Record gain in sensex after a decade as govt announce slash in corporate tax

BSE Sensex surged over 1,500 points on Friday after the government slashed corporate tax for domestic companies and new domestic manufacturing companies among other measures.
The Nifty50 on the National Stock Exchange also crossed the 11,000 mark.
An official press note on Friday said: "In order to promote growth and investment, a new provision has been inserted in the Income Tax Act with effect from FY 2019-20 which allows any domestic company an option to pay income tax at the rate of 22 per cent subject to condition that they will not avail any exemption or incentive."