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 09 September 2026 SENIOR AUDITOR & ACCOUNTS MANAGER Anupam Parashar & Co. Ghaziabad CA Final View Details ARTICLESHIP 24 August 2026 Article Assistant M/s.S.G.Salecha & Co. Mumbai CA Inter View Details 17 August 2026 Chartered Accountant with US GAAP Experience Austin Med Solutions Pvt Ltd Bengaluru CA View Details ARTICLESHIP 04 September 2026 Accounts Executive Hema Yashwanth & Associates Chennai B.Com View Details 19 August 2026 PAID ARTCILE ASSISTANT My Legal Tax Consultants Pvt. Ltd. Noida CA Inter View Details 18 August 2026 CA Semi Qualifies Goyanka and Associates New Delhi CA Inter View Details ARTICLESHIP 24 August 2026 Chartered Accountant Articles Rohit KC Jain & Co New Delhi CA Inter View Details 25 August 2026 Senior Accountant MG Associates New Delhi CA Inter View Details Share  Facebook  Twitter  Linkedin  Reddit  Email  Whatsapp  Gmail  Print  PDF Finance and Tax WhatsApp groups list CCI All Updates (WA Group) CCI All Updates (WA Channel) CCI All Updates (Telegram Channel) GST Income Tax CA Final CA Inter CA Foundation CCI Jobs CS CCI Webinars CCI Pro 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 Follow Us