Quick Summary
Extension of the last date for commencement of manufacturing or production under Section 115BAB, from 31.03.2023 to 31.03.2024 1. Section 115BAB of the Income-tax Act provides for an option of concessional rate of taxation @ 15 % for new domestic manufacturing companies provided that they do not avail of any specified incentives or deductions and fulfil certain other conditions. 2. Sub-section (2) of section 115BAB of the Act contains the conditions required to be fulfilled by such compani
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FAQ :
Section 115BAB of the Income-tax Act offers a concessional tax rate of 15% for new domestic manufacturing companies, provided they meet certain conditions and do not claim specified incentives.
The original deadline for commencing manufacturing or production under Section 115BAB was 31st March 2023.
The deadline for commencing manufacturing or production has been extended to 31st March 2024.
The extension is to provide relief to new domestic manufacturing companies that experienced delays in setting up or commencing production due to the impact of the COVID-19 pandemic.
This amendment takes effect from 1st April 2022 and applies to assessment year 2022-23 and subsequent years.
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