Concessional tax rate for new manufacturers available at option subject to eligibility, exclusions, and irrevocable exercise. Section 115BAB permits a domestic manufacturing company to elect a concessional tax computation at a specified rate if it satisfies conditions: being newly set up and commenced by the prescribed cut-off, not formed by splitting or reconstruction (with limited exception), not using previously used plant or machinery beyond a de minimis threshold, not using certain previously used hotel or convention centre buildings, and being engaged solely in manufacture/production (with certain businesses excluded). The option requires waiver of specified deductions and set-off of certain losses, is exercisable by prescribed filing and is irrevocable, with related-party adjustments and binding Board guidelines for implementation.