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Insertion of new section 115BA-Tax on income of certain domestic companies

Clause 49 - Bills - DIRECT TAXES - FINANCE BILL, 2016 - Clause 49 - Insertion of new section 115BA. 49. After section 115B of the Income-tax Act, with effect from the 1st day of April, 2017, the following section shall be inserted, namely:- Tax on in .....

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for any previous year relevant to the assessment year beginning on or after the 1st day of April, 2017, shall, at the option of such person, be computed at the rate of twenty-five per cent., if the conditions contained in sub-section (2) are satisfie .....

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n of any article or thing; and (c) the total income of the company has been computed,- (i) without any deduction under the provisions of section 10AA or clause (iia) of sub-section (1) of section 32 or section 32AC or section 32AD or section 33AB or .....

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I-A under the heading C.-Deductions in respect of certain incomes other than the provisions of section 80JJAA; (ii) without set off of any loss carried forward from any earlier assessment year if such loss is attributable to any of the deductions ref .....

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ction (2) shall be deemed to have been already given full effect to and no further deduction for such loss shall be allowed for any subsequent year. (4) The option by the person referred to in sub-section (1) shall be exercised in the prescribed mann .....

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e of certain domestic companies. Sub-section (1) of the proposed new section provides that the income-tax payable in respect of the total income of a person being domestic company, for any previous year relevant to the assessment year beginning on or .....

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vides that the conditions referred to in sub-section (1) are the following, namely:- (a) the company has been set up and registered on or after the 1st day of March, 2016; (b) the company is engaged in the business of manufacturing or production of a .....

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on 33ABA or sub-clause (ii) or sub-clause (iia) or sub-clause (iii) of subsection (1) or sub-section (2AA) or sub-section (2AB) of section 35 or section 35AC or section 35AD or section 35CCC or section 35CCD or under any provisions of Chapter VI-A un .....

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