TMI BlogTax on Domestic Companies under section 115BAX X X X Extracts X X X X X X X X Extracts X X X X ..... f any article or things Company should not claim benefit of other deductions under IT Act :- Section 10AA : Deductions from the Special Economic Zones (SEZ) unit. Section 32(1)(iia) : Additional Depreciation Section 32AD : Expenditure that is allocated on machinery and new plants manufactured in the notified backward areas in the states of Bihar, West Bengal, Telangana an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to opt for benefits u/s 115 BAA , only then can it opt out of benefits from Section 115BA . As per the rules of CBDT, this option will be present in Form 10-IB . One needs to submit the form online under EVC or a digital signature. Special Income shall be taxable as per Special Rates of Tax i.e., U/s 111A , 112 , 112A Surcharge shall be applicable depending upon Total Income ..... X X X X Extracts X X X X X X X X Extracts X X X X
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