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Tax on Domestic Companies under Section 115BAB - Rate of Income Tax under New Regime - Income Tax

Extract

..... be use. Also, company cannot use old plant & machinery except if value of such old P&M is 20% of total value of P&M used by the company. Does not use a building previously used as a hotel or a convention centre. (‘Hotel’ means a hotel of two-star, three-star or four-star category as classified by the Central Government. ‘Convention centre’ means a building of a prescribed area comprising of convention halls to be used for the purpose of holding conferences an .....

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Tax on Domestic Companies under Section 115BAB - Rate of Income Tax under New Regime - Income Tax

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..... ery and new plants manufactured in the notified backward areas in the states of Bihar, West Bengal, Telangana and Andhra Pradesh. Section 33AB: Deduction given on rubber manufacturing, tea and coffee. Section 33ABA: Deposits made to the site restoration fund by the companies producing or extracting petroleum and natural gas in India. Section 35(1)(ii), (iia), (iii), 35(2AA), 35(2AB) Scientific Research Section 35AD: Capital spent by any particular business. Section 35CCC: Investment in agricultu .....

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Tax on Domestic Companies under Section 115BAB - Rate of Income Tax under New Regime - Income Tax

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..... es etc shall be taxable @22%. Short term capital gain on transfer of depreciable assets shall be taxable @15%, However, STCG on other non-depreciable assets shall be taxable @22%. Special Income shall be taxable as per Special Rates of Tax i.e., U/s 111A, 112, 112A. If Excess profit computed by AO to be treated as income of company and will taxable @30%. Note:- 1.) If it appears to AO that, owing to close connection between the company and other person or for any other reason, the course of busi .....

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Tax on Domestic Companies under Section 115BAB - Rate of Income Tax under New Regime - Income Tax

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