Concessional tax option for domestic companies restricts certain deductions and locks the option once exercised. A domestic company may elect a concessional tax option subject to specified Parts and exclusions; under the option certain categories of deductions are disallowed and any loss or depreciation attributable to those disallowed deductions cannot be set off or carried forward and are deemed extinguished. The option must be exercised in the prescribed manner by the return due date, applies to subsequent years, is irrevocable, and becomes invalid for the year and following years if the conditions are not met. An IFSC unit may have a specified modification allowing a particular deduction subject to its conditions.
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.
Concessional tax option for domestic companies restricts certain deductions and locks the option once exercised.
A domestic company may elect a concessional tax option subject to specified Parts and exclusions; under the option certain categories of deductions are disallowed and any loss or depreciation attributable to those disallowed deductions cannot be set off or carried forward and are deemed extinguished. The option must be exercised in the prescribed manner by the return due date, applies to subsequent years, is irrevocable, and becomes invalid for the year and following years if the conditions are not met. An IFSC unit may have a specified modification allowing a particular deduction subject to its conditions.
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