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Tax on income of certain new domestic manufacturing companies.

..... sions of this Chapter, other than those mentioned under section 115BA and section 115BAA, the income-tax payable in respect of the total income of a person, being a domestic company, for any previous year relevant to the assessment year beginning on or after the 1st day of April, 2020, shall, at the option of such person, be computed at the rate of fifteen per cent. , if the conditions contained i .....

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..... rposes of sub-clause (ii), any machinery or plant which was used outside India by any other person shall not be regarded as machinery or plant previously used for any purpose, if the following conditions are fulfilled, namely:- (A) such machinery or plant was not, at any time previous to the date of the installation by the person, used in India; (B) such machinery or plant is imported into India f .....

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..... ously used as a hotel or a convention centre, as the case may be. Explanation.-For the purposes of this subclause, the expressions "convention centre" and "hotel" shall have the meanings respectively assigned to them in clause (a) and clause (b) of sub-section (6) of section 80-ID; (b) the company is not engaged in any business other than the business of manufacture or producti .....

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..... table to any of the deductions referred to in sub-clause (i); and (iii) by claiming the depreciation under section 32, other than clause (iia) of sub-section (1) of the said section, determined in such manner as may be prescribed. (3) The loss referred to in sub-clause (ii) of clause (c) of sub-section (2) shall be deemed to have been already given full effect to and no further deduction for such .....

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..... e as defined in clause (ii) of section 92F. (5) Nothing contained in this section shall apply unless the option is exercised by the person in the prescribed manner on or before the due date specified under sub-section (1) of section 139 for furnishing the first of the returns of income for any previous year relevant to the assessment year commencing on or after 1st day of April, 2020 and such opti .....

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