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of <h1>Amendment to Section 115BAB extends manufacturing commencement deadline for new companies to March 31, 2024.</h1> Clause 26 of the Finance Bill, 2022 proposes an amendment to section 115BAB of the Income-tax Act, which pertains to the taxation of new manufacturing domestic companies. The amendment changes the deadline for commencing manufacturing or production from March 31, 2023, to March 31, 2024. This extension applies to companies set up and registered on or after October 1, 2019. The amendment is effective from April 1, 2022, and impacts the assessment year 2022-2023 and subsequent years.
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