Saturday, March 6, 2021
Home Economy and Finance Biggest ever gain in Sensex and Nifty in a decade after Modi govt's announcements...

Biggest ever gain in Sensex and Nifty in a decade after Modi govt’s announcements slashing tax rates for corporates

The stock markets of the country-Sensex and Nifty have witnessed the highest single-day gain in the last 10 years. Sensex gained more than 1900 points while Nifty had rallied about 560 points.

Following finance minister’s major announcement slashing the income tax rates for domestic companies and new domestic manufacturing companies, the stock markets of the country-Sensex and Nifty have witnessed the highest single-day gain in the last 10 years. Sensex gained more than 1900 points while Nifty had rallied about 560 points.

The measures announced by the finance minister was instantly welcomed by the markets as bulls started dominating the bears and the markets, which were until now plummeting saw a prompt surge after the FM made the announcement. After the upswing, the Sensex is currently hovering around 37800 mark and Nifty at 11200 mark.

Earlier, while making the announcement, FM Sitharaman stated that another insertion has been inserted in the Income Tax Act with effect from 2019-20 which will allow new domestic company incorporated after 1st October 2019 to make fresh investment in manufacturing with an option to pay income tax at the rate of 15%.

She further added that domestic companies can also pay income tax at the rate of 22% if they do not avail any incentive or exemptions. The effective tax rates for these companies will be 25.17% including surcharge and cess. To those companies who continue to avail the incentives, the minimum alternate tax (MAT) has been reduced to 15% from the current 18.5%.

In a massive move for the corporate sector, the Finance Minister, Nirmala Sitharaman announced steep cuts in corporation tax among a series of announcements. Sitharaman said that the total revenue forgone on account of today’s measures would be Rs 1.45 trillion per year.

  Support Us  

Whether NDTV or 'The Wire', they never have to worry about funds. In name of saving democracy, they get money from various sources. We need your support to fight them. Please contribute whatever you can afford

OpIndia Staff
Staff reporter at OpIndia

Related Articles

Trending now

‘Haram or Halal, TMC wants only money’, says West Bengal Congress leader Haji Mohabbat Khan in an interview with OpIndia

The Congress leader said that if 'communal BJP' has to be stopped from winning in West Bengal, then Congress is the only hope

‘He got carried away, committed a serious mistake’: Bombay HC upholds bail for Areeb Majeed, accused of traveling abroad to join ISIS

Areeb Majeed, who left to fight for ISIS in Syria, has walked of prison today after his bail was upheld by the Bombay High Court.

Owner of the explosive-laden car found outside Antilia was in touch with Mumbai Police officer Sachin Vaze: Claims Devendra Fadnavis

Fadnavis said Mansukh Hiren had made and received multiple calls from Mumbai Police officer Sachin Vaze in the last few months

How Freedom House duped millions of Indians into signing up for an anti-India agenda

You must have seen the headlines yesterday. India has been 'downgraded.’ By whom? Some apparently international organization called Freedom House.

‘Even if life was taken away illegally, courts are helpless’: the Congress toolkit for protecting institutions

Rahul Gandhi had recently said that though the Emergency was wrong, Congress has never tried to capture India's institutional framework.

Badminton coach Mathias Boe is also the coach of Pune 7 Aces, owned by girlfriend Taapsee Pannu and KRI Entertainment, both facing I-T probe

Mathias Boe is the coach of Pune 7 Aces, a franchisee badminton team that participates in the Premier Badminton League

Recently Popular

Kiren Rijiju gives befitting reply to ‘befitting reply queen’ Taapsee Pannu’s boyfriend, who wanted the law to bend to his whims

Matthias Boe, boyfriend of actress Taapsee Pannu, had appealed to Kiren Rijiju to 'do something' to help the actress.

Indian Govt should ask badminton coach and Taapsee Pannu’s boyfriend Mathias Boe to quietly do his job or quit

Mathias Boe had tweeted tagging Minister Kiren Rijiju, asking him to do 'something' about the IT raids on his girlfriend Taapsee Pannu

Crores of undisclosed income, unexplained cash receipts and more: IT Dept discovery so far in raids against Anurag Kashyap, Taapsee Pannu

Income Tax department (IT dept) conducted raid on properties linked to filmmaker Anurag Kashyap, actress Taapsee Pannu and others

Her husband used to talk vulgar to girlfriend in front of her: Here is what the lawyer of Ayesha, who jumped into Sabarmati river,...

Ayesha, who committed suicide by jumping into the Sabarmati River in Gujarat on March 1, had a disquiet marital life

Mansukh Hiren, whose explosive laden car was parked near Mukesh Ambani’s residence, found dead: Details

Mansukh Hiren, whose car laden with explosives was found near the residence of Mukesh Ambani and family, has been found dead.

Taapsee Pannu and Anurag Kashyap deleted data from their phone after NCB probe began, reveals IT Dept during its probe: Details

Income Tax Department has informed that they suspect actress Taapsee Pannu and Director Anurag Kashyap of deleting phone data
- Advertisement -


Connect with us