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of <h1>Domestic Firms Can Choose 22% Tax Rate with Specific Conditions, No Loss Carryforward, Irrevocable Election</h1> Domestic companies can opt for a reduced corporate tax rate of 22% for assessment years starting from April 1, 2020, subject to specific conditions. The option requires computing total income without certain deductions, without carrying forward losses or depreciation from previous years, and claiming depreciation under prescribed methods. Once exercised, the option applies to subsequent assessment years and cannot be withdrawn. Companies must exercise this option by the income tax return filing deadline.
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