Taxation Laws (Amendment) Act, 2019

Insertion of new section 115BAA

4. After section 115BA of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2020, namely:-

'115BAA. Tax on income of certain domestic companies.-(1) Notwithstanding anything contained in this Act but subject to the provisions of this Chapter, other than those mentioned under section 115BA and section 115BAB, 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 twenty-two per cent, if the conditions contained in sub-section (2) are satisfied:

Provided that where the person fails to satisfy the conditions contained in sub-section (2) in any previous year, the option shall become invalid in respect of the assessment year relevant to that previous year and subsequent assessment years and other provisions of the Act shall apply, as if the option had not been exercised for the assessment year relevant to that previous year and subsequent assessment years.

(2) For the purposes of sub-section (1), the total income of the company shall be computed,-

(i)

-

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.... To read the full section download the app from Google Play store Latest Job Openings View all ARTICLESHIP 15 May 2026 ARTICLE ASSISTANT, TRAINEE AND PAID ASSISTANT YOGESH KAPOOR AND ASSOCIATES New Delhi B.Com View Details 24 May 2026 Accounts & Tax Executive PARAS KHURANA AND CO New Delhi B.Com View Details ARTICLESHIP 14 May 2026 CA ARTICLE PRAVEEN GARG & CO Faridabad CA Foundation View Details 19 May 2026 Accountant ca kunjan Mumbai CA Inter View Details 07 May 2026 CA Assistant amit desai and co Mumbai CA Final View Details ARTICLESHIP 23 May 2026 Article Assistants Acupro Consulting Gurgaon CA Inter View Details 19 May 2026 Fundraising Expert MentorsWorld Ventures Private Limited Ahmedabad Others View Details ARTICLESHIP 30 April 2026 Article Assistant J SINGH & ASSOCIATES Ahmedabad CA Inter View Details Share  Facebook  Twitter  Linkedin  Reddit  Email  Whatsapp  Gmail  Pocket  Print  Pinterest  PDF  Translate Whatsapp Groups GST Income Tax CA Final CA Inter CAclubindia Login at CAclubindia CAclubindia India's largest network for finance professionals User Name Password Remember Me Forgot Password ? Alternatively, you can log in using: Login with Google Don't have an account? Register Now click here to register