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Modification of concessional tax schemes for domestic companies under section 115BAA and 115BAB

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Dated: 1-2-2020

Budget 2020-21 + FINANCE BILL, 2020

Modification of concessional tax schemes for domestic companies under section 115BAA and 115BAB

TLAA inserted section 115BAA and section 115BAB in the Act to provide domestic companies an option to be taxed at concessional tax rates provided they do not avail specified deductions and incentives. Some of the deductions prohibited are deductions under any provisions of Chapter VI-A under the heading “C. Deduction in respect of certain incomes” other than the provisions of section 80JJAA.

It is now proposed to amend the provisions of section 115BAA and section 115BAB to not allow deduction under any provisions of Chapter VI-A other than section 80JJAA or section 80M, in case of domestic companies opting for taxation under these sections.

These amendments will take effect from 1st April, 2020 and will, accordingly, apply in relation to the assessment year 2020-21 and subsequent assessment years.

[Clauses 51 & 52]

 

 


Budget 2020-21 + FINANCE BILL, 2020

 

 
 
 
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