Section 115BAA

Tax on income of certain domestic companies- Section 115BAA

Income Tax - Applicability: Applicable only to Domestic Companies from the Assessment year beginning on or after 1st April, 2020. The provisions under section 115BAA is optional nature not mandatory. Domestic companies once exercised the option of availing the benefit of lower tax rate U/S 115BAA it has to be continued for the subsequent assessment ye...

Read More

New Corporate Taxation regime (Section 115BAA) & MAT

Income Tax - Section 115BAA was introduced by way of a mid year budget in FY 2019-20 and is applicable to certain domestic companies from 1st April 2020. The new section gives a one-time option to Domestic Companies to pay tax on their taxable income at 22% (instead of 25%/30%) and additional surcharge of 10% irrespective of taxable […]...

Read More

New Corporate Taxation regime (Section 115BAA) and MAT

Income Tax - Section 115BAA was introduced by way of a mid year budget in FY 2019-20 and is applicable to certain domestic companies from 1st April 2020. The new section gives a one-time option to Domestic Companies to pay tax on their taxable income at 22% (instead of 25%/30%) subject to certain conditions: 1. Deductions for SEZ […]...

Read More

Intricacies of Section 115BAA- New tax rate for domestic companies

Income Tax - Intricacies of section 115BAA Introduction With the introduction of new section 115BAA, domestic companies now have the option to pay tax at a lower rate of 22% (plus surcharge and education cess) with effect from AY 2020-21. The section basically allows corporate assessees to pay tax at a lower rate on foregoing majority of deductions/ex...

Read More

Ind AS Accounting for foregoing MAT Credit pursuant to Section 115BAA

Income Tax - Consider a situation where RST Limited was a loss making company. Ind ASs were adopted by this company from the year 2016-17. Since FY 2014-15 it has started to profits it was having accumulated MAT credit of Rs. xyz crores lying in the books of accounts as on 31.03.2019....

Read More
Sorry No Post Found
Sorry No Post Found

Forms for exercise of Lower Income Tax rate option for Companies released

Notification No. 10/2020-Income Tax [G.S.R. 110(E)] - (12/02/2020) - CBDT notifies forms for exercising option u/s 115BAA and 115BAB – Notification No. 10/2020, dated 12-02-2020 Section 115BAA deals New tax rate for domestic companies and Section 115BAB deals with Corporate tax rate for new manufacturing companies for Financial Year 2019-20 onwards. Now CBDT has re...

Read More

Recent Posts in "Section 115BAA"

Tax on income of certain domestic companies- Section 115BAA

Applicability: Applicable only to Domestic Companies from the Assessment year beginning on or after 1st April, 2020. The provisions under section 115BAA is optional nature not mandatory. Domestic companies once exercised the option of availing the benefit of lower tax rate U/S 115BAA it has to be continued for the subsequent assessment ye...

Read More
Posted Under: Income Tax |

New Corporate Taxation regime (Section 115BAA) & MAT

Section 115BAA was introduced by way of a mid year budget in FY 2019-20 and is applicable to certain domestic companies from 1st April 2020. The new section gives a one-time option to Domestic Companies to pay tax on their taxable income at 22% (instead of 25%/30%) and additional surcharge of 10% irrespective of taxable […]...

Read More
Posted Under: Income Tax |

New Corporate Taxation regime (Section 115BAA) and MAT

Section 115BAA was introduced by way of a mid year budget in FY 2019-20 and is applicable to certain domestic companies from 1st April 2020. The new section gives a one-time option to Domestic Companies to pay tax on their taxable income at 22% (instead of 25%/30%) subject to certain conditions: 1. Deductions for SEZ […]...

Read More
Posted Under: Income Tax |

Intricacies of Section 115BAA- New tax rate for domestic companies

Intricacies of section 115BAA Introduction With the introduction of new section 115BAA, domestic companies now have the option to pay tax at a lower rate of 22% (plus surcharge and education cess) with effect from AY 2020-21. The section basically allows corporate assessees to pay tax at a lower rate on foregoing majority of deductions/ex...

Read More
Posted Under: Income Tax |

Ind AS Accounting for foregoing MAT Credit pursuant to Section 115BAA

Consider a situation where RST Limited was a loss making company. Ind ASs were adopted by this company from the year 2016-17. Since FY 2014-15 it has started to profits it was having accumulated MAT credit of Rs. xyz crores lying in the books of accounts as on 31.03.2019....

Read More
Posted Under: Income Tax |

Analysis of Section 115BA, 115BAA, 115BAB of Income Tax

Introduction The Government of India has introduced the Taxation (Amendment) Ordinance Act, 2019, on the 20th of September 2019. Several amendments are made in the Income Tax Act, 1961 through these ordinance. Section 115BAA, Section 115BAB were inserted in the Income Tax Act, 1961, by the Finance Minister, Nirmala Sitharaman, in the Unio...

Read More
Posted Under: Income Tax |

Reduced Corporate Tax Rate- New Section 115BAA & 115BAB

Reduced Corporate Tax Rate- Introduction of New Section 115BAA & 115BAB inserted by Taxation Laws (Amendment) Act, 2019 In order to attract fresh investment in manufacturing sector and thereby provide boost to ‘Make-in-India’ initiative, government of India on 20th September 2019, introduce Taxation Laws (Amendment) Ordinance 2019...

Read More
Posted Under: Income Tax |

Eligibility of deductions while opting for Concessional Tax Regime

Eligibility of deductions under Chapter VI-A while opting for Concessional Tax Regime Background The Taxation Laws (Amendment) Act 2019 (‘TLAA’) introduced new section 115BAA for Concessional Tax Regime (‘CTR’), which provides for reduced tax rates with effect from FY 2019-20. Tax rates under the CTR for the existing domestic Comp...

Read More
Posted Under: Income Tax |

Changes in Tax Rates of Domestic Companies for F.Y. 2019-20

Changes in Tax Rates of Domestic Companies for the Assessment Year (A.Y 2020-21) / Financial Year (F.Y) 2019-20 vide Sections 115BAA & Section 115BAB -Inserted vide Finance Act, 2019 New Sections 115BAA & section 115BAB which got introduced by Finance Act, 2019 has eliminated the concept of MAT under section 115JB for the Domestic...

Read More
Posted Under: Income Tax |

Feasibility of Options to opt Alternative Income Tax Tax Rates

A major change was brought in the year 2019, when our Hon’ble Finance Minister Smt. Nirmala Sitharaman promulgated the Taxation Laws (Amendment) Ordinance Act, 2019 in which a completely new corporate tax regime prescribing fixed rates, as opposed to the conventional trend of prescribing the rates under Finance Act was brought into effe...

Read More
Posted Under: Income Tax |

Browse All Categories

CA, CS, CMA (4,991)
Company Law (6,655)
Custom Duty (8,023)
DGFT (4,367)
Excise Duty (4,399)
Fema / RBI (4,406)
Finance (4,649)
Income Tax (34,768)
SEBI (3,719)
Service Tax (3,604)

Search Posts by Date

October 2020
M T W T F S S
 1234
567891011
12131415161718
19202122232425
262728293031