expresshttps://justpaste.it/47w05

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