Income Tax : Explore significant changes in ITR forms for FY 2023-24: deadlines, EVC for audits, reporting modifications, taxation updates, and...
Income Tax : The Income-tax Act has prescribed time limit in respect of various procedures, applications, etc. (like time limit for filing an a...
Income Tax : Explore special tax regimes for companies, individuals, and co-operatives, including rates, conditions, and exemptions. Learn how ...
Income Tax : Decipher the tax landscape for domestic companies with a comprehensive breakdown of Sections 115BA, 115BAA, and 115BAB. Explore th...
Income Tax : Explore the detailed analysis of the new tax regime under sections 115BAC, 115BAA, and 115BAD for F.Y. 2023-24 A.Y. 2024-25. Under...
Income Tax : Indian Government's recent data on corporate tax collection for the last five years and the revenue forgone due to the reduction o...
Income Tax : Request to CBDT to permit filing of Form 10IC after expiration of time limit by condoning delay Issuance of Order under Section ...
Income Tax : Representation with regard to application of old tax rates due to filing form 10IC after submitting ITR but before due date filing...
Income Tax : ITAT Ahmedabad allows appeal by Sunpack Barrier Films Pvt Ltd against additional tax demand due to delay in filing Form No. 10-IC,...
Income Tax : Explore the details of Traxit Engineers Pvt. Ltd. vs. Assessing Officer case at ITAT Mumbai, involving the dispute over concession...
Income Tax : Explore the ITAT Delhi's decision in Concentrix Daksh Services vs ACIT case. Understanding the applicability of concessional tax r...
Income Tax : ITAT Mumbai held that the claim for deduction under section 80G of the Income Tax Act in respect of Corporate Social Responsibilit...
Income Tax : Assessee did not file Form 10-IC before due date of filing return of income, i.e. 15/02/2021, which is mandatory condition for cla...
Income Tax : CBDT grants a filing extension for Form 10-IC related to AY 2021-22. Learn the conditions for this extension and the new deadline ...
Income Tax : CBDT issues Income Tax Circular 06/2022 | Dated: 17th March, 2022 to condone the default in filing Form 10-IC to avail lower tax r...
Income Tax : CBDT notifies forms for exercising option u/s 115BAA and 115BAB – Notification No. 10/2020, dated 12-02-2020 Section 115BAA deal...
Learn about the importance of submitting Form 10-IC prior to filing ITR-6 for companies opting for the 115BAA tax regime.
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 option is provided to Individuals/ […]
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 the […]
Learn about the new tax rates for companies in India. Understand the key changes to corporate tax rates and the options available for domestic and new manufacturing companies.
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 years. Further, as […]
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 […]
