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Tax on Domestic Companies under section 115BAA - Rate of Income Tax under New Regime - Income Tax

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..... Section 115BAA: 22% rate of tax on certain Domestic Companies Conditions: - All Domestic Companies can pay income tax with a 22% tax rate (with applicable cess and surcharge). Company should not claim benefit of other deductions under IT Act :- Section 10AA: Deductions from the Special Economic Zones (SEZ) unit. Section 32(1)(iia): Additional Depreciation Section 32AD: Expenditure that is allocated on machinery and new plants manufactured in the notified backward areas in the states of Bihar, We .....

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Tax on Domestic Companies under section 115BAA - Rate of Income Tax under New Regime - Income Tax

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..... d subsequent PYs and normal provisions of the Act shall apply. Option has to be exercise upto the due date of ROI u/s 139 Once the option is exercised it can’t be withdrawn for the same or any other PY. As per the rules of CBDT, this option will be present in Form 10-IC. One needs to submit the form online under EVC or a digital signature. Other Income like Income from House Property, Income from Other Sources etc shall be taxable @22%. Special Income shall be taxable as per Special Rates .....

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Tax on Domestic Companies under section 115BAA - Rate of Income Tax under New Regime - Income Tax

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