DTC panel suggestion on corporation tax different from FM's formula

The corporation tax rate structure recommended by the task force on direct tax laws was a bit different from what was announced by Finance Minister Nirmala Sitharaman last week.

The panel, headed by central board of direct taxes (CBDT) member Akhilesh Ranjan, also recommended 25 per cent corporation tax rate for companies, but without surcharges and cess, sources said.

Sitharaman on Friday had announced 22 per cent rate for companies. Adding surcharges and cess, this becomes 25.17 per cent against the current rate of 34.94 per cent.

Sources said the panel recommended doing away with cess and surcharges to make