9911796707
TMI BlogRationalisation of provision of section 115BA relating to certain domestic companiesX X X X Extracts X X X X X X X X Extracts X X X X ..... Rationalisation of provision of section 115BA relating to certain domestic companies X X X X Extracts X X X X X X X X Extracts X X X X ..... mpanies Section 115BA of the Act provides that the total income of a newly set up domestic company engaged in business of manufacture or production of any article or thing and research in relation th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ereto, or distribution of such article or thing manufactured or produced by it, shall, at its option, be taxed at the rate of 25 per cent. subject to conditions specified therein. This benefit is avai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lable from assessment year 2017-18. However, there are certain incomes which are subject to a scheduler tax at a rate which is lower or higher than 25 per cent. Consequently tax payers have been subj ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ected to unintended hardship or unwarranted relief. Accordingly it is proposed to amend section 115BA so as to clarify that the provisions of section 115BA is restricted to the income from the busines ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s of manufacturing, production, research or distribution referred to therein; and income which are at present taxed at a scheduler rate will continue to be so taxed. The amendment will take effect re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... trospectively from the 1st April, 2017 and will, accordingly, apply in relation to the assessment year 2017-18 and subsequent years.
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