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INDIA: Small Businesses to Get 5% Corporate Income Tax Cut from Incoming Finance Bill

Companies with an annual turnover of INR500 million (US$7.6 million) or less are to pay corporate income tax (CIT) at a reduced rate of 25%, a 5% cut from the current rate. The move comes under the terms of the country’s new Finance Bill, which will come into effect on 1 July this year.

Once enacted, the bill will also see start-ups s entitled to opt for a three-year CIT exemption at any point in their first seven years of operation. The legislation also includes a mandatory INR200,000 (US$3055) cap on all cash transactions.

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