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With this ‘on tap’ facility, the RBI will now accept applications and grant licenses for SFBs throughout the year, in contrast to the erstwhile guidelines issued on November 27, 2014, where the application window was open until 16 January 2015.
Each company would have to weigh the advantage of shifting to the new rate of 22% with effective rate of 25.17%
After a cut in the corporate tax, speculation around an income tax cut for individual taxpayers is rife.
Corporates accounted for about 1.6 per cent of total taxpayers, as per the tax returns for assessment year 2017/18 but they contributed over 55 per cent to income taxes during the same year