Section 115BAB

Substantially Low Rate of Income Tax for Newly Formed Domestic Companies in Manufacturing Sector – Section 115BAB

Income Tax - Substantially Low Rate of Income Tax for Newly Formed Domestic Companies in Manufacturing Sector – Section 115BAB 1. On fulfilling certain conditions every newly formed domestic company in manufacturing sector can optionally choose to pay income tax @15% on its total income for any previous year relevant to the assessment year begin...

Read More

Section 115BAB || Conditions to be fulfilled

Income Tax - 1. Taxation Laws (Amendment) Act, 2019 inserted new section 115BAA in the Income Tax Act, 1961 (‘Act’) which provides as under: Section 115BAB of Income-tax Act, 1961- Tax on income of new manufacturing domestic companies. 115BAB.(1) Notwithstanding anything contained in this Act but subject to the provisions of this Chapter, other th...

Read More

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

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

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

Income Tax - 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

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

Income Tax - 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
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 115BAB"

Substantially Low Rate of Income Tax for Newly Formed Domestic Companies in Manufacturing Sector – Section 115BAB

Substantially Low Rate of Income Tax for Newly Formed Domestic Companies in Manufacturing Sector – Section 115BAB 1. On fulfilling certain conditions every newly formed domestic company in manufacturing sector can optionally choose to pay income tax @15% on its total income for any previous year relevant to the assessment year begin...

Read More
Posted Under: Income Tax |

Section 115BAB || Conditions to be fulfilled

1. Taxation Laws (Amendment) Act, 2019 inserted new section 115BAA in the Income Tax Act, 1961 (‘Act’) which provides as under: Section 115BAB of Income-tax Act, 1961- Tax on income of new manufacturing domestic companies. 115BAB.(1) Notwithstanding anything contained in this Act but subject to the provisions of this Chapter, other th...

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 |

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 |

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 […]...

Read More

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....

Read More
Posted Under: Income Tax |

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...

Read More
Posted Under: Income Tax |

Unabsorbed Depreciation & MAT Credit under Vivad Se Vishwas Scheme

The taxpayers will therefore have to weigh their options carefully before opting for settling their disputes pertaining to reduction in loss/unabsorbed depreciation or MAT credit. Every permutation and combination ought to be examined to determine whether it is advisable to avail the scheme or litigate the matter....

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