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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

..... ctober, 2019 Subject: - 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, 2. Section 115BAA so inserted, inter alia, provides that. ‑ (d) a domestic company shall, at its option, p .....

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..... e 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 Board and in order to provide clarity in the matter, the clarifications are issued in following paras. 5.1 As regar .....

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..... 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 account of additional depreciation may, if it so desires, exercise the option after set oil of the losses so accumulate .....

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