India's Lower House of Parliament Approves Taxation Laws (Amendment) Bill 2019

On 2 December 2019, India's Lok Sabha (lower house of parliament) approved the Taxation Laws (Amendment) Bill 2019. The bill provides for the formal approval and amendment of the measures of the Taxation Laws (Amendment) Ordinance 2019. Such ordinances may be issued when immediate action is deemed necessary, but subsequent approval in parliament is needed.

Key measures of the Ordinance include new sections 115BAA and 115BAB of the Income Tax Act, which provide for a reduced corporate tax …