Tax option for domestic companies: reduced corporate rate available subject to prescribed eligibility, disallowances and irrevocable election. Sections 115BAA and 115BAB provide elective reduced-tax regimes for domestic companies and new manufacturing domestic companies respectively, subject to specified eligibility and exclusionary conditions. Both regimes disallow a listed set of deductions and the set-off of losses or unabsorbed depreciation attributable to those deductions, require depreciation to be claimed as prescribed, deem excluded losses and depreciation to have been given full effect, and make the option to opt in irrevocable once validly exercised by the prescribed due date. Special modifications apply for IFSC Units, eligibility criteria and exclusions apply to new manufacturers, and assessing officers may adjust profits for related-party arrangements with arm's length principles.