WebAfter section 115B of the Income-tax Act, with effect from the 1st day of April, 2024, the following section shall be inserted, namely:—. "115BA. Tax on income of certain domestic … Web17 Apr 2024 · Generally the tax rate applicable on domestic companies is 30%. It is 25% if turnover or gross receipt of the domestic company does not exceed rupees 400 crores in the previous year. In addition to above tax rate there are three other sections i.e. Section 115ba, 115baa, 115bab of Income Tax Act 1961. Domestic companies have the option to ...

Tax Laws & Rules > Acts > Income-tax Act, 1961

WebIncome Tax Act; Wealth Tax Act; Expenditure Tax Act; Interest Tax Act; Finance Acts; All Acts; Rules Income Tax Rules; Other Direct Tax Rules; Budget and Bills Finance Acts; … WebThe Indian Government had introduced a favourable tax regime for new manufacturing companies. The taxation laws Ordinance, 2024, passed on September 20, 2024, has inserted Section 115BAB of the Income Tax Act, offering you a low tax rate of 15% to new manufacturing companies. It is done in order to promote the new manufacturing start-ups. holding on gif

Section 115BAA of the Income Tax Act - Taxway Global

Web19 Mar 2024 · 1.2 As per subsection (5) of section 115 BAA of the Act read with Rule 21AE of the Income tax Rules, 1962 (the Rules), the assessee company is required to submit Form 10- IC electronically on or before the due date of filing of return of income u/s 139(1) of the Act and such option once exercised shall apply to subsequent assessment years. WebThis section would allow companies to regularise and avail the ‘excess’ tax leading to regular tax liability. Section 115 BAA describes the corporate tax rate released on September 20 2024, under the Income Tax Act, 1961. Features of the Section 115BAA. The salient features of new section 115BAA are as follows: In order to support growth ... hudson pacific stock price