Can you please explain me the working of tax liability in this solution in detail?

115BAB

• The Company is set up and registered on or after October 1, 2019.
• The company is engaged in the manufacturing or production.
• It commences the manufacturing process on or after October 1, 2019 but on or before March 31, 2024.
• The company does not claim specified incentives, exemptions, or deductions.

• 15%: Income from manufacturing and short-term capital gain from the depreciable asset.

• 22%: Income from non-manufacturing activities and short-term capital gain from non-depreciable asset.