SRINAGAR: Finance Minister Nirmala Sitharaman on Sunday proposed exempting Minimum Alternate Tax (MAT) for non-resident entities paying tax on a presumptive basis.
In her Budget speech, she stated that the threshold for availing safe harbour provisions for IT services will be increased from Rs 300 crore to Rs 2,000 crore.
Sitharaman further announced that the tax collected at source (TCS) rate on liquor, scrap, and minerals has been standardised to 2 percent. She also proposed rationalising the definition of accountants under safe harbour rules to support domestic accounting firms.
Additionally, the government will allow dividend income from inter-cooperative societies to be claimed as a deduction under the new tax regime.
