Chapter XII-DA - SPECIAL PROVISIONS RELATING TO TAX ON DISTRIBUTED INCOME OF DOMESTIC COMPANY FOR BUY-BACK OF SHARES (From Section 115QA to Section 115QC)
Part C - Procedure for filing of return in respect of fringe benefits, assessment and payment of tax in respect thereof (From Section 115WD to Section 115WM)
Chapter XX-B - REQUIREMENT AS TO MODE OF ACCEPTANCE, PAYMENT OR REPAYMENT IN CERTAIN CASES TO COUNTERACT EVASION OF TAX (From Section 269SS to Section 269TT)
Preferential tax rate for new manufacturing co-operative societies allowed subject to strict formation, activity and deduction restrictions. A resident manufacturing co-operative society meeting strict new setup and commencement conditions may elect a preferential tax regime for assessment years from 1 April 2024, provided it is newly formed, not a split or reconstruction, uses only unused machinery except as explained, and is engaged solely in manufacture/related research or distribution. Non manufacturing income and certain gains are taxed at higher special rates without deductions; many specified deductions and carryforwards are disallowed; depreciation must be claimed as prescribed; assessing officers can adjust profits where related arrangements inflate returns; the election is time bound, irrevocable, and lapses if conditions fail.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Preferential tax rate for new manufacturing co-operative societies allowed subject to strict formation, activity and deduction restrictions.
A resident manufacturing co-operative society meeting strict new setup and commencement conditions may elect a preferential tax regime for assessment years from 1 April 2024, provided it is newly formed, not a split or reconstruction, uses only unused machinery except as explained, and is engaged solely in manufacture/related research or distribution. Non manufacturing income and certain gains are taxed at higher special rates without deductions; many specified deductions and carryforwards are disallowed; depreciation must be claimed as prescribed; assessing officers can adjust profits where related arrangements inflate returns; the election is time bound, irrevocable, and lapses if conditions fail.
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