The Government has bought Taxation Laws (Amendment) Ordinance, 2019 and bought following major changes:

1. Existing Domestic Companies will have an option to pay tax at the rate of 22% subject to a condition that, they will not avail any exemption/incentive from Financial year 2019-20. The effective rate will be 25.17% inclusive of surcharge and cess. Such Companies are not required to pay Minimum Alternate Tax.
2. Domestic Company incorporated after 01st October, 2019, making fresh investment in manufacturing, have an option to pay tax at 15% without any benefit of exemption/incentive. The effective rate with Surcharge and cess will be 17.01%. Such Companies are not required to pay Minimum Alternate Tax.
3. The Companies which do not opt for the concessional rate can avail the exemption/Incentive and after the expiry of the period of exemption/incentive can opt for 22% tax. The rate on Minimum Alternate Tax for Companies availing Exemption/Incentives is reduced to 15% from 18%.
4. Enhanced sucharge introduced by FInance (No.2) Act, 2019 on capital gains on equity shares or unit of equity oriented fund in the hands of Individual, HUF, AOP, BOI and AJ shall not apply.
5. Tax waiver on buy back of shares by listed companies extended to companies which have already made public announcement of buy back before 5th July, 2019.
6. Scope of CSR funds spending extended. Now the same can be spend on Incubators funded by Central/State Goverment/Governement Bodies and to public funded Universities, IIT, etc