Part IIIAMENDMENT TO THE ELECTION COMMISSION (CONDITIONS OF SERVICE OF ELECTION COMMISSIONERS AND TRANSACTION OF BUSINESS) ACT, 1991 (From Clause 144 )
Computation without Chapter VI-A deductions limits domestic companies' deductions, excluding sections 80JJAA and 80M, effective from 2020. Amendment to section 115BAA revises sub section (2)(i) so that a company's total income under the special tax regime must be computed without deductions ... Summary
Computation without Chapter VI-A deductions limits domestic companies' deductions, excluding sections 80JJAA and 80M, effective from 2020.
Amendment to section 115BAA revises sub section (2)(i) so that a company's total income under the special tax regime must be computed without deductions under any provision of Chapter VI-A other than the two expressly preserved provisions. The amendment substitutes the prior narrower phrase referencing deductions "under the heading C.-Deductions in respect of certain incomes" with the broader Chapter VI-A exclusion and takes effect from 1 April 2020, applying to assessment year 2020-2021 and thereafter.
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