Budget 2024: Corporate Tax For Foreign Firms Cut To 35%, TDS To 0.1%

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Finance Minister Nirmala Sitharaman proposes reducing the corporate tax rate on foreign companies from 40% to 35%.

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This tax cut aims to attract foreign capital and foster employment within India.

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The government will simplify foreign direct investment (FDI) norms to further promote overseas investments.

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Angel tax will be abolished for all classes of investors to support startups and entrepreneurship.

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Tax deducted at source (TDS) for ecommerce operators will be reduced from 1% to 0.1%.

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Delays in TDS payments up to the due date of filing statements will be decriminalised, with simplified guidelines for TDS defaults.

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Follow the Union Budget For Startups With Inc42

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Budget 2024: Corporate Tax Rate For Foreign Companies Cut To 35%

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