I have a new manufacturing business constituted as a partnership firm. Manufacturing commenced in Feb 2023. Now I have to convert my form into pvt Ltd company to take the benefit of sec 115BAB. Can I do so as the due date for filing return has lapsed?
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Query regarding 115BAB
Replies (5)
Quick Summary
What type of Business ?.( Manufacturing of what ?) because some business are not eligible for benefits of section 115 BAB of the income tax Act.
Please read carefully. I have mentioned manufacturing in my query. Thanks for your reply.
Have you filled income tax return as partnership firm for F.Y 22-23 , A.Y 23-24 ?.
No, I have not filed the return for the firm for FY 22-23 yet.
115BAB is only for companies:
• Sec 115BAB (15% tax for new manufacturing companies) applies only to domestic companies (set up on or after 1 October 2019 and commencing manufacturing by 31 March 2024). A partnership firm can't opt for it.
• Partnership firms are taxed at 30% (+ surcharge + cess), with remuneration and interest deductions under 40(b).
• If the business converts to a company now, 115BAB is unavailable (the deadline has passed).
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