The corporate tax of companies has been reduced by 22%. The tax surcharge was reduced from 30% to 25.17%. Taxes for manufacturing companies incorporated after this October 1 will be 15% from 25% at present. This initiative comes as a part of strengthening the ‘Make in India’ project. Listed companies announcing share buybacks before 5th July to be exempt from buyback tax. The tax booster announcements send Sensex soaring. Sensex rises by 1,600 point & Nifty by 450 points.
