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of <h1>Amendment to Section 115BAA: New Tax Rules for Domestic Companies, Effective April 2020, Exemptions Updated</h1> Clause 51 of the Finance Bill, 2020 amends section 115BAA of the Income-tax Act, which pertains to the taxation of certain domestic companies. Specifically, it revises sub-clause (i) of sub-section (2) to stipulate that a company's total income should be calculated without deductions under any provisions of Chapter VI-A, except for sections 80JJAA and 80M. This change replaces the previous condition that excluded deductions under Chapter VI-A's heading 'C.-Deductions in respect of certain incomes,' except section 80JJAA. The amendment is effective from April 1, 2020, applicable to the assessment year 2020-2021 and onwards.
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