New Income Tax Rate for Domestic Companies

1. Section 115BBA
New Income Tax Rate For
Domestic Companies @ 22%
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2. TAX RATE @ 22%
 All domestic companies shall have an option to
pay income tax at the rate of 22% (plus
applicable surcharge and Cess)
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3. Conditions to be compiled with
 Shall not claim
 any deduction U/s.10AA
 additional depreciaiton U/s.32
 Investment allowance U/s.32AD
 Deduction U/s.33AB for tea, coffee, rubber manufacturing
companies
 Deduction for expenditure made for scientific research U/s.35
 Deduction for the capital expenditure incurred by specified
business U/s.35AD
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4. Conditions to be compiled with
 Deduction for the expenditure incurred on agriculture
extension project U/s.35CCC
 Deduction for the expenditure incurred on skill developmental
project U/s.35CCD
 Deduction under chapter VI – A in respect to certain incomes,
which are allowed U/s. 80IA, 80IAB, 80IAC, 80IB and so on,
except deduction U/s.80JJAA
 A set off of any loss carried forward from earlier years, if such
losses were incurred in respect of the aforementioned
deductions
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5.  Such companies will not be required to pay
Minimum Alternate Tax U/s.115JB
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6.  Such companies will have to exercise this option
to be taxed U/s.115BAA on or before the due date
for filing the income tax return
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7.  Once the company opts for section 115BAA in a
particular financial year, it cannot be withdrawn
subsequently.
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