SECTION 115-BAA
This query is : Resolved
01 November 2021
Respected Sirs,
What are the loopholes of this section ?
What are the loopholes of this section ?
02 November 2021
Practically, no loophole. It is a beneficial section.
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02 November 2021
Domestic companies opting to pay tax under Section 115BAA cannot set off their loss incurred on account of Section 32(1) (iia) and MAT credits specified under Section 115JAA. Therefore, it may advisable for these companies first to exhaust the loss and credit available. The option under Section 115BAA can be exercised anytime, since there is no specified timeline for opting for this section.
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02 November 2021
Thanks with kindest regards to all of your sirs
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