2 Section 115BAA

Section 115BAA - Page 3

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....

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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...

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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...

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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...

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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...

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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...

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New Tax Regime Versus Old Tax Regime- Analysis & Calculator

It was 1st February 2020, when our Honorable Finance Minister Nirmala Sitharaman had presented the Budget 2020 and came up with paradigm shift in the way Individuals are being taxed i.e. NEW TAX REGIME was introduced vide Sections 115BAC and 115BAD of Income Tax Act 1961. QUESTION IS: Whether this new tax regime is only […]...

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Corporate Tax Rates & Deduction for donation to PM Care Funds

The Government of India specified Corporate Tax Rates in Income Tax Act, 1961 and Finance Act through schedules thereto. Income Tax Act, 1961 cover section i.e. Section 115BA, 115BAA & 115BAB though which corporate tax rate has been specified and further tax rates also specified in finance act through first schedules thereto....

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Detailed analysis of Section 115BAA & Section 115BAB

Two new sections (Section 115BAA and Section 115BAB) were introduced reducing the corporate tax rate for domestic companies to 22% and for domestic companies indulged in manufacturing activities to 15%. Taxation and other Laws (Relaxation of Certain Provisions) Ordinance, 2020 has also fixed the rate of surcharge to 10% irrespective of th...

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Company- Old Tax Regime or new Tax Regime- Which one to opt?

Whether Company should continue with the Old tax regime or to pay tax under new tax regime? Since the financial year 2019-20 has already gone and currently in this lockdown situation due to Covid-19 pandemic, most of the companies are having their working from home, so I think it’s the right time to decide for […]...

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