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Clarifications in respect of option exercised under section 115BAA of the Income-tax Act, 1961 inserted through The Taxation Laws (Amendment) Ordinance, 2019

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..... pect of option exercised under section 115BAA of the Income-tax Act, 1961 inserted through The Taxation Laws (Amendment) Ordinance, 2019- reg. The Taxation Laws (Amendment) Ordinance, 2019 (the Ordinance) has been promulgated by the President of India on September 20, 2019. The Ordinance, inter alia, inserted a new section 115BAA in the Income-tax Act, 1961 (the Act) with effect from April 1, 2020 .....

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..... xercised the option referred to under newly inserted section 115BAA. 4. Representations have been received from the stakeholders seeking clarification on following issues relating to exercise of option under section 115BAA: (a) Allowability of brought forward loss on account of additional depreciation; and (b) Allowability of brought forward MAT credit. 4.1 These issues have been examined in the B .....

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..... e under section 115BAA shall not be allowed to claim set off of any brought forward loss on account of additional depreciation for an Assessment Year for which the option has been exercised and for any subsequent Assessment Year. 5.1.2 Further, as there is no time line within which option under section 115BAA can be exercised. it may be noted that a domestic company brought forward losses on accou .....

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