Tax concessions to new manufacturing cos extended by another year

New Delhi, Feb 1 The Centre proposed to extend concessional corporate tax rate for newly-incorporated manufacturing companies by one year.

"I propose to extend the last date for commencement of manufacturing or production under section 115BAB by one year i.e. from 31st March, 2023 to 31st March, 2024," Finance Minister Nirmala Sitharaman said in her Budget 2022-23 speech.

In an effort to establish a globally competitive business environment for certain domestic companies, a concessional tax regime of 15 per cent was introduced for newly- incorporated domestic manufacturing companies.

The concession was supposed to be up to March 2023.

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