Section 115BAA option exercised in Form No.10IC

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..... One of our company clients having turnover below ₹ 400 cr. , has exercised option u/s.115BAA (22% Income tax rate) for A.Y.2020-21 in form no.10IC . Once option exercised for the particular y .....

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..... ear can it be withdrawn by the Assessee Company and to get to be assessed under First Schedule to the Finance Act as per old Provision for claiming additional depreciation and MAT Credit u/s.115JAA ? .....

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..... Company having turnover below ₹ 400 cr. wants to pay tax under normal provision of the act i.e income tax rate @ 25% or once it exercised option u/s.115BAA then it can not pay tax under norma .....

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..... l provisions. Please Explain. - Reply By DR.MARIAPPAN GOVINDARAJAN - The Reply = The second proviso to section 115BAA (5) provides that once the option has been exercised for any previous year, i .....

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..... t cannot be subsequently withdrawn for the same or any other previous year. - Reply By CASusheel Gupta - The Reply = The option once exercised cannot be withdrawn, but the option shall automaticall .....

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..... y become invalid if you violate any of the condition mentioned in sub section (2). See if you are able to violate any of them . CA Susheel Gupta - Section 115BAA option exercised in Form No.10IC .....

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..... - Query Started By: - Himatlal Pandit Dated:- 29-1-2021 Income Tax - Got 2 Replies - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management Indi .....

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..... a - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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