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Home Acts & Rules Income Tax Act Income-tax Act, 1961 Chapters List Chapter XII DETERMINATION OF TAX IN CERTAIN SPECIAL CASES This
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Section 115BAB - Tax on income of new manufacturing domestic companies - Income-tax Act, 1961

Extract

..... ng and in respect of which no specific rate of tax has been provided separately under this Chapter, such income shall be taxed at the rate of twenty-two per cent. and no deduction or allowance in respect of any expenditure or allowance shall be allowed in computing such income: Provided further that the income-tax payable in respect of the income of the person deemed so under second proviso to sub-section (6) shall be computed at the rate of thirty per cent.: Provided also that the income-tax payable in respect of income being short term capital gains derived from transfer of a capital asset on which no depreciation is allowable under the Act shall be computed at the rate of twenty-two per cent.: Provided also that where the person fails to .....

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Section 115BAB - Tax on income of new manufacturing domestic companies - Income-tax Act, 1961

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..... the date of the installation used in India; (B) such machinery or plant is imported into India from any country outside India; and (C) no deduction on account of depreciation in respect of such machinery or plant has been allowed or is allowable under the provisions of this Act in computing the total income of any person for any period prior to the date of the installation of machinery or plant by the person. Explanation 2.-Where in the case of a person, any machinery or plant or any part thereof previously used for any purpose is put to use by the company and the total value of such machinery or plant or part thereof does not exceed twenty per cent. of the total value of the machinery or plant used by the company, then, for the purposes o .....

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Section 115BAB - Tax on income of new manufacturing domestic companies - Income-tax Act, 1961

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..... ub-clause (ii) or sub-clause (iia) or sub-clause (iii) of sub-section (1) or sub-section (2AA) or sub-section (2AB) of section 35 or section 35AD or section 35CCC or section 35CCD or under any provisions of 2[Chapter VI-A other than the provisions of section 80JJAA or section 80M]; (ii) without set off of any loss or allowance for unabsorbed depreciation deemed so under section 72A where such loss or depreciation is attributable to any of the deductions referred to in sub-clause (i). Explanation.-For the removal of doubts, it is hereby clarified that in case of an amalgamation, the option under sub-section (7) shall remain valid in case of the amalgamated company only and if the conditions contained in sub-section (2) are continued to be sa .....

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Section 115BAB - Tax on income of new manufacturing domestic companies - Income-tax Act, 1961

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..... person more than the ordinary profits which might be expected to arise in such business, the Assessing Officer shall, in computing the profits and gains of such business for the purposes of this section, take the amount of profits as may be reasonably deemed to have been derived therefrom: Provided that in case the aforesaid arrangement involves a specified domestic transaction referred to in section 92BA, the amount of profits from such transaction shall be determined having regard to arm's length price as defined in clause (ii) of section 92F: Provided further that the amount, being profits in excess of the amount of the profits determined by the Assessing Officer, shall be deemed to be the income of the person. (7) Nothing contained .....

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Section 115BAB - Tax on income of new manufacturing domestic companies - Income-tax Act, 1961

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