ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Still No Policy for Edible Oils

depreciation rules it is only right that the existing provision on minimum tax under section 80-VVA of the Income Tax Act has been tightened. Evidently there was an added reason to tighten the provision, namely, the complete ineffectiveness of the present provision requiring payment of a minimum tax of 15 per cent by all profit- making companies. The budget speech puts it rather euphemistically thus: "[the existing provision regarding minimum tax] does not seem to have helped and is being withdrawn". In other words, highly profitable companies have continued to get away paying little or no tax.

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