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of <h1>New domestic manufacturers (registered from March 1, 2016) may opt for 25% tax with conditions; see section 115BAA</h1> A domestic company set up and registered on or after 1 March 2016 may elect, for assessment years beginning on or after 1 April 2017, to have its total income taxed at 25% if it carries on only manufacturing (including related research or distribution) and meets conditions: specified deductions (certain investment- and incentive-related provisions and most Chapter VI-A deductions except section 80JJAA) are disallowed, losses attributable to those deductions cannot be carried forward or set off, and depreciation is computed as prescribed. The option must be exercised by the due date of the first return and, once made, is irrevocable except as permitted when switching under section 115BAA.
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