Question : As per Union Budget 2019-20, the tax rate has been reduced to _________for companies with annual turnover up to INR 400 crore.
Option 1: 21%
Option 2: 11%
Option 3: 19%
Option 4: 25%
Correct Answer: 25%
Solution : The correct option is 25% .
The Finance Minister of India recommended a drop in the corporation tax rate for some companies in the Union Budget for the 2019–20 fiscal year. 25% was the lower corporate tax rate for businesses with annual sales up to INR 400 crore. Domestic businesses with gross revenues or total sales of less than INR 400 crore in the preceding fiscal year were eligible for this lower tax rate.
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