TMI BlogCorporate rate slashed to 22% w.e.f. FY 2019-20X X X X Extracts X X X X X X X X Extracts X X X X ..... Dear Experts, Good Morning!! The Government has brought in the Taxation Laws (Amendment) Ordinance 2019 to make certain amendments in the Income-tax Act 1961 and the Finance (No. 2) Act 2019 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and announced in the recent budget too. In order to promote growth and investment, a new provision u/s.115BAA has been inserted in the Income-tax Act with effect from FY 2019-20 which allows an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y domestic company an option to pay income-tax at the rate of 22% subject to condition that they will not avail any exemption/incentive. The effective tax rate for these companies shall be 25.17% incl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... usive of surcharge cess. Also, such companies shall not be required to pay Minimum Alternate Tax. Kindly clarify whether a existing 30% tax paying Corporate can avail the above concessional r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ate without claiming tax exemptions/deductions i.e. [( Sec.80H to 80TT ), incentives ( sec.32AC , 32AD ), exemptions ( Sec-10A , 10AA ), additional depreciation u/s.32(1)(iia) and un-absorbed loss ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es, set-off of carried forward losses if any]? - Reply By DR.MARIAPPAN GOVINDARAJAN - The Reply = In my view NO - Corporate rate slashed to 22% w.e.f. FY 2019-20 - Query Started By: - gvenugopal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g Dated:- 26-2-2020 Income Tax - Got 1 Reply - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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