TMI BlogIncentives to resident co-operative societies.X X X X Extracts X X X X X X X X Extracts X X X X ..... boost the economy in the wake of economic developments post enactment of the Finance (No. 2) Act, 2019 and keeping in view the reduction of rate of corporate income tax by many countries world over. TLAA, inter alia , introduced section 115BAA in the Act so as to provide that an existing domestic company may opt to pay tax at 22 per cent., if it does not claim any incentive and deduction as provi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , subject to fulfilment of conditions contained therein, in respect of a Unit in the International Financial Services Centre, if any. It was also provided that such company shall not be subjected to Minimum Alternate Tax (MAT) under section 115JB of the Act and that, the carry forward and set off of MAT credit, if any, under section 115JAA of the Act would not be allowed. Representations ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ciety is computed,- (a) without any deduction under the provisions of section 10AA or clause (iia) of sub-section (1) of section 32 or section 32AD or section 33AB or section 33ABA or sub-clause (ii) or sub-clause (iia) or sub-clause (iii) of sub-section (1) or sub-section (2AA) of section 35 or section 35AD or section 35CCC or under any provisions of Chapter VI-A; (b) without set off of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h block of assets as on 1st April, 2020 in the prescribed manner, if the option is exercised for a previous year relevant to the assessment year beginning on 1st April, 2021; (iv) the concessional rate shall not apply unless option is exercised by the co-operative society in the prescribed manner on or before the due date specified under sub-section (1) of section 139 of the Act for furnishin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ve society. It is also proposed to amend section 115JD of the Act so as to provide that the provisions relating to carry forward and set off of AMT credit, if any, shall not apply to such co-operative society. This amendment will take effect from 1st April, 2021 and will, accordingly, apply in relation to the assessment year 2021-22 and subsequent assessment years. [Clauses 53, 57 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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