Minimum alternate tax rate increased and SEZ exemption removed, altering deemed book-profit taxation from the specified assessment year onward. The amendment raises the threshold and payable rate for the deemed-book-profit corporate tax mechanism and moves its effective assessment-year forward by ... Summary
Minimum alternate tax rate increased and SEZ exemption removed, altering deemed book-profit taxation from the specified assessment year onward.
The amendment raises the threshold and payable rate for the deemed-book-profit corporate tax mechanism and moves its effective assessment-year forward by one year, while inserting a proviso that the non-application of the deemed-book-profit regime to Special Economic Zone units and developers shall cease to have effect for previous years relevant to assessment years commencing on or after the revised effective date.
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