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of <h1>New Tax Incentives: Sections 115BAA & 115BAB Offer Reduced Rates for Domestic and New Manufacturing Companies</h1> Sections 115BAA and 115BAB of the Income Tax Act, introduced by the Taxation Laws (Amendment) Act, 2019, provide tax incentives for domestic companies. Section 115BAA offers a reduced tax rate of 22% for domestic companies, excluding certain deductions and loss set-offs. Section 115BAB provides a 15% tax rate for new manufacturing companies established after October 1, 2019, with specific conditions, such as not using previously used machinery and engaging solely in manufacturing. Both sections require companies to opt-in by a specified deadline, and once chosen, the option is irrevocable for subsequent years.
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