Quick Summary
The Taxation Laws (Amendment) Act, 2019, inter-alia, inserted section 115BAB in the Act which provides that new manufacturing domestic companies set up on or after 01.10.2019, which commence manufacturing or production by 31.03.2023 and do not avail of any specified incentive or deductions, may opt
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FAQ :
New manufacturing co-operative societies can opt to pay tax at a concessional rate of 15%.
These amendments are proposed to take effect from the 1st day of April, 2024, applying to the assessment year 2024-25 and subsequent years.
The conditions for new manufacturing co-operative societies are materially similar to those applicable to new manufacturing companies.
The business of manufacture or production includes the generation of electricity but excludes certain specified businesses.
No, once the option for the concessional tax rate is exercised, it cannot be withdrawn.
If the specified conditions are not met in any previous year, the option for the concessional rate becomes invalid for that year and subsequent years.
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