Webincome is chargeable to tax under Section 115BAA or Section 115BAB of the Income-tax Act’ shall be inserted. As prescribed under the Ordinance, the surcharge shall continue to be levied at the rate of 10 per cent in case of the companies that avail the concessional tax rate under Section 115BAA or Section 115BAB of the Act. Our comments Web2 Mar 2024 · There is no time limit to exercise option u/s 115BAD for the benefit of a lower tax rate. However, the option to avail of the benefit of section 115BAD must be exercised on or before the due date specified under Section 139(1) for furnishing of the first return of income in the prescribed manner.
Analysis of Sec 115BAA of the Income Tax Act - Coverfox Insurance
Web9 Mar 2024 · Section 115BAA of the Income Tax Act has been introduced to lower the corporate tax rate for Indian firms. The amendment has paved the way for domestic companies to pay tax at a rate of 22%, along with a surcharge of 10% and a cess of 4% instead of the standard corporate tax rate of 30% in India. Web28 Oct 2024 · Tax rates applicable to Domestic Companies under section 115BA are: 25% tax will be imposed on the income of certain manufacturing companies. 7% surcharge is applicable if income exceeds Rs. 1 crore and 12% if it exceeds Rs. 10 crore. 4% cess is applicable. 15% minimum alternate tax is applicable. jean ranjit bawa lyrics
Section 115BAA - Tax Rates for Domestic Companies
Web12 Nov 2024 · Section 115BAB of Income Tax Act is applicable to all domestic companies other than companies that opted concessional rate of tax under section 115BA or 115BAA from the Financial Year 2024-20 (AY 2024-21) onwards subject … Web19 Mar 2024 · Section 115BAA of the Income-tax Act, 1961 (the Act) was inserted by the Taxation Laws (Amendment) Act, 2024 w.e. f. 01.04.2024. As per the Section, the income-tax payable in respect of the total income of a person, bcing a domestic company, for any previous year relevant to the assessment year beginning on or after the 1st day of April, … Web7 Apr 2024 · Inorder to promote growth and investment and to be competitive as a nation (especially with respect to tax rates), Government of India has introduced a new section … jean rafael