Lower Corporate Rate @22% for FY 2019-20 u/s.115BAA

Murugesan (Tax consultant) (43 Points)

18 December 2019  

Dear Experts,

The new Section 115BAA has been inserted in the Income tax Act, on 5th September 2019 to give the benefit of a reduced corporate tax rate for all the domestic companies. They have the option to pay tax at a rate of 22% from the FY 2019-20 onwards.

Kindly advice whether any threshold limit in turnover for availing the benefit?

Thanks & Regards: Murugesan M