33. Amendment of section 115BA.
In section 115BA of the Income-tax Act, in sub-section (1), for the words, figures and letter “provisions of section 111A and section 112”, the words “other provisions of this Chapter” shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 2017.
Notes on Clauses:
Clause 33 of the Bill seeks to amend section 115BA of the Income-tax Act relating to tax on income of certain domestic companies.
The said section provides that subject to the fulfillment of conditions specified therein and the provisions of sections 111A and 112 of Chapter XII, from assessment year 2017-2018, the total income of certain a newly set up domestic companies shall, at their option, be taxed at the rate of twenty-five per cent.
It is proposed to amend the said section so as to provide that the provisions of this section shall be subject to the other provisions of the said Chapter instead of only sections 111A and 112.
This amendment will take effect retrospectively from 1st April, 2017 and will, accordingly, apply in relation to the assessment year 2017-2018 and subsequent years.
