Taxation Laws (Amendment) Act, 2019
Section - 4 - Insertion of new section 115BAA
Insertion of new section 115BAA4. 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
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