Section 115BAA-Tax on income of certain domestic companies
This query is : Resolved
P.V.PHANI KUMAR
(Querist)
16 June 2020
Please explain the exact meaning of this proviso to Sub-section (3) of Section 115BAA.
"Provided that where there is a depreciation allowance in respect of a block of asset which has not
been given full effect to prior to the assessment year beginning on the 1st day of April, 2020,
corresponding adjustment shall be made to the written down value of such block of assets as on the 1st day of April, 2019 in the prescribed manner, if the option under sub-section (5) is exercised for a previous year relevant to the assessment year beginning on the 1st day of April, 2020."
"Provided that where there is a depreciation allowance in respect of a block of asset which has not
been given full effect to prior to the assessment year beginning on the 1st day of April, 2020,
corresponding adjustment shall be made to the written down value of such block of assets as on the 1st day of April, 2019 in the prescribed manner, if the option under sub-section (5) is exercised for a previous year relevant to the assessment year beginning on the 1st day of April, 2020."
16 June 2020
"the prescribed manner' mentioned in the proviso is yet to be announced.
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