TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Acts & Rules
of of All Acts & Rules
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>New domestic manufacturers can opt for a 15% concessional tax regime with conditions, forfeited deductions, and loss limits</h1> A new domestic manufacturing company may elect a concessional tax regime under which its total income is taxed at 15% for assessment years beginning on or after 1 April 2020, subject to conditions: incorporation on or after 1 Oct 2019 and commencement of manufacture by 31 Mar 2024; not formed by splitting/reconstruction (with limited exception); use of new plant and machinery (allowing up to 20% previously used); no use of certain previously used hotels/convention centres; carrying on only manufacture, related research or distribution (certain activities excluded); foregone specified deductions (listed sections and most Chapter VI-A) and disallowance of set-off of certain losses/unabsorbed depreciation. Non-manufacturing income and certain gains are taxed at higher rates (22%/30%), the option is irrevocable once filed by the return due date, and assessing officers may adjust profits for non-arm's-length arrangements.
TaxTMI 
TaxTMI 
