Analysis of sections providing concessional rate of tax (section 115BAA/ 115BAC/115BAD) The finance act 2019 introduced a new section 115BAA for domestic companies, which provides option to pay tax at concessional rate of 22% (Plus surcharge and Educational Cess). Further in line with the option provided to domestic companies, similar opt...

Representation with regard to application of old tax rates due to filing form 10IC after submitting ITR but before due date filing ITR as per provisions of section 115BAA...

Section 115BAA was introduced by the Government of India through the Taxation (Amendment) Ordinance 2019 on the 20th of September 2019 with the objective of proffering reduced rates of taxes to domestic companies....

Section 115BAA: Whether to continue or forego MAT/AMT Credit? Section 115BAA states that domestic companies have the option to pay corporate tax at the reduce rate of 22% from FY 2019-20 onwards. Isn’t it a great benefit for the domestic companies to save around 3% on their tax expenses? But wait this benefit comes with […]...

Tax on income of certain domestic companies: Section 115BAA with case scenario study 1) Section 115BAA has been inserted w.e.f. A Y 2020-21 to provide for an optional alternative tax regime for domestic companies. The eligible corporate assessees are given an option to opt for a concessional rate of tax @25.17% ((22%+10%+4%) instead of th...

TAX RATES APPLICABLE FOR CERTAIN DOMESTIC COMPANIES (SECTION.115BAA) & FOR CERTAIN NEW MANUFACTURING COMPANIES (SECTION.115BAB) key changes to corporate tax rates in the income tax act, 1961: In Brief: > Existing domestic companies have been provided an option to pay tax at a concessional @22%, > New domestic companies set up on...

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...

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 […]...

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 […]...

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...