The Income Tax Department (ITD) said that small and medium businesses/companies will pay tax at the reduced rate of 25 per cent if they had a turnover of less than Rs 50 crore in 2015-16 but from April 1 it will be applicable even if they cross the limit in 2016-17 or subsequent years.
Sushil Chandra, chairman of Central Board of Direct Taxes (CBDT) said the ITD will come out with a clarification on which companies would be eligible to avail the tax benefit.
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